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Hollywood-Hallandale Beach Market Faces 12-Month Supply Of Condos Listed For Sale

Condo Sellers Ask 94% Premium For Hollywood-Hallandale Beach Units

 

DOWNTOWN MIAMI (Sept. 25, 2017) - More than 1,400 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 about 123 units monthly in the first half of 2017, the Hollywood-Hallandale Beach market now has nearly a 12-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 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. 

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

Currently, about 171 Hollywood-Hallandale Beach condo units are under contract waiting to transact - or pending - at an average asking price of nearly $253,245 each or $257 per square foot, according to the statistics. 

The average asking price of a Hollywood-Hallandale Beach condo currently listed for sale is about $560,965 per unit. This works out to an average asking price of $371 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 condo was more than $289,750 each or about $244 per square foot, according to the statistics. 

This means the current asking price of a Hollywood-Hallandale Beach condo listed for sale is about 94 percent higher than the average transaction price achieved on a per-unit basis and about 52 percent higher than the average transaction price on a per-square-foot basis between January and June of this year. 

In the first six months of 2017, the sellers who were able to unload their units needed about 119 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 188, 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 160, 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.