Supply Crisis Update: Miami-Dade County is Running Out of Condo Inventory!

It is not just the single-family housing market in Miami-Dade County that is experiencing a supply crisis – the condominium market is also facing a drastic shortage of available inventory. That means buyers who do not move quickly might end up completely out of luck for years to come.

At the end of July, Miami-Dade had only 3.9 months of condo inventory at all pricing levels, according to Multiple Listing Service (MLS) data. That is a dramatic decline from 9.7 months of inventory at the end of January. A healthy market is considered to have between six and nine months of inventory.

Available condo inventory is being snapped up this year, as buyers recognize the window to secure a residence is closing. With that in mind, Merrick Manor in Coral Gables is seeing incredible sales activity. It is the only brand-new, move-in ready condo offering of its size.

There is nothing being developed to replace the inventory that is disappearing, so this inventory crisis is likely to persist for the foreseeable future.

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.