South Florida's Luxury Condo Resale Market Faces High Inventory Levels

MIAMI, FL -- Despite a 29 percent spike in the number of luxury condo resales - with an asking price of at least $1 million - transacting in South Florida in the first three months of 2013, the tricounty region of Miami-Dade, Broward, and Palm Beach is faced with a challenging level of inventory available for purchase, according to a new report from CondoVultures.com.

Buyers acquired more than 310 luxury condos in South Florida in the first three months of 2013 compared to less than 245 condos during the same period in 2012, according to an analysis by the licensed Florida brokerage CVR Realty™.

In same January through March period of previous years, buyers acquired about 222 luxury condo resales in 2011 and less than 190 units in 2010, according to an analysis based on Florida Realtors association data.

Despite the increased transaction velocity for luxury residences, the South Florida condo market has amassed about 15 months of inventory available for resale, according to the report.

On a county-by-county basis, the South Florida luxury condo resale inventory breaks down to 15.8 months of supply in Miami-Dade, 15.2 months of supply in Broward, and 12 months of supply in Palm Beach, according to the report.

Contrast this with the overall South Florida condo resale market - regardless of asking price - that stands at 4.6 months of inventory available for purchase, according to the report.

Industry watchers contend a healthy real estate market should have about six months of available inventory. Any inventory levels higher that six months represent a buyer's market while any inventory levels lower that six months signify a seller's market.

 For a complete copy of the company’s news release, please contact:

Condo Vultures® LLC

225 Midtown Building

225 NE 34th St.,

Suite 209B,

Downtown Miami, Florida, 33137.

800-750-0517.