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| 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
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