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Miami-Dade County Faces More Than 14-Month Supply Of Condos For Sale Before Start Of Winter Buying Season

Buyers Paid Average Of $313 PSF For Miami-Dade County Condos In First 9 Months Of 2019

 

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Nov. 19, 2019) - More than 13,700 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 about 962 units monthly in the first nine months of 2019, Miami-Dade County now has more than a 14-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 Miami-Dade County condos 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 region. 

Currently, nearly 1,405 Miami-Dade County condo units are under contract waiting to transact - or pending - at an average asking price of about $428,295 each or $309 per square foot, according to the statistics. 

The average asking price of a Miami-Dade County condo currently listed for sale is about $978,347 per unit. This works out to an average asking price of $552 per square foot, according to the data compiled by CondoVulturesRealty.com

It is important to consider that the MLS Matrix uses an arbitrary rule that provides overall "pricing" and "days on the market" information for a maximum of 10,000 properties at a time. Therefore, more accurate information for the Miami-Dade County condo market is not readily available despite attempts to obtain the specifics from the source.

In the first nine months of 2019, the average transaction price of a Miami-Dade County condo was about $429,330 each or $313 per square foot, according to the statistics. 

This means the current asking price of a Miami-Dade County condo listed for sale is nearly 128 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 September of this year. 

In the first three quarters of 2019, the sellers who were able to unload their units needed about 114 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 302, according to the statistics. 

The number of Days-On-The-Market for the Miami-Dade County condo units currently under contract - or pending - is about 115, 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.