Miami-Dade county available inventory has declined to only six months. Due to the brisk sales pace in Miami, housing inventory has dropped 20% since January 1, 2011 and 60% since August 31, 2008, a great sign that the Miami-Dade housing market is stabilizing.
The unknown in Miami is how many foreclosures will be coming on the market to add to inventory levels, however, Florida foreclosures have declined approximately 60% in the first six-months of the year compared to last year. In addition, very few new development units will be coming on the market since nothing has been built in Miami for years. And, once they do come on, they will likely be quickly absorbed.
Take, for example, ST Residential, which purchased the assets of Corus Bank when it folded. Over the last six months, ST Residential brought online 990 units with the re-launch of Mint and Infinity at Brickell in Miami. Currently, only 200 units remain, given the brisk sales pace.
ST Residential is also one of the only companies that is adding new inventory, as it will be launching the long-awaited and luxurious Paramount Bay in Miami, as well as Artecity in South Beach and Dolce Vita in Palm Beach Shores on the southern tip of Singer Island.
As a result, Miami housing inventory levels are likely decline or at least remain level over the next six months. Whether that positively affects pricing, we are sure to find out soon enough.
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