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    Miami-Dade County Faces 16-Month Supply Of Condos For Sale At Peak Of Winter Buying Season

    Condo Sellers Seek 143% Premium For Miami-Dade County Units

    DOWNTOWN MIAMI (Feb. 22, 2018) - Nearly 14,500 condo units are formally listed for sale in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC. 

    Based on condo sales of about 915 units monthly in the year 2017, Miami-Dade County now has about a 16-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach 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 Miami-Dade County condos 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 region. 

    (For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.) 

    Currently, more than 1,700 Miami-Dade County condo units are under contract waiting to transact - or pending - at an average asking price of about $515,657 each or $329 per square foot, according to the statistics. 

    The average asking price of a Miami-Dade County condo currently listed for sale is about $968,084 per unit. This works out to an average asking price of $551 per square foot, according to the data compiled by CondoVulturesRealty.com

    It is important to consider that the MLS Matrix has recently begun using an arbitrary rule that provides overall "pricing" and "days on the market" information for a maximum of 10,000 properties at a time. Therefore, more accurate information for the Miami-Dade County condo market is not readily available despite attempts to obtain the specifics from the source.

    In the year 2017, the average transaction price of a Miami-Dade County condo was less than $398,650 each or about $299 per square foot, according to the statistics. 

    This means the current asking price of a Miami-Dade County condo listed for sale is about 143 percent higher than the average transaction price achieved on a per-unit basis and about 84 percent higher than the average transaction price on a per-square-foot basis between January and December of last year. 

    In 2017, the sellers who were able to unload their units needed about 111 days to transact a Miami-Dade County condo listed for sale. The current Days-On-The-Market average for a Miami-Dade County condo listed for sale is about 259, according to the statistics. 

    The number of Days-On-The-Market for the Miami-Dade County condo units currently under contract - or pending - is about 132, 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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