Published by Peter Zalewski
11/14/2023 
4:09:00 PM 
South Florida’s real estate owned (REO) market is currently a sellers market with about 2.3 months of supply currently listed for sale in the tricounty region of Miami-Dade, Broward and Palm Beach, according to an analysis by CondoVulturesRealty.com.
In the first nine months of 2023, buyers purchased an average of nearly 25 units per month for a total of about 222 units between January and September.
Based on the currently actively listings in the Multiple Listing Service – a database used by Realtors to market condos – sellers have an advantage over buyers based on the supply available for purchase.
Generally, six months of supply is considered equilibrium for the South Florida housing market. Less months indicates a sellers market and more months points to a buyers market from a negotiating perspective.
Currently, the average asking price for a condo is $273,674 per unit compared to an average sales price of $264,482 per unit. Pending sales went under contract at an average asking price of $219,880 per unit.
On a price per square foot basis, the average asking price for a condo is $262 psf compared to an average sales price of $240 psf. Pending sales went under contract at an average asking price of $194 psf.
To gauge buyer sentiment, we focus on the Days On Market (DOM) category to better understand how purchasers are proceeding. If buyers are optimistic, the number of days an active listing is on the market should be similar or less than the average period of time for deals to date. If buyers are bearish, the DOM category will show active listing sitting on the market longer.
To gauge seller sentiment, we focus on the spread between the average asking price and the average transaction price on a per unit and per square foot basis. Generally, a spread of up to 20 percent suggests that a seller is willing to negotiate to complete a deal. Anything greater than 20 percent suggests that sellers are overly bullish on their prospects of selling their units at a premium.
This information is believed to be accurate and complete but cannot be guaranteed or warranted. For more information, please call 305.865.5859 or visit CondoVulturesRealty.com
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South Florida REO Condo Market Velocity Report As Of 11/14/2023 |
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| This is a snapshot of the REO (real-estate owned by lenders) condo market in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach in the first nine months of 2023. | ||||
| This information was compiled by CondoVulturesRealty.com. It is believed to be accurate and complete but cannot be guaranteed or warranted. For more information, please call 305.865.5859 | ||||
| Units | Average Price Per Unit | Average Price Per Square Foot | Average Days On Market (DOM) | |
| Current Active REO Listings | 57 | $273,674 | $262 | 49 |
| Current REO Pending Sales | 40 | $219,880 | $194 | 53 |
| First Nine Months Of 2023 Completed REO Transactions (January Through September) | 222 | $264,482 | $240 | 49 |
| Active REO Listings v First Nine Months Of 2023 Completed REO Spread | 3.5% | 9.2% | 0.0% | |
| Average Monthly REO Transactions Completed In The First Nine Months Of 2023 | 24.7 | |||
| Average Months Of REO Supply Currently Actively Listed | 2.3 | |||
| Source: Southeast Florida MLX Matrix | ||||
Condo Market Inventory Tracker
A Snapshot Of Coconut Grove
| Databases | Active Listings | Months Of Supply |
|---|---|---|
| Condos | 19 | 9.5 |
| Luxury Condos | 16 | 10.1 |
| Shortsales | 0 | 0.0 |
| REOs | 0 | 0.0 |
| Rentals | 14 | 2.6 |
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.
Confused about whether it is the appropriate time to buy or sell a condo in South Florida? The experts at CVR Realty are here to assist you in crafting a strategy during this uncertain time. Unlike many brokers offering services, our organization has been through the cycles and can assist you to capitalize on the situation.
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