South Florida Residential Market Update – August 2009
Categories: EWM In the News, Front Page, South Florida Market Stats
hiSales and Pending Sales Up…Inventory Down
The numbers tell the story…. Broward and Miami-Dade residential inventories continued to decline during July, according to data from the Multiple Listing Service (MLS). Inventories dropped from 74,966 total homes and for sale in July 2008, to 49,058 in July 2009, a 35% decrease in just 12 months. During the same time-frame, sales increased 47% from an average of 2,518 sales per month, to 3,707 sales per month.
Pending sales, the number of homes and condos in the process of closing, are also up dramatically across both counties. The inventory supply across both counties decreased from 30 months last year to 13 months today. Decreasing prices have been the prime motivator for our spike in sales this past year.
If you’re selling, now is the time to make sure that your property is priced accurately. If you’re looking to purchase, we’re in the midst of one of the great ‘buyers markets’ of our generation.
**Check-out our Facts & TrendsTM reports at www.ewm.com/trendx to see the numbers for your area and price range.
