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Lofty numbers all around

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.

Lofty sale prices

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.

Lofty sales volume

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.

Average monthly volume

Year Monthly Average
2012         7,167
2013         7,598
2014         7,603
2015         8,034
2016         7,581
2017         7,352
2018         7,593

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.

Foreclosure filings

Today we will provide a snapshot of the filings in Miami-Dade County.

Miami forelcosures

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 foreclosure count

Miami Dade Foreclosures 6/8/2018
Houses Condos
Aventura                        15                340
Key Biscayne                        35                  42
Coral Gables                      319                  81
Hialeah                  1,857            1,409
Homestead                  1,524                492
Miami Beach                      152                736
Miami Lakes                      256                111
Pinecrest                        85                  10
Sunny Isles Beach                        10                238
North Miami Beach                      384                205
Surfside                        31                  38
Miami Shores                      124                  17
Doral                      247                442
Miami Springs                        99                     8
*Downtown/Brickell                        50                470
Opa-Locka                      164                  28
Miami Gardens                  2,052                346
North Miami                      554                181
North Bay Village                        13                  76
City of Miami                  5,000            4,642
Hialeah Gardens                      141                  96
South Miami                        68                  24
Totals                13,180          10,032

Good reads and more

With higher real estate prices, affordability comes back into focus not just for buyers, but for renters in South Florida.