Sunny Isles Beach Faces 51 Months Of Luxury Condo Supply For Sale During Summer Buying Season

Buyers Purchased 71 Sunny Isles Beach Luxury Condos In First Half Of 2018   

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Sept. 5, 2018) - Nearly 600 luxury condo units are formally listed for sale at a minimum price of at least $1 million 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 luxury condo sales of less than 12 units monthly in the first half of 2018, Sunny Isles Beach now has nearly a 51-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach during the Summer 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 Sunny Isles Beach luxury 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 South Florida region.

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

Currently, less than 15 Sunny Isles Beach luxury condo units are under contract - or pending - and waiting to transact at an average asking price of nearly $2.5 million each or about $883 per square foot, according to the statistics. 

The average asking price of a Sunny Isles Beach luxury condo currently listed for sale is less than $3.3 million per unit. This works out to an average asking price of about $1,048 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first six months of 2018, the average transaction price of a Sunny Isles Beach luxury condo was less than $2.2 million or about $745 per square foot.

This means the current asking price of a Sunny Isles Beach luxury condo listed for sale is about 51 percent higher than the average transaction price achieved on a per-unit basis and nearly 41 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 2018, the sellers who were able to unload their units needed about 198 days to transact a Sunny Isles Beach luxury condo listed for sale. The current Days-On-The-Market average for Sunny Isles Beach luxury condos listed for sale is about 242, according to the statistics.

The number of Days-On-The-Market for the Sunny Isles Beach luxury condo units currently under contract is about 141, 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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