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  • PRECONSTRUCTION
    CONDO PROJECT TRACKER
    or
    21 Months Of Condo Supply Listed For Sale In Miami Beach At Peak Of Winter Buying Season

    Miami Beach Condo Owners Ask 90% Premium For Units Listed For Sale

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (March 12, 2018) - Nearly 3,100 condo units are formally listed for sale in the barrier island city of Miami Beach in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

    Based on condo sales of about 146 units monthly in the year 2017, Miami Beach now has more than a 21-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 Beach condos formally listed for sale. The report does not factor in the nearly 47,500 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, about 254 Miami Beach condo units are under contract waiting to transact - or pending - at an average asking price of nearly $981,375 each or $633 per square foot, according to the statistics. 

    The average asking price of a Miami Beach condo currently listed for sale is less than $1.2 million per unit. This works out to an average asking price of $751 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the 12 months of 2017, the average transaction price of a Miami Beach condo was less than $613,750 or $515 per square foot.

    This means the current asking price of a Miami Beach condo listed for sale is nearly 90 percent higher than the average transaction price achieved on a per-unit basis and about 46 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 136 days to transact a Miami Beach condo listed for sale. The current Days-On-The-Market average for Miami Beach condos listed for sale is about 188, according to the statistics.

    The number of Days-On-The-Market for the condo units currently under contract is about 159 in Miami Beach, 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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