For the second week in a row, the number of available residential properties in South Florida has dropped by several hundred units as the number of new pending sales has increased by a smaller amount, according to a new report by Condo Vultures® LLC.
The number of condos, townhouses, and single-family houses actively for sale fell by -0.5 percent on a week-over-week basis to 105,873 properties on Dec. 8, compared to 106,420 properties on Dec. 1. A week prior on Nov. 24, there were 107,527 properties on the market in Miami-Dade, Broward, and Palm Beach counties, according to the report compiled using active listings in the Multiple Listing Service.
As the inventory continues to decrease, the number of pending sales keeps rising. There are now 9,445 condos, townhouses, and single-family houses under contract and preparing to close in South Florida. Compare that to 9,393 residences on Dec. 1 and 9,302 on Nov. 24, according to the report.
“We are experiencing a change in mood in the South Florida real estate market,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC that produces the weekly inventory report every Monday. “This is not to say that we won’t experience additional inventory increases in the future but at this point the amount of product is showing signs of a steadily decreasing.”
Miami-Dade has the greatest inventory with 40,272 residences, down from 40,475 on Dec. 1 and 40,994 on Nov. 24. Broward has the second highest number of available properties with 36,278, down from 36,364 on Dec. 1 and 36,926 on Nov. 24. In Palm Beach, there are 29,323 residential properties for sale, down -0.9 percent from the 29,581 properties for sale on Dec. 1 and the 29,607 residences on Nov. 24, according to the report.
On a product basis, the number of condos and townhouses slipped -0.4 percent to 60,160 units on Dec. 8 compared to 60,405 units on Dec. 1 and 60,928 units on Nov. 24. The number of single-family houses available slipped -0.7 percent to 45,713 homes on Dec. 8 compared to 46,015 on Dec. 1 and 46,599 homes on Nov. 24, according to the report.
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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