South Florida's residential resale inventory has fallen 1.3 percent in the last week to 96,841 single-family houses, townhouses, and condominium units in the tri-county region of Miami-Dade, Broward, and Palm Beach counties, according to a new report from Condo Vultures® LLC.
A month ago on Feb. 2, there were 99,033 residences for sale in the region, and three months ago on Dec. 1 there were 106,420 single-family houses, townhouses, and condominium units for sale in South Florida, according to Condo Vultures®.
In the last seven days, the number of actively available South Florida resale properties declined by 187 residences per day or 1,312 single-family houses, townhouses, and condominium units. For the last 90 days, the residential inventory has been on a reduction pace 106 properties per day for a total of 9,579.
"The fact that inventory continues to drop by more than 1 percent a week in a market where financing is nonexistent is worth monitoring," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. "Inventory is falling nowhere near the rate of the peak of the market in 2005 when housing was challenging to find. At the same time, if the available South Florida resale inventory continues to slip by a net of 106 properties or more a day, the total drop for the year would be nearly around 39,000 residences.
"That is assuming there isn't an surge in buyers if and when financing is restored to the market."
On a county-by-county basis, Broward County led the region in terms of the fastest falling inventory with a decrease of 1.5 percent to 32,500, down from 33,010 on Feb. 23.
Miami-Dade County was second with a 1.4 percent drop in inventory to 36,191 on March 2 compared to 36,706 resale properties on Feb. 23. Palm Beach County's inventory slipped by 1.0 percent to 28,150 on March 2 compared to 28,437 properties on Feb. 23, according to the report.
As inventory drops, the number of pending sales continues to ramp up, increasing by 1.4 percent in the last week. On March 2, South Florida had 11,556 pending sales compared to 11,397 on Feb. 23, and 10,362 a month ago on Feb. 2, according to the report.
Palm Beach County is leading the region, in terms of percentage growth, in the number of pending sales. In the last week, Palm Beach County experienced a 1.7 percent surge to 2,216 pending sales on March 2 compared to 2,178 on Feb. 23.
Miami-Dade and Broward counties both experienced growth of 1.3 percent in pending sales.
Miami-Dade has 5,146 pending resales as of March 2 compared to 5,080 on Feb. 23 and 4,755 on Feb. 2. Broward has 4,194 pending resales compared to 4,139 a week ago on Feb. 23 and 3,698 on Feb. 2, according to the report.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter's blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures DatabaseTM .
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