How Big is South Florida’s Acknowledged Condo Glut?
But CondoVultures Realty.com took a different approach to looking at condos. They were more selective about prices.
Their August report found nearly a 70-month supply for condos. But those were costing at least $1 million. That included an area in the tri-county South Florida region of Miami-Dade, Broward and Palm Beach.
Their report was based on data from the Southeast Florida MLS Matrix.
CondoVultures, which regularly reports on the subject and long ago predicted a glut, says it only tracks Greater Downtown Miami condos listed for sale. It does not factor in the nearly 47,500 new condos currently in the development stage east of Interstate 95 in the tri-county South Florida region. The number of days-on-the-market for the luxury condo units in Greater Downtown Miami was about 209, according to their statistics.