South Florida resale inventory declines

About 1,300 condo and townhouse units in the South Florida tri-county area exited the market in the week ended Jan. 4, leaving 40,777 residences for sale, a 3.1 percent drop from the week before, according to a report from real estate consultancy Condo Vultures. The firm attributed the decrease in inventory to a heightened interest in condos among discount buyers and more assertive first-time buyers, because they tend to have lower purchase prices and are easier to manage than single-family homes. Single-family homes for resale saw a 2.3 percent inventory decline in Miami-Dade, Broward, and Palm Beach counties for the week. The total inventory decline in the region was 2.8 percent, according to data from the Florida Association of Realtors. [Condo Vultures]