Hollywood-Hallandale Beach Saddled With 3-Year Supply Of Luxury Condos For Sale At Start Of South Florida Winter Buying Season

Buyers Purchased 36 Hollywood-Hallandale Beach Luxury Condos In First Nine Months Of 2019

(This Report Is Powered By Brickell Ventures LP)   

DOWNTOWN MIAMI (Nov. 27, 2019) - At least 145 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 about four units monthly in the first nine months of 2019, the Hollywood-Hallandale Beach market now has more than a 36-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 luxury 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.

Currently, about two Hollywood-Hallandale Beach luxury condo unit are under contract - or pending - and waiting to transact at an average asking price of nearly $2.1 million or about $718 per square foot, according to the statistics. 

The average asking price of a Hollywood-Hallandale Beach luxury condo currently listed for sale is about $1.9 million per unit. This works out to an average asking price of about $778 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 luxury condo was nearly $1.5 million or about $647 per square foot.

This means the current asking price of a Hollywood-Hallandale Beach luxury condo listed for sale is about 29 percent higher than the average transaction price achieved on a per-unit basis and about 20 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 169 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 267, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 143 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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