DataMarkets & Economy

South Florida luxury supply grows while entry-level inventory fades

EWM Realty International's mid-year report shows less than two months inventory for lower-priced homes
  • Homes under $300,000 in South Florida are in only two months supply.
  • Months supply for single-family homes over $1 million in Miami-Dade County is currently 23 months.
  • Miami-Dade County and Broward County both saw increases of luxury single-family homes and condos over the past year, at almost 49 percent and 38 percent, respectively.
  • Since January 2016, 37 percent of all single-family homes and condos currently for sale in Southeast Florida’s MLS have reduced price by an average 10.5 percent.

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High-end buyers in and around Miami are benefitting from a bigger scope of for-sale homes, helping keep the overall supply in a healthy range. But a closer look from EWM Realty International’s Insight Report shows South Florida luxury properties flooding the market, while those under $300,000 are in only two months supply. For reference, a healthy months supply is considered six to nine months, according to EWM. Months supply for single-family homes over $1 million in Miami-Dade is currently 23 months. For condos in the same price range, supply is 35 months. In Broward County, luxury supply for single-family homes and condos is 18 months and 25 months, respectively. “A confluence of factors are impacting the residential real estate market in South Florida,” Ron Shuffield, president of EWM, said in a statement. “At the high-end, everything from currency exchange rates, to high supply, to pricing challenges has exuded downward pressure on the market, while the lack of in...