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South Florida residential real estate inventory dropped by 1.1 percent in the last week, dragging the total number of resales available down to 81,159 properties, according to a new report from Condo Vultures® LLC.
Residential resale inventory slipped by 888 properties between June 15 and June 22 for an average decreased of 127 properties per day. On June 1, there were 83,491 residential resales on the market in the tri-county region of Miami-Dade, Broward, and Palm Beach counties, according to the report compiled using data from the Florida Association of Realtors.
"The single-family house inventory is shrinking at a faster pace than the condo and townhouse market," said Peter Zalewski, a principal with Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Condo and townhouses now represent about 61 percent of the total South Florida inventory. Back in November, condos and townhouses represented 57 percent of the overall residential inventory in South Florida."
On a county-by-county basis, Broward has the fewest number of single-family houses available for resale with 10,179 properties, or 32 percent of the total South Florida inventory of 32,125.
Miami-Dade and Palm Beach are in a tie in percentage terms with each accounting for 34 percent of the remaining single-family house inventory. Palm Beach, with a population of about 1.1 million, has 10,888 houses for sale compared to 11,058 houses on the resale market in Miami-Dade, with a population of 2.5 million, according to the Condo Vultures® report.
South Florida has 49,034 condos and townhouses on the resale market, with 40 percent located in Miami-Dade, 33 percent in Broward, and 27 percent in Palm Beach. The inventory has slipped by 0.9 percent in the last seven days ending June 22.
At the beginning of the month on June 1, South Florida had 50,071 condos and townhouses on the resale market.
As the inventory is being depleted, the number of pending sales has begun to swing. Pending sales in the last week ending June 22 are down 0.5 percent to 15,564 compared to 15,645 on June 15. On June 1, the pending sales total stood at 15,246, according to the Condo Vultures® report.
Pending sales of single-family houses are down on 1.1 percent to 7,978 on a week-over-week basis ending June 22. On June 1, the pending sales total for single-family houses was 7,865, according to the report.
On the condo and townhouse front, pending sales were flat in the last week, gaining 0.1 percent to 7,586 deals on June 22. On June 15, the total was 7,579. On June 1, the pending sales total stood at 7,381 deals, according to the Condo Vultures®. Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™. This e-mail address is being protected from spambots. You need JavaScript enabled to view it This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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