After Irma, Damage Stalls Hundreds of Miami-Dade County Home Sales
A new report shows that debris, as well as rescheduling inspections and appraisals, caused delays for hundreds of home sales, ultimately causing a 35.8 percent decrease in September single-family home sales compared with the previous year, according to STL Real Estate News.
In the joint report from the Miami Association of Realtors and the Multiple Listing Service, data showed that 1,066 houses were sold in Miami-Dade County in September 2016 while only 684 homes sold this September.
Though Hurricane Irma brought limited damage to the city, debris from downed trees and foliage caused delays in cleanup and subsequent inspections. As of Oct. 10, the county collected more than one million cubic yards of debris, and the hurricane left a record three million cubic yards of debris in total, per STL Real Estate and the Miami-Dade County of Solid Waste Management.
Coral Gables real estate agent and Miami Association of Realtors Chairman Christopher Zoller also cited rescheduling inspections and appraisals as a major contributing factor, noting that “federal-backed lenders required new appraisals on Miami properties under contract.”
Similarly, condo sales fell in September 2017 compared with the year prior, due to similar issues of debris and rescheduling delays. The 24.4 percent decrease meant 804 condo units were sold this September as opposed to 1,064 condo units in 2016. In total, countywide residential sales fell 30.1 percent year-over-year.
Sales for both single-family homes and condos are expected to return to pre-Irma levels next month. A shortage of single-family homes has created a seller’s market, contrasting the current condo glut, which favors buyers.