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Miami-Dade County Faces 42-Month Supply Of Luxury Condos Listed For Sale During Winter Buying Season

Luxury Condo Sellers Ask $1,081 PSF Average In Miami-Dade County

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Jan. 28, 2020) - 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 nearly 68 units monthly in the entire 12 months of 2019, Miami-Dade County now has nearly a 42-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 South Florida condos that are 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 113 Miami-Dade County luxury condo units are under contract waiting to transact - or pending - at an average asking price of nearly $2.7 million each or about $987 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 $1,081 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2019, the average transaction price of a Miami-Dade County luxury condo was nearly $2.4 million or about $896 per square foot.

This means the current asking price of a Miami-Dade County luxury condo listed for sale is nearly 25 percent higher than the average transaction price achieved on a per-unit basis and nearly 21 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, Miami-Dade County sellers who were able to unload their luxury units needed about 194 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 272, according to the stats.

The number of Days-On-The-Market for the luxury condo units currently under contract - or pending - is about 190 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.