Available homes for sale on the South Florida real estate market have decreased significantly year-over-year, according to a recent article I read.
The Palm Beach Post reported that the available inventory of homes for sale was down 34 percent in September when compared to September 2011.
This is fantastic news for South Florida home sellers in such communities as Golden Beach and Sunny Isles who are hoping to get a great price on their property.
South Florida Homes for Sale
Here’s an overview of recent activity on the South Florida real estate market, according to the real estate analysis firm Zillow:
- High-priced homes for sale in Broward, Miami-Dade and Palm Beach counties were down 34.4 percent year-over-year.
- Meanwhile, inventory of homes in the lower-priced tiers were down 33 percent.
- In that same period, the national inventory of homes for sale has decreased by 19 percent.
- In Palm Beach County, the inventory of single-family homes had fallen to less than five months in August.
- When compared to August 2011, Palm Beach County’s home inventory has fallen 57 percent.
On the same day that Zillow released its report, the company RealtyTrac reported that Florida saw the most foreclosure activity in September.
Although some are concerned this may cause a drop in home prices as these foreclosed homes are sold, experts say that it’s more likely that these homes will more than likely be short-sold, which will help preserve prices.
List Your South Florida Home for Sale Today!
As I noted earlier, a drop in available homes for sale is a great sign for interested South Florida home sellers.
That’s because the low supply of available homes will spur even greater home buyer demand, which will ultimately drive up prices.
Thus, if you’re thinking about listing your South Florida property anytime soon, now is a great time to do so!
For expert tips on navigating the market as a South Florida home seller, please contact me, Scott Patterson.
I have years of experiencing helping home owners sell their properties in a number of local communities, including:
- Aventura real estate
- Sunny Isles real estate
- Bal Harbour real estate
- Davie real estate
- Hollywood real estate
Until next time,