The number of resale condos available in South Florida has slipped below the 50,000-unit threshold, representing more than a 18 percent drop in total inventory since November, according to a new report from Condo Vultures® LLC.
As of June 8, there are a combined 49,746 condos and townhouses on the resale market in the tri-county South Florida region. A week prior on June 1, there were 50,071 condos available. A month ago on May 11, there were 51,581 condos for sale. Back in November, there were 60,928 condos for resale, according to the Condo Vultures® report created using Florida Association of Realtors data.
"Before the South Florida condo market can stabilize, the overall inventory must first be reduced," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "It is significant psychologically for the region to see the condo resale inventory slip below 50,000 units. Going forward, we see the resale inventory being depleted at a more rapid pace in the coastal submarkets of South Florida compared to the western suburbs, which are far removed from the ocean. "
Condos represent 60 percent of the total South Florida residential resale inventory of 82,792 residences as of June 8, according to Condo Vultures®. South Florida's total inventory of condos, townhouses, and single-family houses is down 23 percent, or 24,735, since Thanksgiving week in November when there were 107,527 residences for resale.
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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 ReportTM for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures DatabaseTM. Our new books, the Official Condo Buyers Guide to MiamiTM , Miami's Great Condo Crash: A Chronicle of the Boom and BustTM and First-Time Home Buyers Guide To South FloridaTM are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure DatabaseTM.
Copyright © 2009, Condo Vultures® LLC
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