Miami-Dade County Faces 16-Month Supply Of Condos Listed For Sale
Condo Sellers Seek 119% Premium For Miami-Dade County Units
DOWNTOWN MIAMI (April 17, 2017) - Nearly 13,800 condo units are formally listed for sale in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.
Based on condo sales of nearly 860 units monthly in the first quarter of 2017, Miami-Dade County now has about a 16-month supply of units available for purchase at a time when the tricounty South Florida region of Miami-Dade, Broward and Palm Beach is in the final weeks of this year’s Winter Buying Season, according to the report based on data from the Southeast Florida MLXchange.
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-Dade County 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 region.
(For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.)
Currently, more than 1,770 Miami-Dade County condo units are under contract waiting to transact - or pending - at an average asking price of nearly $427,550 each or $298 per square foot, according to the statistics.
The average asking price of a Miami-Dade County condo currently listed for sale is about $918,120 per unit. This works out to an average asking price of $532 per square foot, according to the data compiled by CondoVulturesRealty.com.
Between January and March of 2017, the average transaction price of a Miami-Dade County condo was about $419,126 each or about $302 per square foot, according to the statistics.
This means the current asking price of a Miami-Dade County condo listed for sale is about 119 percent higher than the average transaction price achieved on a per-unit basis and about 76 percent higher than the average transaction price on a per-square-foot basis between January and March of this year.
In the first quarter of 2017, the sellers who were able to unload their units needed nearly 106 days to transact a Miami-Dade County condo listed for sale. The current Days-On-The-Market average for a Miami-Dade County condo listed for sale is about 130 days, according to the statistics.
The number of Days-On-The-Market for the Miami-Dade County condo units currently under contract - or pending - is nearly 106, 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.