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The Real Deal Miami

Miami’s under-$300,000 home inventory is shrinking rapidly

October 13, 2011 03:24PM

The inventory of Miami homes priced less than $300,000 is shrinking rapidly, as buyers scramble to grab bargains before the well dries out. According to Miami Today, there are 3,053 single-family homes priced under $300,000 in the Miami-Dade County multiple listing service and approximately 722 such homes have sold per month in the last quarter.

There were 5,107 condominium units under the price threshold, and those units sell at a clip of about 1,108 per month. A year ago at this time there were 10,488 such units for sale.

Overall, inventory of under-$300,000 homes has decreased 65 percent since August 208 and 45 percent since the outset of this year.

While brokers say buyers are rushing to the table to some of these homes “sight unseen,” they are aware that a significant quantity of shadow inventory lurks in the background. That inventory could significantly boost the suddenly dwindling supply.

“We know there are still a lot of foreclosures lurking out there that haven’t come to market yet,” said Esslinger Wooten Maxwell Realtors President Ron Shuffield. “Banks have really slowed in sending them to us.” [Miami Today]