Let’s take a quick look at the inventory, prices and transaction types in South Florida.  First up, you will notice that the available inventory for sale continues to decline as outlined in the chart below.

In the month of May, 2013 there were 15,056 single-family homes listed for sale, down slightly from 15,219 in April.  In addition, there were 20,067 condo/townhouse properties on the market, a slight drop from 20,310 in April.

As for prices, the next chart shows the impact of declining inventories in South Florida.  The average sale price of a single-family home in the tr-county area was $402,719 in May and the average sale price of a condo/townhouse property was $250,069.

So what types of transactions are getting to the closing table?  In May 2013, the breakdown of 4,148 single-family sales looked like this:

• 2,961 sales, or 71.4% of all closings were traditional sales
• 449 or 10.8% of all closings were foreclosure/REO transactions
• 738 or 17.8% of all closings were short-sale transactions

As for condo/townhouse properties in South Florida, here is the breakdown of closed sales in May:

Out of 4,909 South Florida condo/townhouse closings in May, the breakdown is as follows:

• 3,586 or 73% of all condo/townhouse closed transactions were traditional sales
• 647 or 13.2% of all condo/townhouse closed transactions were foreclosure/REO sales
• 676 or 13.8% of all condo/townhouse closed transactions were short sales

Finally, here is a quick snapshot of new foreclosure filings in Miami-Dade, Broward and Palm Beach County including single-family and condo/townhouse properties: