South beach real estate (Miami, Ft. Lauderdale, Palm Beach) market?

[Hunter Purnell]

Anyone who lives or invests there can you provide your opinion on the market? Is it still red hot or has it slowed down? Inventory has jumped more so in the northern counties. Thanks in advance for any and all opinions.

[Jose Castillo]

Hello Hunter, the southeast Florida market is still very active. It might not be red-hot, but it is still hot, with the average effective purchase and sale between 30 and 60 days. The actual days on the market have significantly increased in the past six months. The city of Miami Beach currently has over 7000 active listings. This produces an inventory supply of 18 months, transitioning the market from sellers to buyers market. We have clearly been in an aggressive seller's market for several years now, so this will provide the opportunity for buyers to enter the market with more incentives and discounts as properties commence to take longer to sell and inventory continues to increase.