Miami-Dade County Faces 39-Month Supply Of Luxury Condos Listed For Sale Before Start Of Winter Buying Season

Luxury Condo Sellers Ask Average Of $1,069 PSF In Miami-Dade County

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Oct. 22, 2018) - More than 2,835 luxury condo units are formally listed for sale at a minimum price of at least $1 million each 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 74 units monthly in the first nine months of 2018, Miami-Dade County now has nearly a 39-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 South Florida condos that are 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.

(For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.)

Currently, about 88 Miami-Dade County luxury condo units are under contract waiting to transact - or pending - at an average asking price of less than $3.1 million each or about $1,055 per square foot, according to the statistics. 

The average asking price of a Miami-Dade County luxury condo currently listed for sale is more than $2.9 million per unit. This works out to an average asking price of about $1,069 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2018, the average transaction price of a Miami-Dade County luxury condo was less than $2.5 million or about $932 per square foot.

This means the current asking price of a Miami-Dade County luxury condo listed for sale is about 20 percent higher than the average transaction price achieved on a per-unit basis and nearly 15 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 2018, Miami-Dade County sellers who were able to unload their luxury units needed about 180 days to transact a condo listed for sale. The current Days-On-The-Market average for a Miami-Dade County luxury condo listed for sale is about 234, according to the stats.

The number of Days-On-The-Market for the luxury condo units currently under contract - or pending - is 201 in Miami-Dade County, according to the stats. 

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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