South Florida Resale Inventory Drops To 98,000 Residences

South Florida's residential real estate inventory dropped for the third consecutive week as the number of pending sales increased during the same period, according to a new report from Condo Vultures® LLC.

South Florida has 98,748 single-family houses, condominium units, and townhouses on the market as of Feb. 9, down -0.3 percent from the 99,033 residences on the market Feb. 2 and the 100,131 homes available on Jan. 26, according to the report by the Bal Harbour, Fla.-based consultancy.

Single-family houses are dragging down the overall inventory in Miami-Dade, Broward, and Palm Beach counties while the number of condos is falling at a somewhat slower pace in the tri-county South Florida area.

The number of single-family houses on the market has fallen by nearly 1,000 in the last two weeks, going from 42,819 available resales on Jan. 26 to 41,961 resales on Feb. 9. The current condo total stands at 56,787, down about 500 units from the 57,312 condos on the market on Jan. 26, according to the report.

As South Florida's resale inventory is depleted, the number of pending sales continues to increase, spiking 1 percent in the last week in the region.

There are currently 10,471 properties under contract as of Feb. 9, up from 10,363 on Feb. 2, and 10,007 on Jan. 26, according to the report.

Miami-Dade continues to lead the region in pending sales with 46 percent of the total deals. Broward is second with 35 percent, and Palm Beach is third with 19 percent.

Single-family homes account for 5,430 of the pending sales in the region, while condos represent the remaining 5,041deals, 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™ .

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