Miami Real Estate: Inventory of South Florida Homes for Sale Falls

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By Kimberly Miller
From deluge to dearth, South Florida’s real estate market is shrinking as the number of homes for sale drops to its lowest amount since the economic bust of 2008.About 49,900 residential properties in Palm Beach, Broward and Miami-Dade counties were listed for resale as of June 13, according to a report today from the Miami-based consultancy group Condo Vultures.That’s less than half of the nearly 108,000 homes for sale in November 2008.Peter Zalewski, a principal with Condo Vultures, said the reduction is attributable to several factors such as investors picking up cheap homes and paperwork problems that continue to hold up foreclosure proceedings.”Buyers, especially foreign investors with strong currencies, are scooping up South Florida properties at dramatic discounts due to the lack of financing available for domestic buyers,” Zalewski said.The inventory report includes single-family homes, townhomes and condominiums.While the report offers some good news for South Florida real estate – fewer homes means more competitive pricing – it notes that the 1.3 million-resident Palm Beach County carries the largest share of the inventory with 17,800 homes.

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