The figures for this year real estate market in South Florida, show quite simply that there are not enough properties to go around.  According to real estate agencies, there has been a steady decline in property availability in the area in the last few years.  For example, the amount of single-family homes and condominiums for sale in the Broward County and Palm Beach County area is around 50 percent lower than it was a few years ago.  According to Keyes Co. Chip Rowand, there are tons of people going for the same few properties available, and almost as many offers being made.  The bottom line is, more properties are needed.  According to a comment he made in a recent article, Rowand says “analysts expect that’ll happen soon enough as a new wave of foreclosures hits the market.”

Shadow Inventory Homes

According to CoreLogic, last July, the “shadow inventory (homes that will soon enough be on the market due to a foreclosure but cannot be counted in the figure of homes for sale as are not yet on the market) of homes for sale” was at 1.9m.  That figure dropped to $1.6m this July.   The research company’s chief economist, Mark Fleming said, “the steady improvement in the shadow inventory is a positive development for the housing market.  However, continued price declines, high levels of (underwater mortgages) and a sluggish labor market will keep the shadow supply elevated for an extended period of time.”