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  • PRECONSTRUCTION
    CONDO PROJECT TRACKER
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    South Florida Luxury Condo Market Faces 40 Months Of Supply Listed For Sale

    Buyers Purchased More Than 1,100 Luxury Condos In South Florida In 2017 

    DOWNTOWN MIAMI (Feb. 14, 2018) - Nearly 3,700 luxury condo units are formally listed for sale at a minimum price of at least $1 million each in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach, according to a new report from Condo Vultures® Realty LLC.

    Based on luxury condo sales of about 92 units monthly in the year 2017, South Florida now has nearly a 40-month supply of units available for purchase in the tricounty region at the peak of the 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 South Florida condos that are formally listed for sale. The report does not factor in the nearly 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, less than 450 South Florida luxury condo units are under contract waiting to transact - or pending - at an average asking price of $3.3 million each or about $1,037 per square foot, according to the statistics. 

    The average asking price of a South Florida luxury condo currently listed for sale is more than$2.8 million per unit. This works out to an average asking price of about $1,050 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the year 2017, the average transaction price of a South Florida luxury condo was less than $2.1 million or about $829 per square foot.

    This means the current asking price of a South Florida luxury condo listed for sale is about 35 percent higher than the average transaction price achieved on a per-unit basis and about 27 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

    In the year 2017, South Florida sellers who were able to unload their luxury units needed about 176 days to transact a condo listed for sale. The current Days-On-The-Market average for a South Florida luxury condo listed for sale is about 204 days, according to the stats.

    The number of Days-On-The-Market for the luxury condo units currently under contract - or pending - is 146 in South Florida, 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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