The Real Deal Miami

Long road to recovery for Florida real estate market 

May 02, 2008 02:19PM

It could be up to 18 months before the Florida real estate market levels out, some industry experts say. A glut of resale inventory caused by the weakening economy, paired with rampant building, has resulted in 25,000 re-sale properties flooding the market, with 19,000 more new units slated to be added this year. However, there’s been no drop in prices big enough to make property significantly more affordable. Prices skyrocketed 100 to 200 percent during the boom, and have only dropped around 20 to 30 percent. Those prices may continue to drop another 20 percent through next year.