South Florida Faces 8-Month Supply Of Condos Listed For Sale

Condo Sellers Seek 151% Premium For South Florida Units

DOWNTOWN MIAMI (July 17, 2017) - Nearly 24,400 condo units are formally listed for sale in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach, according to a new report from Condo Vultures® Realty LLC. 

Based on monthly condo sales of about 2,946 units in the first two quarters of 2017, South Florida now has more than an eight-month supply of units available for purchase in the tricounty region during 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 South Florida condos formally listed for sale. The report does not factor in the nearly 47,725 new condo units currently in the development pipeline east of Interstate 95 in the tricounty region. 

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

Currently, more than 4,400 South Florida condo units are under contract waiting to transact - or pending - at an average asking price of nearly $441,375 each or $248 per square foot, according to the statistics. 

The average asking price of a South Florida condo currently listed for sale is nearly $675,350 per unit. This works out to an average asking price of $400 per square foot, according to the data compiled by CondoVulturesRealty.com. 

Between January and June of 2017, the average transaction price of a South Florida condo was less than $268,900 each or about $205 per square foot, according to the statistics. 

This means the current asking price of a South Florida condo listed for sale is about 151 percent higher than the average transaction price achieved on a per-unit basis and about 95 percent higher than the average transaction price on a per-square-foot basis between January and June of this year. 

In the first half of 2017, the sellers who were able to unload their units needed about 90 days to transact a South Florida condo listed for sale. The current Days-On-The-Market average for a South Florida condo listed for sale is about 107 days, according to the statistics. 

The number of Days-On-The-Market for the condo units currently under contract is 93, according to the stats.

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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