The number of South Florida residential properties available for resale fell by 1.1 percent in the last week while the number of pending sales in the tri-county region jumped by 2 percent, according to a new report from Condo Vultures® LLC.
There are now 86,812 single-family houses, townhouses, and condominium units for resale as of May 11, down from 87,793 residential properties on May 4. Pending sales in the tri-county South Florida region of Miami-Dade, Broward, and Palm Beach counties totaled 14,679 on May 11 compared to 14,397 properties on May 4, according to the report based on Florida Association of Realtors data.
"Palm Beach County experienced a 2.6 percent jump in pending sales in the last week, which outpaced the 2.2 percent rise in Broward County and 1.5 percent increase in Miami-Dade County," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures®. "The Palm Beach County surge in deals was led by a 3 percent spike in single-family house pending sales and a 1 percent jump in contracts for condo units and townhouses."
Palm Beach County has 25,743 residential properties on the resale market, representing 30 percent of the regional total. Single-family houses represent 46 percent of the overall inventory in Palm Beach County with condos and townhouses accounting for the remaining 54 percent.
By comparison, in Broward County, there are 28,468 residential properties for resale, which represents 33 percent of the tri-county regional supply total. Single-family houses account for 40 percent of the Broward County inventory, while condos and townhouses represent the remaining 60 percent of the resale product currently available.
Miami-Dade County has 32,601 residential properties for resale, representing 38 percent of the overall South Florida inventory. The Miami-Dade County inventory breaks down to 37 percent single-family houses and 63 percent condo units and townhouses, according to the report.
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
Showing posts with label deals. Show all posts
Showing posts with label deals. Show all posts
Tuesday, May 12, 2009
Tuesday, May 5, 2009
Pending Contracts Stall In South Florida As Winter Tourism Season Ends
The number of residential resale contracts executed in South Florida in the last week of the winter tourism season grew by the tiniest of amounts, causing fear that buying activity may be stalling, according to a new report from Condo Vultures® LLC.
Pending contracts on single-family houses in the tricounty region of Miami-Dade, Broward, and Palm Beach counties were up by 0.4 percent on May 4 on a week-over-week basis, but that increase wasn't enough to overcome a 0.2 percent drop in deals on condominium units and townhouses that weighed down the overall average, according to the Condo Vultures® report compiled using Florida Association of Realtors data.
On May 4, South Florida had 14,397 pending sales, up minimally from 14,378 pending sales a week earlier on April 27. Two week prior on April 20, pending sales totaled 14,183 single-family houses, condos, and townhouses in the region, according to the report.
"All throughout the winter tourism season, pending sales were growing by between 1 percent and 4 percent per week," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "To suddenly see pending sales stall in the last week of April will raise questions in the minds of many industry watchers focused on trying to determine whether the region is nearing a bottom or simply a plateau."
On a product basis, pending sales of single-family houses increased by 0.4 percent to 7,477 on May 4 compared to 7,446 contracts on April 27. Pending sales in Miami-Dade increased by 0.7 percent and in Broward by 0.4 percent. Palm Beach was unchanged, according to the report.
Pending sales on condos and townhouses shrunk by 0.2 percent to 6,920 contracts on May 4 compared to 6,932 deals on April 27. On a county-by-county basis, pending contracts increased by 0.4 percent in Miami-Dade, but fell by 0.8 percent in Broward and 0.3 percent in Palm Beach, according to Condo Vultures®.
As for inventory, the number of single-family homes for resale in South Florida dropped 2.4 percent in the last week to 35,787 homes. The single-family house product is distributed equally in the tri-county area with 34 percent in Miami-Dade and Palm Beach counties each and 32 percent in Broward county.
In just over five months since Thanksgiving week, total single-family house inventory has slipped by 23 percent, or 10,812 houses.
Condominium and townhouse inventory has fallen to 52,006 units, a drop of 1.9 percent in the last week. Miami-Dade has the most condo and townhouse inventory available for resale with 40 percent of the market. Broward is second with 33 percent, and Palm Beach is third with 27 percent.
Since Thanksgiving week in November, total condo and townhouse inventory has fallen by 14.6 percent, or 8,922 units.
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
Pending contracts on single-family houses in the tricounty region of Miami-Dade, Broward, and Palm Beach counties were up by 0.4 percent on May 4 on a week-over-week basis, but that increase wasn't enough to overcome a 0.2 percent drop in deals on condominium units and townhouses that weighed down the overall average, according to the Condo Vultures® report compiled using Florida Association of Realtors data.
On May 4, South Florida had 14,397 pending sales, up minimally from 14,378 pending sales a week earlier on April 27. Two week prior on April 20, pending sales totaled 14,183 single-family houses, condos, and townhouses in the region, according to the report.
"All throughout the winter tourism season, pending sales were growing by between 1 percent and 4 percent per week," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "To suddenly see pending sales stall in the last week of April will raise questions in the minds of many industry watchers focused on trying to determine whether the region is nearing a bottom or simply a plateau."
On a product basis, pending sales of single-family houses increased by 0.4 percent to 7,477 on May 4 compared to 7,446 contracts on April 27. Pending sales in Miami-Dade increased by 0.7 percent and in Broward by 0.4 percent. Palm Beach was unchanged, according to the report.
Pending sales on condos and townhouses shrunk by 0.2 percent to 6,920 contracts on May 4 compared to 6,932 deals on April 27. On a county-by-county basis, pending contracts increased by 0.4 percent in Miami-Dade, but fell by 0.8 percent in Broward and 0.3 percent in Palm Beach, according to Condo Vultures®.
