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The Problem with Listing Shortages


August 2, 2016

A lack of homes for sale is not doing any favors for buyers yet it’s spurring sellers and driving South Florida prices higher.

If the market were balanced equally among sellers and buyers, there would be a six month supply of properties on the market. In other words, that’s about how long it would take for all of these homes to find a buyer if there were no other homes listed.

Per data from the Greater Fort Lauderdale Realtors, by the time June ended Broward’s collection of single family homes was at a very low 3.8 months, compared to 4.9 months back in June 2014. Palm Beach has slightly improved numbers but there still aren’t quite enough for sale signs out there. The county had about 4.8 months worth of homes by the end of June, also down from 5.8 months just two years ago.

A lack of housing supply is among the major contributors to the steady rise in home values. When the market hit its bottom back in 2012, sales skyrocketed as buyers and investors seized the opportunity to take advantage of bargains. Bank-owned and distressed properties were a common sight during the housing recovery, but the bulk of these are no longer for sale on the market.

Buyers should always remember that if one deal happens to fall through, chances are a better one is just around the corner. A knowledgeable real estate agent can help with navigating the short supply and find something that’s competitively priced.

This update is presented by Miami Beach Realtor Tim Allen of Blackstone International Realty, specializing in Continuum South Beach.  If you are interested in Miami Beach condos such as the Continuum condos for sale, call Continuum expert Tim at 305-588-2451 for information on sales and rentals.