South Florida Luxury Condo Market Velocity Report For Q3 2023
South Florida’s luxury condo market is currently in a buyers market with about 11.7 months of supply currently listed for sale in the tricounty region of Miami-Dade, Broward and Palm Beach, according to an analysis by CondoVulturesRealty.com.
In the first nine months of 2023, buyers purchased an average of 255 units per month for a total of nearly 2,300 units between January and September.
Luxury condos are defined as units listed for sale or recently sold for a price of at least $1 million each.
Based on the currently actively listings in the Multiple Listing Service – a database used by Realtors to market condos – buyers have an advantage over buyers based on the supply available for purchase.
Generally, six months of supply is considered equilibrium for the South Florida housing market. Less months indicates a sellers market and more months points to a buyers market from a negotiating perspective.
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
CondoVulturesRealty.com South Florida Luxury Condo Market Velocity Report As Of 11/14/2023
|This is a snapshot of the luxury condo market in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach 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
||Average Price Per Unit
||Average Price Per Square Foot
||Average Days On The Market
|Current Active Listings
|Current Pending Sales
|First Nine Months Of 2023 Completed Sales (January Through September)
|Active Listings v First Nine Months Of 2023 Completed Sales Spread
|Average Monthly Sales Completed In The First Nine Months Of 2023
|Average Months Of Supply Currently Actively Listed
|Source: Southeast Florida MLX Matrix