July 19, 2012
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…
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Surprisingly, only 11% of the available condo listings today are short sales (aka pre-foreclosure)
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2 years ago, 35% of the available condo listings were short sales.
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Today, 26% of closed sales are REO/Foreclosure
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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