Published by Peter Zalewski
5/30/2024 
10:41:43 PM 
Buyers paid an average of nearly $289,000 per unit for REO condos in Miami-Dade County in the Winter Buying Season. (Photo courtesy of Google Maps)
Buyers paid about five percent less per square foot for Miami-Dade 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 $298 per square foot, the total number of REO condo transactions also decreased, falling more than 22 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.
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 Miami-Dade 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 50 REO condos in Miami-Dade in the 2023-24 season. By comparison, buyers bought nearly 65 REO condos last year in the 2022-23 season. That is more than a 22 percent drop in total Miami-Dade REO transactions.
A year earlier in the 2021-22 season, more than 80 REO condos traded in Miami-Dade County.
We crunch a lot of statistics each week and then publish the results byway of a series of reports posted on CondoVultures.com.
If you want the reports emailed to you, just sign up for the Miami Condo Market Intelligence Report With Peter Zalewski™ newsletter at: PeterZalewski.substack.com
If you are interested in participating in a community that shares realtime, actionable information on the latest real estate trends, opportunities and service providers in South Florida, we encourage you to join the Miami Condo Market Investing Club™.
The objective of the Club is to create a community that shares realtime, actionable information on the latest real estate trends, opportunities and service providers in South Florida.
The Club is also ideally situated for Do-It-Yourself (DIY) condo buyers who can rely on our latest statistics, expert opinions and access to consulting services.
Additionally, we encourage you to listen or view our podcast wherever you get podcasts. Additionally, the podcast is available on Apple, Spotify and/or YouTube.
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
Copyright © 2024 Condo Vultures®, LLC. All Rights Reserved.
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.
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.
For a free consultation, please contact the South Florida Condo Experts
or Visit
Directions