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Downtown Fort Lauderdale And Beach Condo Market Velocity Report (03/20/2017)

Nearly 880 Condo Units Listed For Sale In Downtown Fort Lauderdale And Beach Market

DOWNTOWN MIAMI (March 20, 2017) - Nearly 880 condo units are formally listed for sale in the Downtown Fort Lauderdale and Beach market of Broward County in South Florida, according to a new report from Condo Vultures® Realty LLC.

Based on condo sales of 85 units monthly in 2016, the Downtown Fort Lauderdale and Beach market now has about a 10-month supply of units available for purchase at a time when the tricounty region of Miami-Dade, Broward and Palm Beach is at the peak of this year’s South Florida Winter Buying Season, according to the report based on data from the Southeast Florida MLXchange.

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 that are formally listed for sale. The report does not factor in the more than 47,000 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.)

The average asking price of a Downtown Fort Lauderdale and Beach condo currently listed for sale is more than $768,650 per unit. This works out to an average asking price of $428 per square foot, according to the data compiled by CondoVulturesRealty.com.

In 2016, the average transaction price of a Downtown Fort Lauderdale and Beach condo was less than $417,450 or $294 per square foot.

This means the current asking price of a Downtown Fort Lauderdale and Beach condo listed for sale is about 84 percent higher than the average transaction price achieved on a per-unit basis and nearly 46 percent higher than the average transaction price on a per-square-foot basis in 2016.

Last year, Downtown Fort Lauderdale and Beach sellers who were able to unload their units needed about 125 days to transact a condo listed for sale. The current Days-On-The-Market average for a Downtown Fort Lauderdale and Beach condo listed for sale is about 127 days, according to the stats.

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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