Miami Beach Struggles With 20 Months Of Condo Supply Listed For Sale During Winter Buying Season

Nearly 2,925 Miami Beach Condos Listed For Sale At Average Price Of $745 PSF

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Feb. 11, 2020) - Nearly 2,925 condo units are formally listed for sale 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 condo sales of less than 148 units monthly in the entire 12 months of 2019, Miami Beach now has nearly a 20-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 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 200 Miami Beach condo units are under contract waiting to transact - or pending - at an average asking price of more than $861,420 each or $587 per square foot, according to the statistics. 

The average asking price of a Miami Beach condo currently listed for sale is more than $1.2 million per unit. This works out to an average asking price of $745 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 condo was more than $684,415 or about $519 per square foot.

This means the current asking price of a Miami Beach condo listed for sale is about 76 percent higher than the average transaction price achieved on a per-unit basis and nearly 44 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 145 days to transact a Miami Beach condo listed for sale. The current Days-On-The-Market average for Miami Beach condos listed for sale is about 230, according to the statistics.

The number of Days-On-The-Market for the condo units currently under contract is about 173 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.

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