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4 Observations on the Changing Miami Condo Market…

The Condo Facts:

 

There is a great deal of mis-information out there regarding the Miami real estate market.  One of the areas where this mis-information exists concerns the % of the market that is REO/Bank Owned, Short Sale or Regular Sale.

Below, you will see data straight from the Miami MLS (Condo & Townhouse only)…

Available Listings in Dade County on Miami MLS:

Total…6249

Regular Listings (non-distressed)…5257 (84%)

Short Sale (pre-foreclosure)…710 (11%)

REO (bank owned foreclosures)…282 (5%)

Closed Sales in Dade County (past 90 days)

Total…575

Regular Listings (non-distressed)…395 (69%)

Short Sale (pre-foreclosure)… 29 (5%)

REO (bank owned foreclosures)…151 (26%)

Observations…

    • Surprisingly, only 11% of the available condo listings today are short sales (aka pre-foreclosure)
    • 2 years ago, 35% of the available condo listings were short sales.
    • Today, 26% of closed sales are REO/Foreclosure
  • 2 years ago, 50% of all closed sale were REO/Foreclosure
****The Miami MLS data above continues to indicate a recovering Miami real estate market****

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115