SF brokers adjust to plummeting residential inventory
Even as housing prices bottom out in South Florida, supply has shrunk close to 2005 levels, according to Bloomberg. Inventory has become so scarce that brokers are resorting to unconventional methods to get listings. Patti Reid, an Esslinger Wooten Maxwell agent based in Broward County, began hosting happy hour soirees for potential sellers, a tactic that led to four listings, all of which landed buyers within a week. “I tell them if they sell today or in two years, there won’t be a considerable amount of appreciation in their house and they might miss an opportunity to buy at the low end,” she said.
In April, there were 35 percent fewer listings in Miami-Dade County than in the same month last year, leaving a mere 5.7-month supply. In Broward County, housing inventory fell 31 percent, representing an even shorter 4.2 months supply. [Bloomberg]