The time taken to sell a property in the Miami area (which includes Dade, Broward and Palm Beach counties) has increased quite a bit from the 156 days it took to sell in summer 2008.
Miami, unfortunately, is quite far out in first place - second on the list is the Chicago area, where it takes 180 days to sell.
The reason for Miami's high figure is the vast number of foreclosed properties in the region that are coming onto the market.
The decline in prices, however, should eventually see the tide turn and the time taken to sell decrease.
Article: Houses stay for sale the longest in South Florida market (Sun Sentinel, 14th March 2009)
1 comment:
Other factors that contribute to the long period of time before the selling of certain properties gets completed is due to location and the condition of the house. Thanks for sharing this excellent post.
-Audrey
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