Below is a snapshot courtesy of the Miami Association or Realtors illustrating Miami residential real estate inventory and average housing prices for July 2013 over the previous year. Statistics show over a 25% rise in prices for single family homes, and over a 33% rise in condo prices. Concurrently, inventory has dropped for single family homes, but slightly risen in condos.
Some analysts believe these statistics are indicative of an upcoming housing bubble, while other disagree and state that the upcoming construction boom should balance the inventory.
Confused about how months measures inventory? Simply put… Starting from today, should another property in that category not be listed onto the market, at the current rate of sales, it would take that amount of time for the inventory to be completely sold. So a 10 month market is twice as slow as a 5 month…. make sense?