South Florida Inventory Grows For 3rd Straight Week

MIAMI, FL-As the South Florida residential resale market shows signs of stabilization, a small but increasing number of sellers are suddenly putting their single-family houses, townhouses, and condominium units up for sale, according to a new report from CondoVultures.com.

For the third consecutive Monday on June 21, the amount of residences on the resale market in the tricounty region of Miami-Dade, Broward, and Palm Beach counties increased on a week-over-week basis, pushing the total number of resales up to nearly 66,400, according to the report based on Florida Association of Realtors data.

Seven weeks ago on May 3, there were 65,100 residences for resale. This figure marks the lowest number of properties for resale in South Florida since Condo Vultures® Realty began tracking the inventory back on Nov. 24, 2008.

"As South Florida's residential resale inventory dwindles, some sellers are apparently testing the market to determine if an acceptable price can be achieved," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"Some of these sellers are patient owners who still have some equity in their homes and would like to move but not necessarily unload at a foreclosure-like price. It is premature to call this the beginning of double dip  but it is worth monitoring."

 Contact: Peter Zalewski,  Condo Vultures®,  800-750-0517, peter@condovultures.com