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Sunny Isles Beach Faces 52 Months Of Luxury Condo Supply For Sale At Start Of Summer Buying Season

Buyers Purchased 34 Sunny Isles Beach Luxury Condos In Q1 2018   

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (June 12, 2018) - More than 590 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the barrier island market of Sunny Isles Beach 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 11 units monthly in the first quarter of 2018, Sunny Isles Beach now has more than a 52-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the start of the Summer 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 Sunny Isles Beach 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, less than 15 Sunny Isles Beach luxury condo units are under contract - or pending - and waiting to transact at an average asking price of nearly $2.9 million each or about $923 per square foot, according to the statistics. 

The average asking price of a Sunny Isles Beach luxury condo currently listed for sale is more than $3.4 million per unit. This works out to an average asking price of about $1,071 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first three months of 2018, the average transaction price of a Sunny Isles Beach luxury condo was less than $2.3 million or about $726 per square foot.

This means the current asking price of a Sunny Isles Beach luxury condo listed for sale is about 50 percent higher than the average transaction price achieved on a per-unit basis and nearly 48 percent higher than the average transaction price on a per-square-foot basis between January and March of this year.

In the first quarter of 2018, the sellers who were able to unload their units needed about 198 days to transact a Sunny Isles Beach luxury condo listed for sale. The current Days-On-The-Market average for Sunny Isles Beach luxury condos listed for sale is about 229, according to the statistics.

The number of Days-On-The-Market for the Sunny Isles Beach luxury condo units currently under contract is about 252, 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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