South Florida's residential resale inventory finally fell below the elusive 70,000 threshold, a number that has proven difficult to eclipse for the last month for the tricounty region of Miami-Dade, Broward, and Palm Beach counties, according to a new report from CondoVultures.com. 

The number of single-family houses, townhouses, and condominium units on the resale market in South Florida tumbled 1.1 percent on Nov. 2 to 69,342 residences. For the month of October, there were between 70,067 to 70,342 residences for resale in South Florida, according to the report produced using Florida Association of Realtors data.

A week ago on Oct. 26, the number of residential properties for resale actually increased by 18 residences to 70,085, marking the first increase - albeit small - in the 11 months that CondoVultures.com has been tracking the available inventory.

"The slight gain in South Florida inventory recorded in the last week of October appears to have been an anomaly," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "To see inventory fall by nearly 750 properties in the week following the increase indicates that the quickly approaching Nov. 30 deadline for the $8,000 first-time homebuyers tax credit may have been a factor."

Congress is considering extending the first-time homebuyer credit through the end of June 2010. One of the scenarios that is reportedly being considered is expanding the tax credit beyond first-time homebuyers to include all purchases by primary users.

Even without an across the board federal tax incentive, South Florida's resale inventory has plummeted by 36 percent, or 38,185 residences, in the last 49 weeks from a starting point of nearly 108,000 during the week of Nov. 24, 2008.

Broward County, where Fort Lauderdale, Hollywood Beach, and Pompano Beach are located, has experienced the deepest drop in resale inventory, falling 41.1 percent, or 15,183 residences, to 21,743 homes as of Nov. 2.

Miami-Dade County, where Miami Beach, Aventura, and Key Biscayne are located, has realized a 36.4 percent decrease in inventory in the last 11 months. This translates into a net drop of 14,927 properties available for resale.

Palm Beach County, where Boca Raton, Delray Beach, and West Palm Beach are located, experienced the smallest decrease in resale inventory, slipping 27.3 percent, or 8,075 properties, according to CondoVultures.com. 

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it . Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or view our Video Gallery. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and the First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.

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