South Florida Residential Resale Inventory Drops 68% Since Thanksgiving Week Of 2008

MIAMI, FL -- South Florida’s residential resale inventory of condos, townhouses, and single-family houses has decreased in quantity by 68% since the Thanksgiving holiday week – the symbolic start of the busy winter tourism season - of 2008, according to a new report from CondoVultures.com.

Nearly 108,000 residential properties were on the resale market in the tricounty South Florida region on Nov. 24, 2008 as financial uncertainty reached an all-time high following the abrupt failure of the investment banking behemoth Lehman Brothers that subsequently triggered a near meltdown of the U.S. economy.

Some four years later, the number of condos, townhouses, and single-family houses on the resale market in Miami-Dade, Broward, and Palm Beach counties has shrunk to fewer than 34,250 residences as of Nov. 19, 2012, according to analysis by the licensed Florida brokerage CVR Realty™.

Even though the U.S. economy continues to wobble along with modest GDP growth, a high unemployment rate by modern standards, and growing concerns about a "fiscal cliff" scenario, the number of residential properties under contract in South Florida has spiked to nearly 23,000 - a large chunk of which are all-cash deals - as of Nov. 19, 2012, according to the analysis based on Florida Realtors association data.

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Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.