Yes, the amount of single family homes and condos for sale in Miami-Dade County is high. 38,672 were listed on the MLS as of July 2007. That being said, people are still buying homes and condos and when they start looking, they realize the inventory isn’t as high as it seems. Why?
- Because real estate, especially when it is for a primary or secondary residence, is extremely local.
- Buyers have specific wants and needs, such as the # of bedrooms and/or bathrooms.
- Some of these wants and needs are non-negotiable, such as a school district or distance to work or public transportation.
- Buyers have a price limit that they can not go above.
So, how many single family homes are really on the market in Coral Gables for someone looking for a minimum 1500 square foot home under $600,000? 40. While that still may seem like a lot to choose from (and for a Realtor to have to show), that inventory will decrease when I start to remove those that are not in the desired school district or are too far from work or public transportation.
To find out what the inventory in your neighborhood is, click on My Neighborhood Market.