Nearly 6,400 Broward County Condos For Sale At What Should Be Peak Of South Florida Winter Buying Season

Sellers Seek 96% Premium For Condos Listed For Sale In Broward County

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (March 24, 2020) - Nearly 6,400 condo units are formally listed for sale in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC. 

Based on condo sales of about 1,074 units monthly in the entire 12 months of 2019, Broward County now has about a six-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at what should be 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 Broward County 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 region, according to CraneSpotters.com. 

Currently, about 1,460 Broward County condo units are under contract and waiting to transact - or pending - at an average asking price of about $355,620 each or about $243 per square foot, according to the statistics. 

The average asking price of a Broward County condo currently listed for sale is nearly $402,000 per unit. This works out to an average asking price of $269 per square foot, according to the data compiled by CondoVulturesRealty.com. 

In the 12 months of 2019, the average transaction price of a Broward County condo was about $205,104 each or about $168 per square foot, according to the statistics. 

This means the current asking price of a Broward County condo listed for sale is about 96 percent higher than the average transaction price achieved on a per-unit basis and about 60 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, the sellers who were able to unload their units needed about 87 days to transact a Broward County condo listed for sale. The current Days-On-The-Market average for a Broward County condo listed for sale is about 140, according to the statistics. 

The number of Days-On-The-Market for the Broward County condo units currently under contract - or pending - is about 105, 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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