Real estate prices remain lofty in South Florida as we move into the summer months. The spring is usually an active season for transactions and prices are still holding up for now. The average sale price of a single-family home in South Florida was down slightly to $521,886 and the average sale price of a condo rose to $335,258.
Transaction volume gained some steam during the month of May. If you look at the next chart you will notice that this is usually an active month for sales. there were 4,535 condo sales closed in may and 4,469 houses sold for a total of 9,004 closed residential transactions in Miami-Dade, Broward and Palm Beach County.
Transaction volume was dragging during the first quarter of 2018, but the month of May helped bring the average up. take a look at this next chart which shows the average monthly volume in South Florida since 2012.
Lofty foreclosure numbers
Although the market looks healthy from the standpoint of transaction volume and prices, the number of monthly foreclosure filings has been lofty also. It sure looks like we will be making up for the cases that were halted last fall.
Today we will provide a snapshot of the filings in Miami-Dade County.
We searched by city throughout Miami-Dade and found where the distressed properties are located. Our max is 5,000, so the city of Miami exceeds that number. We counted over 23,000 houses and condos in some stage of foreclosure throughout Miami-Dade County as of June 8, 2018.
|Miami Dade Foreclosures||6/8/2018|
|Sunny Isles Beach||10||238|
|North Miami Beach||384||205|
|North Bay Village||13||76|
|City of Miami||5,000||4,642|
Good reads and more
With higher real estate prices, affordability comes back into focus not just for buyers, but for renters in South Florida.