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 (Single Family only)…
Available Listings in Dade County on Miami MLS:
Regular Listings (non-distressed)…2,926 (71%)
Short Sale (pre-foreclosure)…893 (22%)
REO (bank owned foreclosures)…277 (7%)
Closed Sales in Dade County (past 90 days)
Regular Listings (non-distressed)…199 (58%)
Short Sale (pre-foreclosure)…23 (7%)
REO (bank owned foreclosures)…121 (35%)
Noteworthy changes to the Miami real estate data over the past 2 years:
1) 2 years ago, short sales accounted for 35% of the available Miami listing inventory.
Today, short sales account for 22% of the available Miami listing inventory.
2) Today, 35% of all Miami sales on MLS are REO (bank owned foreclosures).
2 years ago, REO’s accounted for 50% of all sales on the Miami MLS.
Miami MLS data indicates that the following figures have not changed over the past 2 years:
1) The % of Miami closings that are short sales remains at 6-7%.
2) The % of Miami listings that are REO’s has not changed significantly.
(Today, 7% of all listings on the Miami MLS are REO.
2 years ago, 10% of all listings on the Miami MLS were REO.
****These Miami MLS data above continues to indicate a recovering Miami real estate market****