The Miami Herald posted an article that Broward’s housing market is close to bottoming out, even though prices in both Broward and Miami-Dade counties continue to slide. The article was correct in predicting that Broward will rebound faster mainly because:
1) Miami’s inventory was higher than Broward’s to begin with. Last year at this time, Broward’s single family home inventory was 28 months and is currently 13. Miami-Dade had a 42 month supply last year and a 17 month supply now. Condos in Broward were at 31 months and are now at 17 month. Dade condos were at a 53 month supply and there is currently a 27 month supply. These supplies are only based on MLS numbers. There are many more units being held by developers that aren’t listed on the MLS
2) Miami still has a lot of projects that are just now coming on line, especially in the condo market, which is already saturated.
3) Miami built more in outlying areas, especially in the southern part of the county and along the Biscayne corridor.