Resale residential inventory in the Greater Fort Lauderdale area is shrinking at a faster rate than is the case for the South Florida region, according to a new report from Condo Vultures® LLC.
Resale inventory in Broward County, where Fort Lauderdale, Hollywood, and Pompano Beach are located, is down 30 percent to nearly 26,000 single-family houses, condos, and townhouses in the last seven months dating back to Thanksgiving week.
By comparison, South Florida inventory is down 25 percent for the tri-county region. Resale inventory has fallen by 26 percent in Miami-Dade County, where Miami Beach, Coral Gables, and Aventura are located, and by 19 percent in Palm Beach County, where Boca Raton, Delray Beach, and West Palm Beach are located, according to the report created using Florida Association of Realtors data.
"Broward County is South Florida's middle ground in terms of location and price point between expensive Miami and more reasonably priced West Palm Beach," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "It is not uncommon for dual-income families to have one person working in the Miami area and the other in Broward and/or Palm Beach. In these situations, Broward is often times the place where the families ultimately decide to buy given the lower price compared to Miami."
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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 or our Video Gallery. 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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