More Than 19 Months Of Condo Supply Listed For Sale In Miami Beach At Start Of Summer Buying Season

Miami Beach Condos Sell At Average Of $561 PSF In Q1 2018

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (May 29, 2018) - Nearly 2,825 condo units are formally listed for sale in the barrier island city of Miami Beach in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on condo sales of nearly 147 units monthly in the first quarter of 2018, Miami Beach now has more than a 19-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the start of the Summer 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 Beach 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 South Florida region.

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

Currently, about 273 Miami Beach condo units are under contract waiting to transact - or pending - at an average asking price of more than $1.2 million each or $680 per square foot, according to the statistics. 

The average asking price of a Miami Beach condo currently listed for sale is less than $1.1 million per unit. This works out to an average asking price of $745 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first three months of 2018, the average transaction price of a Miami Beach condo was less than $745,525 or $561 per square foot.

This means the current asking price of a Miami Beach condo listed for sale is nearly 48 percent higher than the average transaction price achieved on a per-unit basis and about 33 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 2018, the sellers who were able to unload their units needed about 137 days to transact a Miami Beach condo listed for sale. The current Days-On-The-Market average for Miami Beach condos listed for sale is about 207, according to the statistics.

The number of Days-On-The-Market for the condo units currently under contract is about 166 in Miami Beach, 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.

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