By: Ismael Rodriguez
In the past year, South Florida’s residential real estate market, holding a six-month supply of inventory, stood on solid ground—one that reflected an equally good market for buyers and sellers.
The inventory levels in 2016 floated around the six-month norm for most of the year, rising only in the fall as sales slowed down to a 7.9 months’ supply of homes for sale, according to statistics reported by MarketQuest on Jan. 3, 2017.
Real estate professionals said the slow pace favored the buyers since anything less than a six-month supply is a sellers’ territory, while anything above that falls under a buyers’ preference.
“The market has slowed down to ‘2009 levels,’ making it another prime opportunity to buy,” said Matias Alem, CEO of BRG International.
Now entering the first quarter of 2017, A few crucial factors will determine if the market trends seen last year will transition over.
These factors include mortgage rates, inventory levels, millennial first-time buyers and foreign buyers, according to Duff Rubin, regional sales vice president at Coldwell Banker Residential Real Estate.