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What % of Miami inventory is REO, Short Sale, Regular?

Dade County MLS Statistics for January 2012 (Single Family only)…

Available Miami Single Family Listings…

Total Available Single Family Listings…4978 Listings

Non-Distressed…3,115 Listings…63%

Foreclosure (aka “REO”)…314 Listings…6%

Short Sale (aka “pre-foreclosure”)…1549 Listings…31%

Sold Miami Single Family (Last Three Months)

Total Closed Sales Single Family (last three months)…322 Closed Sales

Non-Distressed…194 closed sales…60%

Foreclosure (aka “REO”)…104 closed sales…32%

Short Sale (aka “pre-foreclosure”)…24 closed sales…8%

What do these #’s tell us about the Miami market?

 

Miami Foreclosure Narrative

Miami Foreclosure inventory of Single Family Homes on the MLS (Multiple Listing Service which is the database of all properties for sale with Realtors) is a tiny fraction of the available inventory for sale in Miami and the rest of Dade County.

-Only 6% of all available Single Family Listings in Miami are actually foreclosures

-Interestingly enough, Miami foreclosures represent 32% of all Miami closed sales over the last three months.

This shows that as soon as foreclosures hit the market,  buyers are scooping them up in big #’s. (FYI…a year ago in January 2011, 10% of all available Miami Listings were Foreclosure/REO and 50% of all Miami closed sales at that time were Foreclosure/REO).

Miami Short Sale Narrative

Miami Short Sales are a much bigger slice of the available Miami Single Family homes that are for sales.  As of today in the MLS, 31% of all available Single Family Homes in Miami are short sale listings (aka “pre-foreclosure”).

Despite the much larger supply of Miami Short Sale inventory compared to Miami foreclosures, only 8% of all Miami Sales in the past three months have been short sales. (These #’s remain consistent with the Miami short sale statistics from one year ago).

*In other words, short sales are difficult to close and require expertise on the part of the listing agent when negotiating with the seller’s bank.

Miami Non-Distressed (Regular Sale) Narrative

63% of all available Miami Single Family Homes are non-distressed sales (neither foreclosure nor short sale).

60% of all Miami Single Family Home sales in the past three months have been non-distressed sales. (this is up significantly from January 2011 when 43% of all sales were non-distressed).

Further signs of the 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