More Than 42-Month Supply Of Luxury Condos Listed For Sale In Hollywood-Hallandale Beach At The End Of South Florida Winter Buying Season

Buyers Purchased Less Than 45 Hollywood-Hallandale Beach Luxury Condos In Year Of 2018

(This Report Is Powered By Brickell Ventures LP)   

DOWNTOWN MIAMI (April 11, 2019) - More than 150 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the Hollywood-Hallandale Beach market of the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of less than four units monthly in the 12 months of 2018, the Hollywood-Hallandale Beach market now has more than a 42-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the end 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 Hollywood-Hallandale Beach luxury condos 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.

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

Currently, about six Hollywood-Hallandale Beach luxury condo units are under contract - or pending - and waiting to transact at an average asking price of nearly $1.4 million or about $523 per square foot, according to the statistics. 

The average asking price of a Hollywood-Hallandale Beach luxury condo currently listed for sale is less than $2 million per unit. This works out to an average asking price of about $739 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2018, the average transaction price of a Hollywood-Hallandale Beach luxury condo was about $1.8 million or about $587 per square foot.

This means the current asking price of a Hollywood-Hallandale Beach luxury condo listed for sale is nearly eight percent higher than the average transaction price achieved on a per-unit basis and nearly 26 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 2018, the sellers who were able to unload their units needed about 207 days to transact a Hollywood-Hallandale Beach luxury condo listed for sale. The current Days-On-The-Market average for Hollywood-Hallandale Beach luxury condos listed for sale is about 211, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 147 in Hollywood-Hallandale 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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