Nearly 30 REO Condos Listed For Sale In Broward County

  • Published by Peter Zalewski
  • 12/5/2023
  • 9:49:01 PM

Broward County’s real estate owned (REO) market is currently a sellers market with about 3.3 months of supply currently listed for sale in South Florida, according to an analysis by CondoVulturesRealty.com.

In the first nine months of 2023, buyers purchased an average of nearly nine units per month for a total of about 78 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 an REO condo is $218,697 per unit compared to an average sales price of $222,286 per unit. Pending sales went under contract at an average asking price of $225,285 per unit.

On a price per square foot basis, the average asking price for an REO condo is $225 psf compared to an average sales price of $197 psf. Pending sales went under contract at an average asking price of $200 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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Broward County REO Condo Market Velocity Report As Of 12/05/2023

This is a snapshot of the REO (real-estate owned by lenders) condo market in Broward County in South Florida 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 29 $218,697 $225 54
Current REO Pending Sales 21 $225,285 $200 70
First Nine Months Of 2023 Completed REO Transactions (January Through September) 78 $222,286 $197 51
Active REO Listings v First Nine Months Of 2023 Completed REO Spread -1.6% 14.2% 5.9%
Average Monthly REO Transactions Completed In The First Nine Months Of 2023 8.7
Average Months Of REO Supply Currently Actively Listed 3.3
Source: Southeast Florida MLX Matrix

 

 

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