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More Than 6 Years Of Luxury Condo Supply Listed For Sale In Greater Downtown Miami

Less Than 60 Luxury Condos Sold In Greater Downtown Miami In First 9-Months Of 2017

DOWNTOWN MIAMI (Nov. 14, 2017) - Nearly 475 luxury condo units are formally listed for sale at an asking price of least $1 million each in the Greater Downtown Miami market of Miami-Dade County in South Florida, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of about six units monthly in the first nine months of 2017, Greater Downtown Miami now has nearly a 74-month supply of units available for purchase for at least $1 million each in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the start of this year’s Winter Buying Season, according to the report based on data from the Southeast Florida MLS Matrix.

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 47,450 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, only seven Greater Downtown Miami luxury condo units are under contract and waiting to transact - or pending - at an average price of about $2.4 million each or $765 per square foot, according to the statistics. 

The average asking price of a Greater Downtown Miami luxury condo currently listed for sale is less than $2 million per unit. This works out to an average asking price of about $808 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2017, the average transaction price of a Greater Downtown Miami luxury condo was less than $1.6 million or about $649 per square foot, according to the statistics.

This means the current asking price of a Greater Downtown Miami luxury condo listed for sale is about 27 percent higher than the average transaction price achieved on a per-unit basis and about 25 percent higher than the average transaction price on a per-square-foot basis between January and September of this year.

In the first three quarters of 2017, the sellers who were able to unload their luxury units needed about 153 days to transact a Greater Downtown Miami luxury condo listed for sale with a minimum price of $1 million. The current Days-On-The-Market average for a Greater Downtown Miami luxury condo listed for sale is about 204, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract in Greater Downtown Miami is about 279, 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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