Fewer Condos, fast-moving markets
Posted by Denise Stewart on Saturday, December 17th, 2016 at 7:49am.
Fewer Condos on the Market, fast-moving markets
The inventory of condos available for sale is currently down an average of 11% year over year in the top 100 U.S. metropolitan markets—and the conditions limiting home supply are not expected to change in 2017. The median age of inventory, or the time it takes a home to sell, is currently 68 days in the top 100 metros, which is 14%, or 11 days, faster than the national average.
South Florida is a market of its own, and there are several sub-markets in our area. For instance, the market along the ocean seems to attract more cash buyers, so things like appraisals and qualifying buyers are never an issue. Condos in areas where foreigners were buying have slowed to a snail's pace in the last couple of years.
The best thing to do is ask your Realtor to do comps and sales history in the building or area that you are looking and decide for yourself based on factual information if now is a good time to buy.