The residential resale inventory has dropped by nearly 63% as of March 2012, according to the Southeast Florida MLXchange service. A key reason for the decrease in the available inventory is the waves of discount buyers who are scooping up residential properties in South Florida, that have fallen an estimated 45% from the peak in 2006.
Leading the surge has been foriegn cash investors, who have chipped away at South Florida’s oversupply of new condo inventory from the boom in the region’s seven largest coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood/Hallandale Beach, Fort Lauderdale downtown & beach areas, Boca Raton, Palm Beach and downtown West Palm Beach.
The reduction of inventory vs the demand is becoming a heated issue in the South Florida residential market, possibly changing the buy/sell climate but staying true to the region…VERY HOT!
Miami Housing Inventory History
Housing inventory in Miami, which is typically highest in the spring/summer and lowest in the fall/winter, peaked at 79,251 in November 2007. The lowest housing inventory level seen was 26,923 in June 2012.
Source: Miami Herald, Department of Numbers