Supply Of Quality Housing Still Weak Across South Florida

south florida housingMore properties are hitting the market in South Florida this year, yet buyers and brokers alike are still frustrated by the lack of quality inventory.

In April, there were 7,326 active single-family listings in Palm Beach County, up 17 percent over the same period a year ago, according to Realtors Association of the Palm Beaches data cited by the Sun-Sentinel. And during the first quarter of this year, listings rose 9 percent, year-over-year.

Broward County boasted 5,773 active single-family listings in April — up 41 percent over the same period a year ago, according to the Greater Fort Lauderdale Realtors association. And data provided by EWM Realtors International showed that listings in the $150,000-to-$299,999 price range shot up a remarkable 72 percent in April.

Nevertheless, houses in the most desirable neighborhoods are scarce, brokers told the Sun Sentinel. “There’s a lot of inventory that’s just garbage,” Allyson Sullivan, an agent with Lang Realty in Delray Beach, said. “And there’s a lot of seller greed out there. If the homes are overpriced, buyers aren’t jumping on them.”

Terry Story, a Coldwell Banker agent who sells in Broward and Palm Beach counties added that “sellers hear that the market is really hot, and they feel like buyers will continue to make offers even if the home is overpriced. But they’re only going to make offers if they perceive it to be a good value. They’re not stupid.”


Source: The Real Deal