Published by Peter Zalewski
6/17/2024 
8:26:51 PM 
Buyers paid more than $198,400 per unit for real estate owned (REO) condos in Palm Beach County in the Winter Buying Season. (Photo courtesy of Google Maps)
Buyers paid nearly five percent less per square foot for Palm Beach County’s distressed condos – also known as real estate owned (REO) by lenders – during the recently concluded Winter Buying Season, according to an analysis of statistics compiled by CondoVulturesRealty.com.
Despite the reduced average transaction price of about $177 per square foot, the total number of REO condo transactions plummeted by nearly 42 percent on a year-over-year basis in the 2023-24 season compared to the 2022-23 season in Miami-Dade.
For this report, REO condos are defined as foreclosed units that failed to sell at auction and were ultimately deeded over to the lender.
It is worth noting, this report does examine South Florida’s shortsale condo market.
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Condo Market Inventory Tracker
A Snapshot Of Tricounty South Florida Region Of Miami-Dade, Broward And Palm Beach
| Databases | Active Listings | Months Of Supply |
|---|---|---|
| Condos | 24,016 | 10.2 |
| Luxury Condos | 3,740 | 15.1 |
| Shortsales | 30 | 15.0 |
| REOs | 126 | 6.6 |
| Rentals | 21,476 | 3.9 |
Peter Zalewski is a licensed real estate broker and consultant focused on the South Florida condo market. Zalewski is a former special contributor to the Miami Herald and a former real estate columnist for The Real Deal magazine. Zalewski now hosts the Miami Real Estate Investing Podcast that is available in audio and video wherever you get your podcasts.
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