As for inventory, the number of single-family homes for resale in South Florida dropped 2.4 percent in the last week to 35,787 homes. The single-family house product is distributed equally in the tri-county area with 34 percent in Miami-Dade and Palm Beach counties each and 32 percent in Broward county.
In just over five months since Thanksgiving week, total single-family house inventory has slipped by 23 percent, or 10,812 houses.
Condominium and townhouse inventory has fallen to 52,006 units, a drop of 1.9 percent in the last week. Miami-Dade has the most condo and townhouse inventory available for resale with 40 percent of the market. Broward is second with 33 percent, and Palm Beach is third with 27 percent.
Since Thanksgiving week in November, total condo and townhouse inventory has fallen by 14.6 percent, or 8,922 units.
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
Tuesday, March 3, 2009
South Florida Residential Inventory Drops Below 97,000
South Florida's residential resale inventory has fallen 1.3 percent in the last week to 96,841 single-family houses, townhouses, and condominium units in the tri-county region of Miami-Dade, Broward, and Palm Beach counties, according to a new report from Condo Vultures® LLC.
A month ago on Feb. 2, there were 99,033 residences for sale in the region, and three months ago on Dec. 1 there were 106,420 single-family houses, townhouses, and condominium units for sale in South Florida, according to Condo Vultures®.
In the last seven days, the number of actively available South Florida resale properties declined by 187 residences per day or 1,312 single-family houses, townhouses, and condominium units.
For the last 90 days, the residential inventory has been on a reduction pace 106 properties per day for a total of 9,579.
"The fact that inventory continues to drop by more than 1 percent a week in a market where financing is nonexistent is worth monitoring," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. "Inventory is falling nowhere near the rate of the peak of the market in 2005 when housing was challenging to find. At the same time, if the available South Florida resale inventory continues to slip by a net of 106 properties or more a day, the total drop for the year would be nearly around 39,000 residences.
"That is assuming there isn't an surge in buyers if and when financing is restored to the market."
On a county-by-county basis, Broward County led the region in terms of the fastest falling inventory with a decrease of 1.5 percent to 32,500, down from 33,010 on Feb. 23.
Miami-Dade County was second with a 1.4 percent drop in inventory to 36,191 on March 2 compared to 36,706 resale properties on Feb. 23. Palm Beach County's inventory slipped by 1.0 percent to 28,150 on March 2 compared to 28,437 properties on Feb. 23, according to the report.
As inventory drops, the number of pending sales continues to ramp up, increasing by 1.4 percent in the last week. On March 2, South Florida had 11,556 pending sales compared to 11,397 on Feb. 23, and 10,362 a month ago on Feb. 2, according to the report.
Palm Beach County is leading the region, in terms of percentage growth, in the number of pending sales. In the last week, Palm Beach County experienced a 1.7 percent surge to 2,216 pending sales on March 2 compared to 2,178 on Feb. 23.
Miami-Dade and Broward counties both experienced growth of 1.3 percent in pending sales.
Miami-Dade has 5,146 pending resales as of March 2 compared to 5,080 on Feb. 23 and 4,755 on Feb. 2. Broward has 4,194 pending resales compared to 4,139 a week ago on Feb. 23 and 3,698 on Feb. 2, 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
A month ago on Feb. 2, there were 99,033 residences for sale in the region, and three months ago on Dec. 1 there were 106,420 single-family houses, townhouses, and condominium units for sale in South Florida, according to Condo Vultures®.
In the last seven days, the number of actively available South Florida resale properties declined by 187 residences per day or 1,312 single-family houses, townhouses, and condominium units.
For the last 90 days, the residential inventory has been on a reduction pace 106 properties per day for a total of 9,579.
"The fact that inventory continues to drop by more than 1 percent a week in a market where financing is nonexistent is worth monitoring," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. "Inventory is falling nowhere near the rate of the peak of the market in 2005 when housing was challenging to find. At the same time, if the available South Florida resale inventory continues to slip by a net of 106 properties or more a day, the total drop for the year would be nearly around 39,000 residences.
"That is assuming there isn't an surge in buyers if and when financing is restored to the market."
On a county-by-county basis, Broward County led the region in terms of the fastest falling inventory with a decrease of 1.5 percent to 32,500, down from 33,010 on Feb. 23.
Miami-Dade County was second with a 1.4 percent drop in inventory to 36,191 on March 2 compared to 36,706 resale properties on Feb. 23. Palm Beach County's inventory slipped by 1.0 percent to 28,150 on March 2 compared to 28,437 properties on Feb. 23, according to the report.
As inventory drops, the number of pending sales continues to ramp up, increasing by 1.4 percent in the last week. On March 2, South Florida had 11,556 pending sales compared to 11,397 on Feb. 23, and 10,362 a month ago on Feb. 2, according to the report.
Palm Beach County is leading the region, in terms of percentage growth, in the number of pending sales. In the last week, Palm Beach County experienced a 1.7 percent surge to 2,216 pending sales on March 2 compared to 2,178 on Feb. 23.
Miami-Dade and Broward counties both experienced growth of 1.3 percent in pending sales.
Miami-Dade has 5,146 pending resales as of March 2 compared to 5,080 on Feb. 23 and 4,755 on Feb. 2. Broward has 4,194 pending resales compared to 4,139 a week ago on Feb. 23 and 3,698 on Feb. 2, 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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