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  • PRECONSTRUCTION
    CONDO PROJECT TRACKER
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    Greater Downtown Miami Faces 32-Month Supply Of Condos Listed For Sale

    Condo Sellers Seek 45% Asking Price Premium For Greater Downtown Miami Units

    DOWNTOWN MIAMI (April 24, 2017) - Nearly 3,650 condo units are formally listed for sale in the Greater Downtown Miami market of South Florida, according to a new report from Condo Vultures® Realty LLC. 

    Based on condo sales of about 114 units monthly in the first quarter of 2017, Greater Downtown Miami now has nearly a 32-month supply of units available for purchase at a time when the tricounty South Florida region of Miami-Dade, Broward and Palm Beach is nearing 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 Greater Downtown Miami condos formally listed for sale. The report does not factor in the nearly 47,750 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, less than 250 Greater Downtown Miami condo units are under contract waiting to transact - or pending - at an average asking price of nearly $456,050 each or $385 per square foot, according to the statistics. 

    The average asking price of a Greater Downtown Miami condo currently listed for sale is about $648,664 per unit. This works out to an average asking price of $498 per square foot, according to the data compiled by CondoVulturesRealty.com

    Between January and March of 2017, the average transaction price of a Greater Downtown Miami condo was less than $448,360 each or about $370 per square foot, according to the statistics. 

    This means the current asking price of a Greater Downtown Miami condo listed for sale is about 45 percent higher than the average transaction price achieved on a per-unit basis and about 35 percent higher than the average transaction price on a per-square-foot basis between January and March of this year. 

    In the first quarter of 2017, the sellers who were able to unload their units needed about 153 days to transact a Greater Downtown Miami condo listed for sale. The current Days-On-The-Market average for a Greater Downtown Miami condo listed for sale is about 148 days, according to the statistics. 

    The number of Days-On-The-Market for the condo units currently under contract is about 136 in Greater Downtown Miami, 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. 

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