By the end of 2010 distressed single family homes in Miami listed for sale in the MLS (multiple listing service) numbered in excess of 1,000.
And as we moved into 2011 that number dropped: The number of distressed properties listed for sale dropped.
Distressed single family homes listed right now in Miami Dade account for 65% fewer than at end of last year. And distressed condo units listed for sale have dropped by nearly 75% as well.
Despite the drop in distressed listings in Florida… Distressed condo sales account for close to 60% of all condo sales in Miami Dade and distressed single family home sales comprise about 55% of Miami Dade’s closed sales ( single family listings) in 2011.
Residential sales are on the rise … both for single family homes as well as for condos. Purchase prices are up from last year.
Buyers are seeing value… and that means a glimmer of light at the end of the tunnel for many… (many of those who have been holding on … holding their breath!).
No … That doesn’t mean that Miami is out of the water (yet) … There are distressed properties that continue to come available (whether as foreclosure or short sale listings) and that’s not likely to change anytime soon …. but the shear number of distressed offerings are less than what they were even ten months back, and that’s good news for the real estate market here in South Florida.
Whether you are considering buying or looking to move, do call us! The Restivo Team at EWM looks forward to working with you and making your next move … the best! Our direct line is 305 793-1365 and you can email us at restivo.v@ewm.com if you prefer.
