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.
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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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