Prospective home buyers new to the market are quickly learning there aren’t nearly as many choices these days.
The for-sale inventory is down by 58 percent across South Florida from three years ago, according to CondoVultures, a Bal Harbour-based consulting firm.
Broward County has 13,457 available homes and condos, a 64 percent decline from Thanksgiving week of 2008.
Miami-Dade has 15,025 properties on the market, a 63 percent decline, while Palm Beach County has 16,373 homes and condos for sale, off 45 percent from 2008.
A slower pace of foreclosures in the past year and an influx of foreign investment have helped rid the region of a glut of available homes. Bidding wars are common for low-priced homes, and many prospective buyers complain they’re getting shut out of the market.
Miami-Dade and Broward are benefiting more from foreign investors, but it won’t be long before those international buyers find Palm Beach County, said Peter Zalewski, principal at CondoVultures.
“Palm Beach County is still trying to find its groove,” he said. “But give it six months. All those buyers who missed out in Miami-Dade and Broward will be heading up to Palm Beach.”
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Original Source: Paul Owers, Staff Writer, Sun-Sentinel