Miami-Dade County Condos Inch Closer To Buyers Market With 6.8 Months Of Supply

Miami-Dade County is on the cusp of entering a buyers market for condos with about 6.8 months of supply currently listed for sale at the start of the South Florida Winter Buying Season that generally stretches from November through April, according to an analysis by CondoVulturesRealty.com.

In the first nine months of 2023, buyers purchased an average of nearly 1,004 units per month for a total of about 9,035 units between January and September.

Based on the currently actively listings in the Multiple Listing Service – a database used by Realtors to market condos – the market is currently at equilibrium – but headed toward a buyers market – based on the supply available for purchase.

Generally, six months of supply is considered equilibrium for the housing market. Less months indicates a sellers market and more months points to a buyers market from a negotiating perspective.

Currently, the average asking price for a condo is nearly $1.5 million per unit compared to an average sales price of $730,850 per unit. Pending sales went under contract at an average asking price of $723,267 per unit.

On a price per square foot basis, the average asking price for a condo is $786 psf compared to an average sales price of $527 psf. Pending sales went under contract at an average asking price of $516 psf.

To gauge buyer sentiment, we focus on the Days On Market (DOM) category to better understand how purchasers are proceeding. If buyers are optimistic, the number of days an active listing is on the market should be similar or less than the average period of time for deals to date. If buyers are bearish, the DOM category will show active listing sitting on the market longer.

To gauge seller sentiment, we focus on the spread between the average asking price and the average transaction price on a per unit and per square foot basis. Generally, a spread of up to 20 percent suggests that a seller is willing to negotiate to complete a deal. Anything greater than 20 percent suggests that sellers are overly bullish on their prospects of selling their units at a premium.

This information is believed to be accurate and complete but cannot be guaranteed or warranted. For more information, please call 305.865.5859 or visit CondoVulturesRealty.com

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