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Miami-Dade County Faces 49-Month Supply Of Luxury Condos Listed For Sale

Buyers Purchased 681 Luxury Condos In Miami-Dade County In Year 2017 

 

DOWNTOWN MIAMI (Feb. 27, 2018) - Nearly 2,800 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 57 units monthly in the year 2017, Miami-Dade County now has nearly a 49-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the peak 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 47,450 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 152 Miami-Dade County luxury condo units are under contract waiting to transact - or pending - at an average asking price of more than $3.3 million each or about $1,104 per square foot, according to the statistics. 

The average asking price of a Miami-Dade County luxury condo currently listed for sale is about $3 million per unit. This works out to an average asking price of about $1,108 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2017, the average transaction price of a Miami-Dade County luxury condo was less than $2.4 million or about $910 per square foot.

This means the current asking price of a Miami-Dade County luxury condo listed for sale is about 28 percent higher than the average transaction price achieved on a per-unit basis and nearly 22 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

In 2017, Miami-Dade County sellers who were able to unload their luxury units needed about 183 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 219, according to the stats.

The number of Days-On-The-Market for the luxury condo units currently under contract - or pending - is 188 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.