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    Miami-Dade County Luxury Condo Market Faces 40 Months Of Supply Listed For Sale

    Buyers Purchased 194 Luxury Condos In Miami-Dade County In Q1 2017 

    DOWNTOWN MIAMI (April 18, 2017) - Nearly 2,600 luxury condo units are formally listed for sale at a minimum price of at least $1 million each 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 65 units monthly in the first quarter of 2017, Miami-Dade County now has a 40-month supply of units available for purchase at a time when the tricounty South Florida region of Miami-Dade, Broward and Palm Beach is near the end of this year’s 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.)

    Currently, nearly 120 Miami-Dade County luxury condo units are under contract waiting to transact - or pending - at an average asking price of $2.9 million each or $969 per square foot, according to the statistics. 

    The average asking price of a Miami-Dade County luxury condo currently listed for sale is more than $3.1 million per unit. This works out to an average asking price of $1,148 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the first quarter of 2017, the average transaction price of a Miami-Dade County luxury condo was nearly $2.4 million or $898 per square foot.

    This means the current asking price of a Miami-Dade County luxury condo listed for sale is nearly 31 percent higher than the average transaction price achieved on a per-unit basis and about 28 percent higher than the average transaction price on a per-square-foot basis between January and March of this year.

    In the first three months of 2017, Miami-Dade County sellers who were able to unload their luxury units needed about 186 days to transact a condo listed for sale. The current Days-On-The-Market average for a Miami-Dade County luxury condo listed for sale is nearly 149 days, according to the statistics.

    The number of Days-On-The-Market for the luxury condo units currently under contract - or pending - is 176 in Miami-Dade County, 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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