At Least 515 Distressed Condos Traded In Miami-Dade County In First Nine Months Of 2019

Nearly 160 Distressed Miami-Dade County Condos Currently Listed For Sale Before Start Of Winter Buying Season

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Nov. 20, 2019) - Nearly 160 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of about 57 units monthly in the first nine months of 2019, Miami-Dade County now has nearly a three-month supply of REO and shortsale units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach before the start of the Winter Buying Season, according to the report based on data from the Southeast Florida MLS Matrix.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

It is worth noting that about 149 distressed condo units are currently under contract - or pending - and waiting to transact in Miami-Dade County. 

On the REO front, the average asking price of the 107 Miami-Dade County REO condos currently listed for sale is about $398,321 per unit. This works out to an average asking price of about $302 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Miami-Dade County REO condo was about $210,097 or about $204 per square foot.

This means the current asking price of a Miami-Dade County REO condo listed for sale is nearly 90 percent higher than the average transaction price achieved on a per-unit basis and about 48 percent higher than the average transaction price on a per-square-foot basis between January and September of this year.

In the first three quarters of 2019, the lenders that were able to unload their REO units needed about 56 days to transact a Miami-Dade County condo listed for sale. The current Days-On-The-Market average for a Miami-Dade County REO condo listed for sale is about 82, according to the statistics.

On the shortsale front, the average asking price of the 52 Miami-Dade County shortsale condos currently listed for sale is about $419,540 per unit. This works out to an average asking price of about $280 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Miami-Dade County shortsale condo was about $213,311 or about $193 per square foot.

This means the current asking price of a Miami-Dade County shortsale condo listed for sale is nearly 97 percent higher than the average transaction price achieved on a per-unit basis and about 45 percent higher than the average transaction price on a per-square-foot basis between January and September of this year.

In the first three quarters of 2019, the sellers who were able to unload their shortsale units needed about 100 days to transact a Miami-Dade County condo listed for sale. The current Days-On-The-Market average for a Miami-Dade County shortsale condo listed for sale is about 181, according to the statistics.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.

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