What percentage of Miami Listings are REO/Foreclosure/Bank Owned and Short Sales, etc?

July 16, 2012

The 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 (Single Family only)…

 

Available Listings in Dade County on Miami MLS:

Total…4,096

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)

Total…343

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****

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

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