For every 50 people living in South Florida, there is currently one single-family house, townhouse, or condominium actively for sale in the tricounty region, according to a new report by the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC.
Nearly 110,000 residences are actively for sale in Miami-Dade, Broward, and Palm Beach counties, a region where the U.S. Census Bureau estimates that 5.5 million people live, according to the report.
Condominiums and townhouses account for 56 percent, or 61,779 residences, actively available on the market. Single-family houses represent the remaining 44 percent, or 47,861 residences, of the available inventory, according to the report.
On a residents-to-product type ratio, South Florida has one condominium or townhouse for sale for every 89 people, and one single-family house for every 115 residents.
Miami-Dade County has the largest chunk of available real estate inventory with 42,172 residences, or 38 percent of the total inventory. Broward County is second with 35 percent, or 37,896 residences, of the total residential supply. Palm Beach County is third with 29,572 residences, or 27 percent of the homes actively for sale, according to the report.
On a resident-to-residences basis, Palm Beach County, with 1.3 million people, has the highest amount of inventory with one single-family house, condo, or townhouse for every 44 people. Broward County, with 1.8 million people, is second with one residence for every 47 individuals living there. Miami-Dade County, with 2.4 million people, is third with one condo, townhouse, or single-family home for sale for every 57 people.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
Copyright © 2008, Condo Vultures® LLC
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