Sunny Isles Beach Flooded With 28 Months Of Condo Supply For Sale At Peak Of South Florida Winter Buying Season

Condo Sellers Seek Average Price Of $632 PSF In Sunny Isles Beach

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Feb. 24, 2020) - Nearly 1,600 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 56 units monthly in the entire 12 months of 2019, the Sunny Isles Beach market now has more than a 28-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the peak 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 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, according to CraneSpotters.com.

Currently, about 100 Sunny Isles Beach condo units are under contract - or pending - and waiting to transact at an average asking price of more than $1 million each or $445 per square foot, according to the statistics. 

The average asking price of a Sunny Isles Beach condo currently listed for sale is less than $1.5 million per unit. This works out to an average asking price of $632 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2019, the average transaction price of a Sunny Isles Beach condo was nearly $725,200 or about $389 per square foot.

This means the current asking price of a Sunny Isles Beach condo listed for sale is more than 104 percent higher than the average transaction price achieved on a per-unit basis and nearly 63 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, the sellers who were able to unload their units needed about 167 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 262, according to the statistics.

The number of Days-On-The-Market for the condo units currently under contract is about 203 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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