Real Estate Roundup: Smaller Home Inventories In South Florida Affecting Condo Sales

At the start of the year, buying a luxury condo in the Miami or Fort Lauderdale area was heralded by real estate experts to be a sound decision. This was because the dollar was strong, and developers were offering good discounts of between 1o to 20 percent to absorb the oversupply.

Image source: sflhomeinspections.com

Approaching the middle of 2018, being ready to buy has become even more important as the inventories dwindle, especially among smaller homes. According to Florida Realtors, the March rebound in condo sales had dipped in the tri-country region just last month. Sales in Miami-Dade County, which had a then 15-month streak of decline broken, came back down anew.

Single-family home sales declined by 0.2 percent from a year ago, while the median home price increased by 8.3 percent. The same lowered sales are true in Tampa and Orlando, but they did see an increase in the Jacksonville area. For condos and townhouses, the sales dropped by 6.8 percent.

Experts say that this decline is due to smaller inventories to choose from on the market. The fewer number of available units is leading to increased competition for these homes. Without a steady availability, median prices will continue to go up. And with there being more and more instances of multiple offers, consumers must be prepared to buy.

Image source: gentlemansstyle.com

Pedro Martin is a recognized force in South Florida’s real estate industry. As the Chairman, Chief Executive Officer, and Co-Founder of Terra Group, he leads the company toward development and capital raising success. More on Mr. Martin here.