Sellers Seek 71% Premium For Condos Listed For Sale In Sunny Isles Beach

Sunny Isles Beach Market Faces 28 Months Of Condo Supply Listed For Sale

DOWNTOWN MIAMI (May 15, 2017) - Nearly 1,450 condo units are formally listed for sale in the barrier island market of Sunny Isles Beach in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on condo sales of about 51 units monthly in the first quarter of 2017, the Sunny Isles Beach market now has more than a 28-month supply of units available for purchase at a time when the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the start of this year’s Summer Buying Season, according to the report based on data from the Southeast Florida MLXchange.

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 Sunny Isles Beach 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 101 Sunny Isles Beach condo units are under contract - or pending - and waiting to transact at an average asking price of nearly $675,500 each or $415 per square foot, according to the statistics. 

The average asking price of a Sunny Isles Beach condo currently listed for sale is nearly $1.5 million per unit. This works out to an average asking price of $655 per square foot, according to the data compiled by CondoVulturesRealty.com.

Between January and March of 2017, the average transaction price of a Sunny Isles Beach condo was nearly $877,900 or $396 per square foot.

This means the current asking price of a Sunny Isles Beach condo listed for sale is nearly 71 percent higher than the average transaction price achieved on a per-unit basis and about 65 percent higher than the average transaction price on a per-square-foot basis in the first three months of 2017.

In the first quarter of this year, the sellers who were able to unload their units needed about 156 days to transact a Sunny Isles Beach condo listed for sale. The current Days-On-The-Market average for Sunny Isles Beach condos listed for sale is about 143 days, according to the statistics.

The number of Days-On-The-Market for the condo units currently under contract is nearly 163 in Sunny Isles 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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