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  • PRECONSTRUCTION
    CONDO PROJECT TRACKER
    or
    Broward County's Condo Market Grows To More Than 6-Month Supply Of Units For Sale At Peak Of South Florida Winter Buying Season

    Sellers Seek 83% Premium For Condos Listed For Sale In Broward County

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (Feb. 4, 2019) - More than 6,900 condo units are formally listed for sale in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC. 

    Based on condo sales of nearly 1,135 units monthly in the 12 months of 2018, Broward County now has more than a six-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 Broward County 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 region. 

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

    Currently, about 1,390 Broward County condo units are under contract and waiting to transact - or pending - at an average asking price of nearly $315,950 each or about $216 per square foot, according to the statistics. 

    The average asking price of a Broward County condo currently listed for sale is more than $388,150 per unit. This works out to an average asking price of $265 per square foot, according to the data compiled by CondoVulturesRealty.com

    In the 12 months of 2018, the average transaction price of a Broward County condo was about $211,678 each or about $167 per square foot, according to the statistics. 

    This means the current asking price of a Broward County condo listed for sale is more than 83 percent higher than the average transaction price achieved on a per-unit basis and nearly 59 percent higher than the average transaction price on a per-square-foot basis between January and December of last year. 

    In the four quarters of 2018, the sellers who were able to unload their units needed about 84 days to transact a Broward County condo listed for sale. The current Days-On-The-Market average for a Broward County condo listed for sale is about 137, according to the statistics. 

    The number of Days-On-The-Market for the Broward County condo units currently under contract - or pending - is about 111, 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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