Nearly 150 Distressed Miami-Dade County Condos Currently Listed For Sale During South Florida Winter Buying Season

More Than 665 Distressed Condos Traded In Miami-Dade County In Year 2019

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Jan. 28, 2020) - Nearly 150 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 nearly 56 units monthly in the entire 12 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 during 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 125 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 106 Miami-Dade County REO condos currently listed for sale is nearly $388,450 per unit. This works out to an average asking price of about $279 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2019, the average transaction price of a Miami-Dade County REO condo was more than $212,450 or about $203 per square foot.

This means the current asking price of a Miami-Dade County REO condo listed for sale is nearly 83 percent higher than the average transaction price achieved on a per-unit basis and more than 37 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

In the four quarters of 2019, the lenders that were able to unload their REO units needed about 58 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 90, according to the statistics.

On the shortsale front, the average asking price of the 41 Miami-Dade County shortsale condos currently listed for sale is about $449,722 per unit. This works out to an average asking price of about $259 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2019, the average transaction price of a Miami-Dade County shortsale condo was about $209,839 or about $195 per square foot.

This means the current asking price of a Miami-Dade County shortsale condo listed for sale is more than 114 percent higher than the average transaction price achieved on a per-unit basis and nearly 33 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

In the four quarters of 2019, the sellers who were able to unload their shortsale units needed about 99 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 154, 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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