Hollywood-Hallandale Beach Faces 16-Month Supply Of Condos Listed For Sale At What Should Be Peak Of South Florida Winter Buying Season

More Than 1,315 Hollywood-Hallandale Beach Condos Traded For Average Of $250 PSF In Year 2019

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (March 30, 2020) - At least 1,715 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 less than 110 units monthly in the entire 12 months of 2019, the Hollywood-Hallandale Beach market has nearly a 16-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at what should be the peak 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 nearly 47,750 new condo units currently in the development pipeline east of Interstate 95 in the tricounty region, according to CraneSpotters.com. 

Currently, about 132 Hollywood-Hallandale Beach condo units are under contract waiting to transact - or pending - at an average asking price of about $278,180 each or about $256 per square foot, according to the statistics. 

The average asking price of a Hollywood-Hallandale Beach condo currently listed for sale is about $508,600 per unit. This works out to an average asking price of $358 per square foot, according to the data compiled by CondoVulturesRealty.com. 

In the 12 months of 2019, the average transaction price of a Hollywood-Hallandale Beach condo was about $309,358 each or about $250 per square foot, according to the statistics. 

This means the current asking price of a Hollywood-Hallandale Beach condo listed for sale is more than 64 percent higher than the average transaction price achieved on a per-unit basis and more than 43 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 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 206, 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 128, 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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