I just updated the research that I did in August of 2006 as to our South Florida real estate market. Here's what I found:
 
There are now 963 single family homes for sale in Weston (as compared to 748 in August of 2006 and compared to about 120 prior to Hurricane Wilma).  65 homes have closed in the past 30 days (compared to about 70 in August 2006).  This means that if we assume that not a single house is added to the inventory (which is certainly not the case), IT WILL TAKE ALMOST 2 YEARS FOR ALL OF THE HOUSES IN WESTON TO BE PURCHASED BASED ON CURRENT ABSORPTION (as compared to 1 year in August 2006).  While the amount of homes selling is about the same, the inventory has increased tremendously!
 
There are now 576 condos, townhouses & villas for sale in Weston (compared to about 467 in August 2006 and 35 prior to Hurricane Wilma!).  Only 4 have closed in the past 30 days (and 51 have closed in August 2006).  If no units enter the market, IT WILL TAKE OVER 12 YEARS FOR ALL CONDOS, TOWNHOUSES & VILLA IN WESTON TO BE PURCHASED BASED ON CURRENT ABSORPTION (as compared to about 1 year in August 2006).
 
There are now 663 single family homes for sale in Pembroke Pines west of I-75 (compared to about 555 in August 2006 and  85 prior to Hurricane Wilma).  26 homes have closed in the past 30 days (compared to 82 homes in August 2006)  This means that if we assume that not a single house is added to the inventory (again not probable), IT WILL TAKE OVER 2 YEARS FOR ALL OF THE HOUSES IN PEMBROKE PINES-WEST TO BE PURCHASED BASED ON CURRENT ABSORPTION (as compared to 1 year in August 2006).
 
There are now 579 single family homes for sale in Miramar west of I-75 (as compared to 488 in August 2006).  Only 11 homes have closed in the past 30 days (as compared to 31 in August 2006).  This means that if we assume that not a single house is added to the inventory (again, not likely), IT WILL TAKE OVER 4 YEARS  FOR ALL OF THE HOUSES IN WEST MIRAMAR TO BE PURCHASED BASED ON CURRENT ABSORPTION (as compared to 2 years in 2006)!
 
There are now 495 single family homes for sale on Miami Beach (compared to 350 in August 2006).  Only 7 have closed in the past 30 days (compared to about 7 in August 2006).  This means that if no new houses come on the market, IT WILL TAKE OVER 5.9 YEARS FOR ALL HOMES ON MIAMI BEACH TO BE PURCHASED BASED ON CURRENT ABSORPTION (as compared to 4 years in 2006)!
 
Get a load of this! There are now 4157 condos for sale on Miami Beach (compared to 3009 in August 2006 and less than 1/2 of that prior to Hurricane Wilma).  Only 66 have closed in the past 30 days (compared to 179 in August 2006).  This means (with no new units entering the market) that IT WILL TAKE OVER 5 YEARS FOR ALL CONDOS ON MIAMI BEACH TO BE PURCHASED BASED ON CURRENT MARKET CONDITIONS (compared to 2 years in 2006)! 

There are now 2348 condos, townhouses & villas for sale in Aventura (compared to 1622 in August 2006).  Only 48 units have sold in Aventura in the past 30 days (compared to 55 in August 2006).  Again, assuming no new units entering the market, this means that IT WILL TAKE OVER 4 YEARS FOR ALL OF THE UNITS IN AVENTURA TO BE PURCHASED (compared to 2.5 years in 2006)!
 
The one last item to consider is that this doesn't take into account builder's units and for sale by owner properties.  As an example, The Palace in Weston has over 60 resale units for sale with the builder but they are only listing one unit in each line in the mls.  One can easily gauge how many thousands of builder units will be entering the market by sweeping the skyline for construction cranes.  Additionally, the amount of foreclosures will continue to skyrocket, further contributing to the available inventory.