For the first time in recent memory, the number of single-family houses, condominiums, and townhouses on the resale market in South Florida could drop below 100,000 residences, according to a new report from Condo Vultures® LLC.
Simultaneously, the number of pending sales has broken the important psychological benchmark of 10,000 residences – 10,007 to be exact - under contract and scheduled to close in the upcoming weeks, according to the report that was created using the Florida Association of Realtors Multiple Listing Service.
“It is too early to call a bottom to the South Florida housing market but it is evident from the data and the intelligence we are getting from the street is that residential product is starting to trade,” said Peter Zalewski, a principal in by the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC.
In Miami-Dade, Broward, and Palm Beach counties, there are 100,131 properties for sale as of January 26. Miami-Dade has 37 percent of the available inventory, Broward 34 percent, and Palm Beach the remaining 29 percent.
By comparison two months ago on Nov. 28, 2008, there were 107,527 properties on the resale market in South Florida. Today’s current inventory represents about a -7 percent decrease in available resale product since late November, according to the report.
Condominiums and townhouses represent the majority of the resale product available in South Florida.
There are currently 57,312 condos and townhouses on the market with Miami-Dade accounting for 39 percent of the inventory, Broward 34 percent, and Palm Beach about 26 percent, according to the report.
The number of pending sales for condominiums and townhouses stands at 4,838 in the tri-county South Florida region. In Miami-Dade, there are 2,307 pending contracts, while in Broward the total is 1,727. Palm Beach has 804 deals in the works.
South Florida amount of available single-family house inventory is also beginning to decrease.
There are currently 42,819 houses on the resale market in South Florida with 14,888 in Miami-Dade, 14,322 in Broward, and 13,609 in Palm Beach.
Two months ago, there were 46,599 single-family houses for sale in South Florida with 16,554 in Miami-Dade, 15,831 in Broward, and 14,214 in Palm Beach.
The number of pending sales involving single-family houses currently totals 5,169, up from 4,868 two months ago, 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 © 2009, Condo Vultures® LLC
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