Published by Peter Zalewski
11/21/2023 
6:34:46 PM Miami-Dade County has nearly 14 months of luxury condo supply – a minimum price of $1 million per unit – available for purchase at the start of the South Florida Winter Buying Season that generally stretches from November through April, according to an analysis by CondoVulturesRealty.com.
Currently, more than 2,080 luxury units are listed for sale at an average price of about $3.7 million per unit or about $1,415 per square foot. In the first nine months of 2023, buyers purchased nearly 1,350 luxury units at an average of nearly $2.6 million per unit or about $1,110 per square foot between January and September.
At the current sales pace of nearly 150 luxury units monthly, condos listed today would sell out sometime about January 2025.
Based on the active listings in the Multiple Listing Service – a database used by Realtors to market condos – the market is currently in 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.
To gauge buyer sentiment, it is important to 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 listings 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
CondoVulturesRealty.com Miami-Dade County Luxury Condo Market Velocity Report As Of 11/21/2023 |
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| This is a snapshot of the luxury condo market in Miami-Dade County in South Florida in the first nine months of 2023. Luxury condos are defined as those units listed for sale at a minimum price of at least $1 million each. | ||||
| This information is believed to be accurate and complete but cannot be guaranteed or warranted. For more information, please call 305.865.5859 | ||||
| Units | Average Price Per Unit | Average Price Per Square Foot | Average Days On Market (DOM) | |
| Current Active Listings | 2,081 | $3,722,794 | $1,415 | 160 |
| Current Pending Sales | 131 | $2,752,203 | $1,184 | 118 |
| First Nine Months Of 2023 Completed Sales (January Through September) | 1,347 | $2,561,493 | $1,110 | 120 |
| Active Listings v First Nine Months Of 2023 Completed Sales Spread | 45.3% | 27.5% | 33.3% | |
| Average Monthly Sales Completed In The First Nine Months Of 2023 | 149.7 | |||
| Average Months Of Supply Currently Actively Listed | 13.9 | |||
| Source: Southeast Florida MLX Matrix | ||||
South Florida Condo Inventory Tracker
For Miami-Dade, Broward And Palm Beach Counties
| Databases | Active Listings | Months Of Supply |
|---|---|---|
| Condos | 15,088 | 5.4 |
| Luxury Condos | 2,992 | 11.7 |
| Shortsales | 13 | 6.5 |
| REOs | 57 | 2.3 |
| Rentals | 18,043 | 3.6 |
Peter Zalewski is a licensed real estate broker and consultant focused on the South Florida condo market. Zalewski is a former special contributor to the Miami Herald and a former real estate columnist for The Real Deal magazine. Zalewski now hosts the Miami Real Estate Investing Podcast that is available in audio and video wherever you get your podcasts.
Confused about whether it is the appropriate time to buy or sell a condo in South Florida? The experts at CVR Realty are here to assist you in crafting a strategy during this uncertain time. Unlike many brokers offering services, our organization has been through the cycles and can assist you to capitalize on the situation.
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