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    CONDO PROJECT TRACKER
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    Bal Harbour-Surfside-Bay Harbor Islands Faces 45-Month Supply Of Luxury Condos Listed For Sale

    Buyers Purchased 75 Bal Harbour-Surfside-Bay Harbor Islands Luxury Condos In 2017   

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (March 20, 2018) - More than 280 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the barrier island area of Bal Harbour-Surfside-Bay Harbor Islands in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

    Based on luxury condo sales of about six units monthly in the year 2017, Bal Harbour-Surfside-Bay Harbor Islands now has about a 45-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 Bal Harbour-Surfside-Bay Harbor Islands luxury 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 18 Bal Harbour-Surfside-Bay Harbor Islands luxury condo units are under contract - or pending - and waiting to transact at an average asking price of nearly $6.1 million each or $1,545 per square foot, according to the statistics. 

    The average asking price of a Bal Harbour-Surfside-Bay Harbor Islands luxury condo currently listed for sale is less than $4.1 million per unit. This works out to an average asking price of about $1,424 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the 12 months of 2017, the average transaction price of a Bal Harbour-Surfside-Bay Harbor Islands luxury condo was less than $3.1 million or about $1,008 per square foot.

    This means the current asking price of a Bal Harbour-Surfside-Bay Harbor Islands luxury condo listed for sale is nearly 33 percent higher than the average transaction price achieved on a per-unit basis and more than 41 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 212 days to transact a Bal Harbour-Surfside-Bay Harbor Islands luxury condo listed for sale. The current Days-On-The-Market average for Bal Harbour-Surfside-Bay Harbor Islands luxury condos listed for sale is about 233, according to the statistics.

    The number of Days-On-The-Market for the luxury condo units currently under contract is about 174 in Bal Harbour-Surfside-Bay Harbor Islands, 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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