South Florida's residential real estate market has less than 90,000 single-family houses, condominium units, and townhouses for resale, a drop of 16.6 percent since November, according to a new housing inventory report from Condo Vultures® LLC.
The number of available resales in the tricounty South Florida area of Miami-Dade, Broward, and Palm Beach counties dropped by 0.8 percent, or 708 residences, in the last week ending April 27 on a week-over-week basis, according to Condo Vultures®.
In the last seven days, single-family house resale inventory dropped 1.1 percent, or 396 residences, to 36,658 in South Florida. Condominium unit and townhouse resale inventory dropped by 0.6 percent, or 312 units, according to the report.
"Single-family houses are coming off the resale market at a slightly greater pace - in total numbers - than the condominium and townhouse inventory," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "Buyers are realizing that the single-family house market was not overbuilt to the same extent as the condominium market, especially in coastal South Florida."
Zalewski is scheduled to discuss inventory and foreclosure trends in the Greater Miami Condo Market at an upcoming seminar scheduled for Tuesday, April 28, at the Doubletree Grand Hotel just north of Downtown Miami.
Pending sales jumped by 1.4 percent, 195 contracts, as of April 27 on a week-over-week basis in South Florida, according to the report.
Single-family house contracts increased by 1.7 percent to 7,446 existing contracts on April 27 compared to 7,325 on April 20.
Contracts on condo units and townhouses increased by 1.1 percent to 6,932 pending sales on April 27 compared to 6,858 deals on April 20, according to the report.
On a county-by county basis, Miami-Dade is experiencing the greatest pending sales activity with 6,372 contracts, or 44 percent of the regional total. Broward is second with 5,472 pending contracts, or 38 percent of the deals. Palm Beach is third with 2,533 pending sales, or 18 percent of the contract activity.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
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