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Greater Downtown Miami Faces More Than 5-Year Supply Of Luxury Condos For Sale During Winter Buying Season

Sellers Ask Average Price Of $835 PSF For Luxury Condos Listed For Sale In Greater Downtown Miami

Real Estate For Sale

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Feb. 5, 2020) - More than 600 luxury condo units are formally listed for sale at an asking price of least $1 million each in the Greater Downtown Miami market of Miami-Dade County in South Florida, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of less than 10 units monthly in the entire 12 months of 2019, Greater Downtown Miami now has nearly a 63-month supply of units available for purchase for at least $1 million each in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach during the Winter Buying Season, according to the report based on data from the Southeast Florida MLS Matrix.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

It is worth noting this report only tracks those Greater Downtown Miami condos formally listed for sale. The report does not factor in the nearly 47,750 new condo units currently in the development pipeline east of Interstate 95 in the tricounty South Florida region, according to CraneSpotters.com.

Currently, about 17 Greater Downtown Miami luxury condo units are under contract and waiting to transact - or pending - at an average price of less than $2.1 million each or $769 per square foot, according to the statistics.

The average asking price of a Greater Downtown Miami luxury condo currently listed for sale is nearly $2.2 million per unit. This works out to an average asking price of about $835 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2019, the average transaction price of a Greater Downtown Miami luxury condo was nearly $1.8 million or about $675 per square foot, according to the statistics.

This means the current asking price of a Greater Downtown Miami luxury condo listed for sale is about 21 percent higher than the average transaction price achieved on a per-unit basis and nearly 24 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

In the four quarters of 2019, the sellers who were able to unload their luxury units needed about 162 days to transact a Greater Downtown Miami luxury condo listed for sale with a minimum price of $1 million. The current Days-On-The-Market average for a Greater Downtown Miami luxury condo listed for sale is about 252, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract in Greater Downtown Miami is about 141, according to the statistics.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.