Seller's Market For Broward County Condos At End Of Summer Buying Season
Broward County Enjoys Only 5-Month Supply Of Condos Listed For Sale
Based on condo sales of about 1,142 units monthly in the first half of 2017, Broward County now has about a five-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the end of this year’s 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.
By comparison, the Miami-Dade County condo market to the south had more than a 14-month supply of condos for sale during the Summer Buying Season, according to a recent report from CondoVulturesRealty.com.
It is unclear how the destruction from Hurricane Irma - primarily in the Florida Keys - will impact the South Florida housing market.
It is worth noting this report only tracks those Broward County condos formally listed for sale. The report does not factor in the more than 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, nearly 1,820 Broward County condo units are under contract waiting to transact - or pending - at an average asking price of about $288,000 each or $197 per square foot, according to the statistics.
The average asking price of a Broward County condo currently listed for sale is about $370,235 per unit. This works out to an average asking price of $250 per square foot, according to the data compiled by CondoVulturesRealty.com.
In the first six months of 2017, the average transaction price of a Broward County condo was nearly $180,615 each or about $152 per square foot, according to the statistics.
This means the current asking price of a Broward County condo listed for sale is about 105 percent higher than the average transaction price achieved on a per-unit basis and about 65 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 82 days to transact a Broward County condo listed for sale. The current Days-On-The-Market average for a Broward County condo listed for sale is about 153, according to the statistics.
The number of Days-On-The-Market for the Broward County condo units currently under contract - or pending - is about 126, 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.