Sales activity increased as the inventory of homes and condos in South Florida dropped in April, thanks mostly to steep discounts on bank owned properties.
The number of single-family homes and condos on the market throughout Miami-Dade, Broward and Palm Beach counties dipped by 20 percent from October 2008 to the week ending May 18. The supply shrank from 107,527 properties to 85,706, according to area multiple listing service data.
From Miami Beach condos to single-family homes in Southwest Broward, homes are staying on the market for fewer days. In April, inventory on Miami Beach shrunk to a 15-month low, triggered by a 57 percent drop in average square foot sales prices, according to MLS stats. Single-family home prices dropped 50 percent in the city of Miami during the same time period.
