Supply Crisis: Nationwide Single-Family Inventory Plunges to Historic Lows, Making Condominiums the Only Game in Town for Today’s Buyers

A new report from® shows that single-family inventory is reaching historic lows as a result of the pandemic, which makes condominiums that much more desirable for anyone seeking to purchase now. This trend is especially true in Coral Gables, where Merrick Manor represents the final opportunity to buy luxury residential product starting from $500,000 for the foreseeable future.

In December, nationwide active listings dropped below 700,000 for the first time since the website began tracking such data. This represents a 39.6% decline from December 2019. Normally, national inventory is in excess of 1 million active listings.

“The shortage of homes for sale nationwide has made it much more difficult to find a home to purchase, meaning that buyers are struggling to take advantage of the record-low mortgage rates on offer,” according to MarketWatch.

All is not lost for prospective buyers in the Miami market, however. Merrick Manor, the only brand-new condominium offering in Coral Gables, has a limited collection of available luxury residences. Buyers can take advantage of the unprecedented mortgage rates and enjoy the stress-free convenience of condo ownership in the City Beautiful.

With no new condominium or single-family construction in the pipeline in Coral Gables to meet the pent-up demand for $500,000-and-up residences, Merrick Manor’s remaining inventory is truly the last chance for buyers in that price range to purchase in the city.

Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor also has a Zillow Walk Score of 77, making it “very walkable.”

Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor.

For more information about the residences at Merrick Manor, visit the Sales Gallery on the ground floor of the building at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. The Sales Gallery is open from 10 a.m. to 6 p.m. on Monday through Friday and from 11 a.m. to 5 p.m. on Saturday and Sunday.