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Broward County Faces 27-Month Supply Of Luxury Condos Listed For Sale
Broward County Faces 27-Month Supply Of Luxury Condos Listed For Sale
Published on 9/19/2017 1:27:00 PM

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Buyers Purchased 90 Broward County Luxury Condos In First Half Of 2017   

DOWNTOWN MIAMI (Sept. 19, 2017) - More than 400 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the South Florida county of Broward, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of 15 units monthly in the first half of 2017, Broward County now has nearly a 27-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the end of this year’s 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 Broward County luxury condos formally listed for sale. The report does not factor in the more than 47,725 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, more than 110 Broward County luxury condo units are under contract - or pending - and waiting to transact at an average asking price of more than $2.1 million each or about $838 per square foot, according to the statistics. 

The average asking price of a Broward County luxury condo currently listed for sale is nearly $2.1 million per unit. 

This works out to an average asking price of about $750 per square foot, according to the data compiled by CondoVulturesRealty.com.

Between January and June of 2017, the average transaction price of a Broward County luxury condo was nearly $1.5 million or $555 per square foot.

This means the current asking price of a Broward County luxury condo listed for sale is more than 43 percent higher than the average transaction price achieved on a per-unit basis and about 35 percent higher than the average transaction price on a per-square-foot basis in the first six months of 2017.

In the first half of this year, the sellers who were able to unload their units needed about 171 days to transact a Broward County luxury condo listed for sale. The current Days-On-The-Market average for Broward County luxury condos listed for sale is about 267, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 165 in Broward County, 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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