According to the Sun-Sentinel, home inventory in Broward County Florida has gone down, which is a great sign for the overall South Florida real estate market. In Broward County, there are 14,932 condos and houses available, which is a whopping 36 percent decline in properties for sale from last year.
As we know, housing inventory rose resulting in the housing bust. But, the recent decline in home inventory will hopefully help stabilize the South Florida and Parkland real estate market in the coming months and into 2012. Also, with the decline of homes available, investors are now jumping back into the real estate market and purchasing condos and other investment properties. I also believe that the recent drop in the stock market has caused investors currently to look at real estate as the best investment option.
Last week, the Florida Association of Realtors announced that Broward and Palm Beach County home sales have been up for every month this year as compared to 2010. We can expect more inventory to come on the market in the coming months as banks are already releasing more of their foreclosure inventory. But, with the reduction of inventory and record low mortgage interest rates, I forsee a favorable settling of the Parkland and South Florida real estate market by next year.
Know the neighborhood. Know the value. Know your hometown agents: The Parkland Parrot Real Estate Team. If you are interested in buying or selling in Parkland or South Florida and are looking for experienced local Realtors, please do not hesitate to contact the Squawk at: 954-609-0591 or send us a message here.