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Miami Beach Faces 29-Month Supply Of Luxury Condos Listed For Sale Before Winter Buying Season

Buyers Purchased About 20 Miami Beach Luxury Condos Monthly In First Nine Months Of 2019   

 

(This Report Is Powered By Brickell Ventures LP.)

DOWNTOWN MIAMI (Oct. 8, 2019) - Nearly 590 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the barrier island city of Miami Beach in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of about 20 units monthly in the first nine months of 2019, Miami Beach now has nearly a 29-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach before 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 Miami Beach luxury condos formally listed for sale. The report does not factor in the nearly 47,500 new condo units currently in the development pipeline east of Interstate 95 in the tricounty South Florida region.

Currently, about 35 Miami Beach luxury condo units are under contract waiting to transact - or pending - at an average asking price of about $3.2 million each or about $1,300 per square foot, according to the statistics. 

The average asking price of a Miami Beach luxury condo currently listed for sale is less than $3.3 million per unit. This works out to an average asking price of about $1,443 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Miami Beach luxury condo was about $2.6 million or $1,170 per square foot.

This means the current asking price of a Miami Beach luxury condo listed for sale is nearly 26 percent higher than the average transaction price achieved on a per-unit basis and more than 23 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 202 days to transact a Miami Beach luxury condo listed for sale. The current Days-On-The-Market average for Miami Beach luxury condos listed for sale is about 292, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 223 in Miami 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.