South Florida Residential Sellers Coming to Market

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According to a new report from Condo Vultures, the South Florida residential resale market is starting to shows signs of stabilization, and because of such, an increasing number of sellers are suddenly putting their single-family houses, townhouses, and condominium units up for sale.

For the third consecutive Monday on June 21, the amount of residences on the resale market in the tricounty region of Miami-Dade, Broward, and Palm Beach counties increased on a week-over-week basis, pushing the total number of resales up to nearly 66,400, according to the report based on Florida Association of Realtors data.

Seven weeks ago on May 3, there were 65,100 residences for resale. This figure marks the lowest number of properties for resale in South Florida since Condo Vultures® Realty began tracking the inventory back on Nov. 24, 2008.

"As South Florida's residential resale inventory dwindles, some sellers are apparently testing the market to determine if an acceptable price can be achieved," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures LLC. "Some of these sellers are patient owners who still have some equity in their homes and would like to move but not necessarily unload at a foreclosure-like price. It is premature to call this the beginning of double dip but it is worth monitoring."

Despite the sudden two percent increase in resale inventory, South Florida's total number of available residences for purchase is still down 38 percent from nearly 108,000 properties on the market in the tricounty area in late November 2008.

Since that time some 19 months ago, the single-family house inventory has decreased by 44 percent from 46,600 properties, and the condo inventory has fallen 34 percent from 61,000 units on the market, according to Condo Vultures.

On a county-by-county basis, there has been an inventory reduction of 40 percent in Miami-Dade, 46 percent in Broward, and 27 percent in Palm Beach since November 2008.

The current resale inventory in Miami-Dade, where Aventura, Coral Gables, and Miami Beach are located, stands at 24,700 residences, up from on 24,200 on May 3 but down from 41,000 residences on Nov. 24, 2008.

In Broward, where Fort Lauderdale, Hollywood, and Pompano Beach are located, the resale inventory now totals 20,100, up 19,600 on May 3 but down from 37,000 residences on Nov. 24, 2008.

In Palm Beach County, where Boca Raton, Delray Beach, and West Palm Beach are located, the current resale inventory stands at 21,500 as of June 21, up from 21,200 residences on May 3 but down from 29,600 residences in November 2008.

As of June 21, the number of single-family houses for resale in South Florida is nearly 26,200, up two percent compared to 25,600 for resale on May 31, according to the report.

In Miami-Dade, there are currently 8,300 houses up for resale, a two percent increase from the 8,100 houses for resale on May 31.

In Broward County, there are 8,000 single-family houses for resale, up seven percent from the 7,500 houses available on May 3.

In Palm Beach County, there are nearly 10,000 single-family houses for resale, up two percent from 9,800 houses on the market on May 31.

On the condo front, there are now 40,200 units for resale in South Florida, up two percent from the 39,500 available on May 3.

In Miami-Dade, there are currently 16,400 units for resale, up two percent from the 16,100 resales on the market on May 3.

In Broward, there are now 12,200 condos for resale, a two percent increase from the 12,000 units on the market on May 3.

In Palm Beach, there are 11,500 condos for resale as of June 21, up two percent from 11,300 units for resale on May 3, according to Condo Vultures.

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