South Florida's residential inventory has slipped by 11.3 percent since Thanksgiving week of Nov. 24 while the number of pending sales during the same period has increased by 35.2 percent, according to a new report by Condo Vultures® LLC.
South Florida now has 95,409 residential resale properties on the market in Miami-Dade, Broward, and Palm Beach counties as of March 23 compared to 107,527 residences for resale on Nov. 24, a decrease of 12,118, according to the report.
As of March 23, pending sales totaled 12,576 compared to 9,302 on Nov. 24, an increase of 3,274 in a regional market where banks are hesitant to lend.
"South Florida has lost more than 11 percent of its residential resale inventory since Thanksgiving," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "The surprising thing is, the inventory has evaporated despite the lack of credit available today."
South Florida's single-family house inventory has experienced the most activity, slipping by 14.7 percent to 39,733 properties on March 23 compared to 46,599 on Nov. 24. The number of condominium units and townhouses is down by 8.6 percent to 55,676 on March 23 compared to 60,928 on Nov. 24, according to the report.
Broward County, where Fort Lauderdale and Pompano Beach are located, has experienced the steepest drop in residential inventory, falling 13.6 percent in the last four months to 31,921 properties on March 23 compared to 36,926 on Nov. 24.
Miami-Dade County, where Aventura and Miami Beach are located, realized a 13.2 percent drop in inventory to 35,581 properties on March 23 compared to 40,994 properties on Nov. 24.
Palm Beach County, where Boca Raton and West Palm Beach are located, experienced a 5.7 percent drop to 27,907 properties on March 23 compared to 29,607 on Nov. 24, according to the report.
Broward County also leads the region - percentagewise - in pending sales volume. Broward's pending sales are up 40.6 percent, or 1,338, since Thanksgiving to 4,633 deals on March 23 compared to 3,295 on Nov. 24.
Pending sales in Miami-Dade County are up 31 percent to 5,559 on March 23 compared to 4,245 on Nov. 24. In Palm Beach County, pending sales are up 35.3 percent to 2,384 on March 23 compared to 1,762 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 © 2009, Condo Vultures® LLC
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