The number of homes for sale in South Florida has dropped to the lowest number since 2008, said The Palm Beach Post.
The number of available homes, townhomes and condominiums for sale by county was: 17,792 in Palm Beach; 14,986 in Broward; and 17,094 in Miami-Dade totaling 49,872 for the South Florida market. In November 2008, this number was more than doubled, with 108,000 homes for sale.
This shrinking inventory may lead to competitive pricing.
“Buyers, especially foreign investors with strong currencies, are scooping up South Florida properties at dramatic discounts due to the lack of financing available for domestic buyers,” Peter Zalewski, principal with Condo Vultures, said to The Palm Beach Post.
It is expected that many buyers will soon be snatching up desirable Palm Beach properties, as the county was the 10th most searched real estate market nationwide this May, according to Realtor.com.
“I think this is good news, but we’re not out of the woods,” said Bill Richardson, president of the Realtors Association of the Palm Beaches, in the article. “We don’t want to be totally dependent on cash buyers and foreign investment. That’s not a long-term solution.”
Buyers are warned to only buy properties if they cater to the buyer’s needs, as the real estate market’s struggles are not over and buying a home as an investment may yield unpredictable outcomes.