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Blog Home » SOUTH FLORIDA MARKET INTELLIGENCE REPORT » Miami Beach Saddled With 33-Month Supply Of Luxury Condos For Sale During Winter Buying Season

Miami Beach Saddled With 33-Month Supply Of Luxury Condos For Sale During Winter Buying Season

Buyers Purchased Less Than 22 Miami Beach Luxury Condos Monthly In Year 2019   

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Feb. 12, 2020) - At least 700 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 less than 22 units monthly in the entire 12 months of 2019, Miami Beach now has nearly a 33-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach during 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 47,750 new condo units currently in the development pipeline east of Interstate 95 in the tricounty South Florida region, according to CraneSpotters.com.

Currently, about 38 Miami Beach luxury condo units are under contract waiting to transact - or pending - at an average asking price of nearly $3.1 million each or about $1,364 per square foot, according to the statistics. 

The average asking price of a Miami Beach luxury condo currently listed for sale is nearly $3.7 million per unit. This works out to an average asking price of about $1,498 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2019, the average transaction price of a Miami Beach luxury condo was nearly $2.7 million or $1,167 per square foot.

This means the current asking price of a Miami Beach luxury condo listed for sale is nearly 39 percent higher than the average transaction price achieved on a per-unit basis and more than 28 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 195 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 261, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 238 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.