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Hollywood-Hallandale Beach Faces 14-Month Supply Of Condos Listed For Sale At Start Of South Florida Winter Buying Season

Hollywood-Hallandale Beach Condos Traded For $251 PSF In First Nine Months Of 2019

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Nov. 26, 2019) - More than 1,625 condo units are formally listed for sale in the Hollywood-Hallandale Beach market in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC. 

Based on condo sales of nearly 114 units monthly in the first nine months of 2019, the Hollywood-Hallandale Beach market has more than a 14-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the start of 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 Hollywood-Hallandale Beach condos formally listed for sale. The report does not factor in the more than 47,725 new condo units currently in the development pipeline east of Interstate 95 in the tricounty region. 

Currently, about 115 Hollywood-Hallandale Beach condo units are under contract waiting to transact - or pending - at an average asking price of about $307,647 each or $277 per square foot, according to the statistics. 

The average asking price of a Hollywood-Hallandale Beach condo currently listed for sale is nearly $514,250 per unit. This works out to an average asking price of $365 per square foot, according to the data compiled by CondoVulturesRealty.com

In the first nine months of 2019, the average transaction price of a Hollywood-Hallandale Beach condo was about $309,164 each or about $251 per square foot, according to the statistics. 

This means the current asking price of a Hollywood-Hallandale Beach condo listed for sale is about 66 percent higher than the average transaction price achieved on a per-unit basis and more than 45 percent higher than the average transaction price on a per-square-foot basis between January and September of this year. 

In the first three quarters of 2019, the sellers who were able to unload their units needed about 123 days to transact a Hollywood-Hallandale Beach condo listed for sale. The current Days-On-The-Market average for a Hollywood-Hallandale Beach condo listed for sale is about 211, according to the statistics. 

The number of Days-On-The-Market for the Hollywood-Hallandale Beach condo units currently under contract - or pending - is about 113, 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.