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Miami Beach Faces 31-Month Supply Of Luxury Condos Listed For Sale

Buyers Purchased Nearly 22 Miami Beach Luxury Condos Monthly In First Half Of 2017   

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DOWNTOWN MIAMI (Aug. 8, 2017) - More than 675 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the barrier island city of Miami 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 nearly 22 units monthly in the first half of 2017, Miami Beach now has more than a 31-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach during this year’s Summer Buying Season, according to the report based on data from the Southeast Florida MLS Matrix v7.0.

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 Miami Beach luxury condos formally listed for sale. The report does not factor in the nearly 47,700 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 31 Miami Beach luxury condo units are under contract waiting to transact - or pending - at an average asking price of about $4.1 million each or $1,537 per square foot, according to the statistics. 

The average asking price of a Miami Beach luxury condo currently listed for sale is more than $3.5 million per unit. 

This works out to an average asking price of about $1,529 per square foot, according to the data compiled by CondoVulturesRealty.com.

Between January and June of 2017, the average transaction price of a Miami Beach luxury condo was less than $2.5 million or $1,255 per square foot.

This means the current asking price of a Miami Beach luxury condo listed for sale is about 42 percent higher than the average transaction price achieved on a per-unit basis and nearly 22 percent higher than the average transaction price on a per-square-foot basis in the first six months of 2017.

In the first half of this year, the sellers who were able to unload their units needed about 180 days to transact a Miami Beach luxury condo listed for sale. The current Days-On-The-Market average for Miami Beach luxury condos listed for sale is about 226, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 151 in Miami 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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