Miami property absorption rates indicate the demand in contrast to supply. The absorption rate speed with a shifting market can take years for inventory to dwindle and only months in rare circumstances such as this real estate cycle.
The term absorption rate refers to a metric used in the real estate market to evaluate the rate at which available homes are sold in a specific market during a given time period. It is calculated by dividing the number of homes sold in the allotted time period by the total number of available homes.
– Google Definition.
Residential property inventory plays a big part in determining the market’s health, whether in favor of buyers or sellers. With the simple rule of supply and demand, excessive inventory concerns are blinding to some (including myself) as many have fear and hesitancy, choosing to wait to buy until the market bottom is noted. Here in 2021, buyers are now questioning their delays while sellers rejoice.
Similar to 2010 to 2013, the high Miami residential condo inventory can shift dramatically. In the case of the 2020 pandemic concerns and the fury that followed, inventory has been and is being absorbed in incredible speed. In the case of the turn of the year, it has now dropped to less than a 3-month supply for Miami coastal homes and less than 6.5 months for Miami coastal condos.
Miami Coastal Homes >$1M
Miami property absorption rates show us that inventory is dropping dramatically this year.
Seller’s market: less than 3 months of inventory based on closed sales
Neutral market: 3 – 6 months of inventory based on closed sales.
Miami Coastal Condos > $1M
Seller’s market: less than 3 months of inventory based on closed sales
Neutral market: 3 – 6 months of inventory based on closed sales
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- MiamiPenthousesandEstates.com
- FortLauderdalePenthousesandEstates.com
- Coleman.Properties
- MiamiDreamRealty.com
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- Jade Beach, Jade Ocean & Jade Signature
- What’s My Home Worth Today?
- Marketing Your Property by Ashton Coleman
- Sotheby’s Marketing Presentation
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- Sotheby’s International Realty History/Overview
- Sotheby’s – An Overview and the Auction House
- ONE Sotheby’s International Realty History/Overview
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