Nearly 65 Distressed Palm Beach County Condos Listed For Sale At Start Of South Florida Winter Buying Season

Buyers Purchased More Than 205 Distressed Condos In Palm Beach County In First Nine Months Of 2019

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DOWNTOWN MIAMI (Jan. 9, 2020) - Nearly 65 distressed condo units - both shortsales and real estate owned (REO) by lenders - are formally listed for sale in the South Florida county of Palm Beach, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of about 23 units monthly in the first nine months of 2019, Palm Beach 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 at 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 32 distressed condo units are currently under contract - or pending - and waiting to transact in Palm Beach County. 

On the REO front, the average asking price of the 53 Palm Beach County REO condos currently listed for sale is about $293,231. This works out to an average asking price of $146 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Palm Beach County REO condo was about $187,316 or about $116 per square foot.

This means the current asking price of a Palm Beach County REO condo listed for sale is nearly 57 percent higher than the average transaction price achieved on a per-unit basis and about 26 percent higher than the average transaction price on a per-square-foot basis between January and September of last year.

In the first three quarters of 2019, the lenders that were able to unload their REO units needed about 61 days to transact a Palm Beach County condo listed for sale. The current Days-On-The-Market average for a Palm Beach County REO condo listed for sale is 61, according to the statistics.

On the shortsale front, the average asking price of the 11 Palm Beach County shortsale condos currently listed for sale is about $142,845 per unit. This works out to an average asking price of $130 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Palm Beach County shortsale condo was nearly $130,600 or about $116 per square foot.

This means the current asking price of a Palm Beach County shortsale condo listed for sale is more than nine percent higher than the average transaction price achieved on a per-unit basis and about 12 percent higher than the average transaction price on a per-square-foot basis between January and September of last year.

In the first three quarters of 2019, the sellers that were able to unload their shortsale unit needed about 56 days to transact a Palm Beach County condo listed for sale. The current Days-On-The-Market average for a Palm Beach County shortsale condo listed for sale is nearly 95, 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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