Greater Downtown Miami Struggles With 22-Month Supply Of Condos For Sale During Winter Buying Season

Nearly 3,550 Condos Listed For Sale In Greater Downtown Miami At Average Price Of $527 PSF

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Feb. 4, 2020) - Nearly 3,550 condo units are formally listed for sale 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 condo sales of nearly 161 units monthly in the entire 12 months of 2019, Greater Downtown Miami now has more than a 22-month supply of units available for purchase 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 225 Greater Downtown Miami condo units are under contract and waiting to transact - or pending - at an average price of about $553,905 each or $416 per square foot, according to the statistics. 

The average asking price of a Greater Downtown Miami condo currently listed for sale is about $788,590 per unit. This works out to an average asking price of about $527 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 condo was about $467,440 or about $379 per square foot, according to the statistics.

This means the current asking price of a Greater Downtown Miami condo listed for sale is nearly 69 percent higher than the average transaction price achieved on a per-unit basis and about 39 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 units needed about 157 days to transact a Greater Downtown Miami condo listed for sale. The current Days-On-The-Market average for a Greater Downtown Miami condo listed for sale is about 262, according to the statistics.

The number of Days-On-The-Market for the condo units currently under contract in Greater Downtown Miami is about 159, 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.

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