South Florida Residential Resale Inventory Drops Below 50,000

 

MIAMII, FL--For the first time since the real estate crash began, there are less than 50,000 residential properties on the resale market in the tricounty South Florida region, according to a new report from CondoVultures.com.

As of June 13, there are 22,200 single-family houses and 27,700 condos and townhouses actively available for purchase in Miami-Dade, Broward, and Palm Beach counties, according to an analysis by the licensed Florida real estate brokerage Condo Vultures® Realty LLC.

Back in November 2008 after the U.S. financial meltdown, there were nearly 108,000 residences for resale in South Florida with 46,600 single-family houses and 60,900 condos and townhouses available, according to the analysis based on Florida Realtors association data.

“The amount of residential resale inventory on the South Florida market has decreased by more than 50 percent since the U.S. financial meltdown in the fall of 2008,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

“A couple of factors are driving the reduction in South Florida’s residential resale inventory. Buyers – especially foreign investors with strong currencies - are scooping up South Florida properties at dramatic discounts due to the lack of financing available for domestic buyers.

“ In addition, lenders that are dealing with the 'robo-signing' controversy involving administrative irregularities with the foreclosure process appear to be still withholding bank-owned properties from the resale market in South Florida.”

As of June 13, there are less than 1,950 bank-owned properties actively available on the South Florida resale market. The bank-owned properties – also known as Real Estate Owned – represent less than four percent of the available resale inventory in South Florida.

 

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com