Published by Peter Zalewski
6/10/2024 
5:03:21 PM 
Buyers paid about $215,366 per unit for real estate owned (REO) condos in Broward County in the Winter Buying Season. (Photo courtesy of Google Maps)
Buyers paid nearly 11 percent less per square foot for Broward 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 $198 per square foot, the total number of REO condo transactions was unchanged 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.
The Winter Buying Season traditionally extends from November through April when visitors flock to the tricounty South Florida region of Miami-Dade, Broward and Palm Beach to take advantage of the weather, events and vibe.
Distressed-oriented investors who came to Broward County this Winter Buying Season looking for deals ended up purchasing the fewest number of REO condos in more than a decade.
Buyers purchased less than 60 REO condos in Broward County in the 2023-24 season just as they did in the 2022-23 season. That is zero percent drop in total Broward REO transactions on a year-over-year basis.
A year earlier in the 2021-22 season, more than 70 REO condos traded in Broward County.
It has now been nine consecutive Winter Buying Seasons that REO condo sales were down on a year-over-year basis in Broward County.
Since the 2019-20 season, the number of REO condo transactions has fallen dramatically as a plethora of work-from-home employees relocated to South Florida from places such as California, Illinois and New York.
The influx of transplants to South Florida bought up or leased out much of the available housing supply, which increased most condo prices and triggered new development.
Industry watchers are at odds as to the direction of the South Florida housing market in 2024. Bullish investors are predicting housing demand will reignite once interest rates begin to fall. Bearish investors contend that home prices are too high and likely to collapse in the months ahead.
We crunch a lot of statistics each week and then publish the results byway of a series of reports posted on CondoVultures.com.
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Condo Market Inventory Tracker
A Snapshot Of Downtown West Palm Beach And The Island
| Databases | Active Listings | Months Of Supply |
|---|---|---|
| Condos | 344 | 8.2 |
| Luxury Condos | 153 | 9.6 |
| Shortsales | 0 | NA |
| REOs | 0 | NA |
| Rentals | 365 | 5.2 |
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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