More Than 3,250 Luxury Condos For Sale In South Florida; Supply Nears Three Years Of InventoryMore Than 3,250 Luxury Condos For Sale In South Florida; Supply Nears Three Years Of Inventory

Biscayne Bay, Miami-Dade, FL

 MIAMI-DADE, FL -- More than 3,250 luxury condo units listed for sale at a minimum price of at least $1 million are formally available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach counties as of Jan. 10, 2017, according to a new report from Condo Vultures® Realty LLC.

Based on monthly condo sales of 98 units in 2016, South Florida now has more than a 33-month supply of units available for purchase at a time when the tricounty region is approaching the peak of this year’s critical Winter Buying Season, according to the report based on data from the Southeast Florida MLXchange.

More than 3,250 luxury condo units listed for sale at a minimum price of at least $1 million are formally available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach counties as of Jan. 10, 2017, according to a new report from Condo Vultures® Realty LLC. 

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 formally listed for sale. The report does not factor in the thousands of new condo units currently in the development pipeline east of Interstate 95 in South Florida.

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

 The average asking price of a South Florida luxury condo currently listed for sale is nearly $2.9 million per unit. This works out to an average asking price of $1,047 per square foot, according to the data compiled by CondoVulturesRealty.com.

In 2016, the average transaction price of a South Florida luxury condo was less than $2.03 million or about $805 per square foot.

This means the current asking price for a South Florida luxury condo listed for sale is more than 42 percent higher than the average transaction price achieved on a per-unit basis and about 30 percent higher than the average transaction price on a per-square-foot basis in 2016.

Last year, the sellers who were able to unload their units needed nearly 168 days – about 5.6 months - to transact a South Florida luxury condo listed for sale. The current Days-On-The-Market average for South Florida luxury condos listed for sale is about 155 days, according to the stats.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers in value-oriented acquisitions of condos in the tricounty region of Miami-Dade, Broward and Palm Beach.  

 For a complete copy of the company’s news release, please contact:

Condo Vultures® Realty LLC | Lic. Real Estate Broker

South Florida's Buyer Experts | 425 NE 22nd St. | Suite 205 | Miami | FL | 33137

© Copyright 2017. All Rights Reserved.

Direct: (305) 865-5629 | Fax: (888) 688-3415

Email: Inquiry@CondoVulturesRealty.com