Hollywood-Hallandale Beach Faces 54-Month Supply Of Luxury Condos Listed For Sale

Buyers Purchased 17 Hollywood-Hallandale Beach Luxury Condos In First Half Of 2017   

DOWNTOWN MIAMI (Sept. 26, 2017) - Nearly 155 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the Hollywood-Hallandale Beach market of the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of less than three units monthly in the first half of 2017, the Hollywood-Hallandale Beach market now has more than a 54-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the end of this year’s Summer 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 luxury 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 South Florida region.

(For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.)

Currently, only three Hollywood-Hallandale Beach luxury condo unit are under contract - or pending - and waiting to transact at an average asking price of more than $1.1 million or about $486 per square foot, according to the statistics. 

The average asking price of a Hollywood-Hallandale Beach luxury condo currently listed for sale is more than $2 million per unit. This works out to an average asking price of about $750 per square foot, according to the data compiled by CondoVulturesRealty.com.

Between January and June of 2017, the average transaction price of a Hollywood-Hallandale Beach luxury condo was more than $1.4 million or about $556 per square foot.

This means the current asking price of a Hollywood-Hallandale Beach luxury condo listed for sale is about 43 percent higher than the average transaction price achieved on a per-unit basis and nearly 35 percent higher than the average transaction price on a per-square-foot basis in the first six months of 2017.

In the first half of this year, the sellers who were able to unload their units needed about 171 days to transact a Hollywood-Hallandale Beach luxury condo listed for sale. The current Days-On-The-Market average for Hollywood-Hallandale Beach luxury condos listed for sale is about 197, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 46 in Hollywood-Hallandale Beach, 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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