There are growing concerns regarding the increasing amount of luxury residential real estate in Southern Florida, according to The Miami Herald.
There is approximately 20 months of high-end housing in Miami-Dade, Broward, and Palm Beach counties for sale. There would be an inventory of six months of available properties in a healthy market, according to industry pundits. The results from just one quarter is not enough to set off a panic, but there are concerns.
As the resale activity has slowed in South Florida in 2013, the number of luxury residences on the market has grown to more than 4,550 properties priced at a minimum of at least $1 million each.