Miami-Dade County’s real estate owned (REO) market is currently a sellers market with about 2.4 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 more than nine units per month for a total of about 84 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 $299,027 per unit compared to an average sales price of $343,284 per unit. Pending sales went under contract at an average asking price of $236,606 per unit.
On a price per square foot basis, the average asking price for an REO condo is $335 psf compared to an average sales price of $321 psf. Pending sales went under contract at an average asking price of $237 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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Miami-Dade 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 Miami-Dade 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
|Average Price Per Unit
|Average Price Per Square Foot
|Average Days On Market (DOM)
|Current Active REO Listings
|Current REO Pending Sales
|First Nine Months Of 2023 Completed REO Transactions (January Through September)
|Active REO Listings v First Nine Months Of 2023 Completed REO Spread
|Average Monthly REO Transactions Completed In The First Nine Months Of 2023
|Average Months Of REO Supply Currently Actively Listed
|Source: Southeast Florida MLX Matrix