Supply of homes for sale decreasing in South Florida.
According to Sarasota Herald Tribune supply of homes for sale continue to decrease in South Florida.
|Supply of homes for sale decreasing in Southwest Florida|
Housing inventories across Southwest Florida continued at levels that are considered a market in equilibrium, according to an analysis released Tuesday. Inventories across the region fell in the range of 5 to 6 percent last month, when compared with August.We were down double digits from a year ago, according to an analysis by regional brokerage Re/Max Alliance Group. The largest decline on a percentage basis was in Lakewood Ranch, which is proving to be one of the epicenters of the housing recovery in Southwest Florida. There were 321 homes for sale in the master-planned community last month, down 8 percent from August and nearly 34 percent from a year ago. That inventory is a six-month supply at the current sales pace, a level that is considered indicative of a market in equilibrium.
Today I drove between Atlantic and Commercial blvd in Pompano Beach/ Lauderdale by the Sea and I have seen the first construction of townhouses in 4 years in that area. I am going to check the name of the new project by tomorrow, but it is definitely encouraging news. Less than a year ago an unsold finished project, Sonata Beach Club, was bought by group of investors at bulk at around $110 per foot, now the same investors are selling units at average price 250$ per foot. The sale office is now running out of inventories.
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