Follow up to my recent blog about Miami Inventory
Today’s data below focuses on Miami Condos only (the results are surprising!)
Dade County MLS Statistics as of January, 2012 (Miami Condos)…
Available Miami Condo Listings…
Total Available Listings…4,886 Listings
Foreclosure (aka “REO”)… 154 Listings…3%
Short Sale (aka “pre-foreclosure”)… 627 Listings…13%
Sold Miami Condos (Last Three Months)
Total Closed Sales (last three months)…191 Closed Sales
Non-Distressed…127 closed sales…67%
Foreclosure (aka “REO”)…54 closed sales…28%
Short Sale (aka “pre-foreclosure”)…10 closed sales…5%
What do these #’s tell us about the Miami market?
Miami Condo Short Sale Narrative:
These #’s are simply incredible! They just go to show how extraordinary the condo buying spree in Miami has been from international buyers over the past 12 months. One year ago, in January 2011, Miami short sales were over 30% of the inventory (as they remain today with Miami Single Family Inventory). Today, only 13% of the available Miami condos in the MLS are short sales.
Miami Condo Foreclosure Narrative:
One year ago (January 2011), Miami foreclosure inventory on MLS was over 10% of the available supply. The #’s above show current foreclosure/bank owned/REO inventory at only 3%!
My Outlook for the next 6 months:
We are heading into the peak condo-buying season in Miami (December to April). This points to further condo buying from international buyers and a further lessening of supply over the coming months. One possible factor that might add to supply is the “shadow inventory” of bank owned/foreclosure condos that have not yet been introduced to the market. However, because Miami condo-buying activity remains so robust, that supply will be absorbed by international investors.
If you are interested in Selling your Miami property, I’d be happy to meet with you to discuss the best strategy for your particular property.