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Nearly 9 Months Of Downtown Fort Lauderdale And Beach Condos Listed For Sale At Start Of South Florida Winter Buying Season

Buyers Pay Average Of $325 PSF For Downtown Fort Lauderdale And Beach Condos In First Nine Months Of 2019

Real Estate For Sale

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Dec. 4, 2019) - More than 800 condo units are formally listed for sale in the Downtown Fort Lauderdale and Beach market in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

Based on condo sales of nearly 95 units monthly in the first nine months of 2019, the Downtown Fort Lauderdale and Beach market now has nearly a nine-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 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 Downtown Fort Lauderdale and 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 region.

Currently, nearly 170 Downtown Fort Lauderdale and Beach condo units are under contract and waiting to transact - or pending - at an average asking price of more than $1.5 million each or about $804 per square foot, according to the statistics.

The average asking price of a Downtown Fort Lauderdale and Beach condo currently listed for sale is nearly $906,635 per unit. This works out to an average asking price of $496 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Downtown Fort Lauderdale and Beach condo was more than $511,165 each or about $325 per square foot, according to the statistics.

This means the current asking price of a Downtown Fort Lauderdale and Beach condo listed for sale is more than 77 percent higher than the average transaction price achieved on a per-unit basis and nearly 53 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 109 days to transact a Downtown Fort Lauderdale and Beach condo listed for sale. The current Days-On-The-Market average for a Downtown Fort Lauderdale and Beach condo listed for sale is about 170, according to the statistics.

The number of Days-On-The-Market for the Downtown Fort Lauderdale and Beach condo units currently under contract - or pending - is about 113, 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.