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 in rare circumstances such as this real estate cycle, only months.
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 health of the market 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 extremely high Miami residential condo inventory can shift dramatically and in the case of the 2020 pandemic concerns and the fury that followed, inventory has and is being absorbed at incredible speed. In the case of the turn of the year, it has now dropped to less than a 3-months supply for Miami coastal homes and less than 6.5-months for Miami coastal condos.
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