Blog Home » SOUTH FLORIDA MARKET INTELLIGENCE REPORT » South Florida Luxury Market Faces 32 Months Of Condo Supply Listed For Sale During Winter Buying Season

South Florida Luxury Market Faces 32 Months Of Condo Supply Listed For Sale During Winter Buying Season

Buyers Paid Average Of $844 PSF For South Florida Luxury Condos In Year 2019

Real Estate For Sale

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Jan. 23, 2020) - Nearly 3,800 luxury condo units are formally listed for sale at a minimum price of at least $1 million each 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 luxury condo sales of about 117 units monthly in the entire 12 months of 2019, South Florida now has more than a 32-month supply of units available for purchase in the tricounty region during 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 South Florida condos that are 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 329 South Florida luxury condo units are under contract waiting to transact - or pending - at an average asking price of nearly $3 million each or about $1,070 per square foot, according to the statistics.

The average asking price of a South Florida luxury condo currently listed for sale is nearly $2.8 million per unit. This works out to an average asking price of about $1,014 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the entire 12 months of 2019, the average transaction price of a South Florida luxury condo was nearly $2.4 million or about $844 per square foot.

This means the current asking price of a South Florida luxury condo listed for sale is about 19 percent higher than the average transaction price achieved on a per-unit basis and about 20 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, South Florida sellers who were able to unload their luxury units needed about 180 days to transact a condo listed for sale. The current Days-On-The-Market average for a South Florida luxury condo listed for sale is about 252 days, according to the stats.

The number of Days-On-The-Market for the luxury condo units currently under contract - or pending - is 130 in South Florida, 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.