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Seller Confidence in South Florida Real Estate Leads to Rising Inventory

by | Sep 30, 2016

By Jennifer Riner

South Florida housing inventory is on the rise as local median price and sales growth encourages more sellers to list their properties. The development is counter to a national trend that has seen national home inventory decline for five consecutive quarters, according to Trulia economists.

At a national level, lack of availability is pushing homebuyers to spend more, and prices grew 7.4 percent to a median sales price of $161,202 starter homes alone. There is light at the end of the tunnel as a country – low inventory doesn’t last forever, and some local markets are already illustrating substantial supply growth.

Numerous metros throughout South Florida, in particular, reveal an upward inventory trajectory, contrary to the national trend. Inventory in Miami has grown for two quarters straight, now up 33.1 percent. Take a look at a few of the major metros in South Florida with heightened inventory as of late.

 

2016 Q3 South Florida Inventory 

 

U.S. Metro

Total Inventory, 2015 Q3

Total Inventory, 2016 Q3

% Change in Inventory

Miami, FL

11,216

14,928

33.1%

West Palm Beach, FL

10,083

11,879

33.1%

Fort Lauderdale, FL

8,984

10,417

13.9%

 

 

Miami

Looking closer at the Miami real estate market, inventory grew from 11,216 homes on the market in the third quarter of 2015. Nearly 15,000 homes for sale are on the market as of the third quarter – an increase of 33.1 percent. Last quarter, inventory was up 10.7 percent. Despite more options, however, Miami market data shows median home sales prices up 10 percent from last year to $270,050.

 

Fort Lauderdale

Inventory for Fort Lauderdale homes for sale grew 15.9 percent year-over-year, from  8,984 to 10,417 homes for sale. In the second quarter of this year, supply boosted 10.3 percent. Fort Lauderdale median sales price is up just 1 percent since last year to $294,900.

 

West Palm Beach

Last year in West Palm Beach, the market held 10,083 homes for sale. Inventory since jumped a healthy 17.8 percent, and now buyers can peruse a total of 11,879 West Palm Beach area listings. Supply in West Palm Beach is on a consistent growth path over three consecutive quarters. The current median sales price in West Palm Beach is $176,500, a 7 percent year-over-year rise.

 

While supply and demand isn’t the only cycle that plays a role in local price trends, a broader market helps lessen potential inflation from buyer competition. If you’re in the market to buy and desire a greater scope of options, Miami, Fort Lauderdale and West Palm Beach are excellent locations.

 

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