Disappearing Inventory!!! Have You Noticed??

Every morning I open my MLS and guess what I don't find? More inventory. I double-check all criteria to make sure I'm entering everything right because I honestly cannot believe that the numbers are dwindling so fast. Every time I look in one of my favorite neighborhoods, I see less and less homes for sale. Instead of 30 in Vistazo just a few months ago, now it's 12. Instead of 12 in Trieste recently, now it's down to just 3.

Disappearing inventory. Just to make sure I wasn't completely crazy, I went back and did a search of all homes SOLD in Boca Raton in the past 6 months. Almost 1800. How many current listings are there right now? About 3900. How many were there about 6 months ago? Over 5000. 1800 SOLD listings in the past 6 months is huge. That's a LOT of money transacted. Can we sustain the momentum? Here, yes. Elsewhere, I don't think so. Buyers still want Florida, but at the right price. And now everything is almost priced right but we're still sliding on values. That's okay by me, because it just means more interest in buying here.

Boca Raton is not overbuilt. We never had the building frenzy that Miami and Fort Lauderdale went through, so we're just not sitting on beach front skyscrapers with hundreds of vacant condos. Prices are fair for both buyers and sellers. There are houses to steal that are just a stone's throw from the beach, downtown, Mizner, for about $200K+-. The lots are big, the houses need fixing, but the location is a pure 10.0.

It's a GREAT time to buy.

Scott Miller, Realty Associates, Boca Raton, FL