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Where Have all the REO’s Gone?

We are definitely seeing a change. Over the past few years, the REO’s (bank-owned properties) listed on the Multiple Listing Service (MLS) have typically been about 10% of the total inventory of stable neighborhoods. Contrary to what we read in the papers about this shadow inventory of distressed properties, we have not really seen it materialize in the better-selling areas of Miami-Dade County. What we are finding is that as the inventory of regular-priced single family homes has declined, so has the inventory of REO’s. Where are they going?

It is our theory that many of these properties are not even making it to the MLS, but are being bought by people who are in the pipeline (such as bankers, appraisers and realtors). Currently, there are 5,280 single family homes for sale in Miami-Dade and of these 304 are REO’s, that’s 5.8%. In the Gables, there are only 277 single family homes for sale and of that 2 are REO’s, that’s 0.7%. For investors and first-time homebuyers who are looking for good deal, you may have missed your opportunity.


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The Market in Coral Gables on the move... 

+As of August 2019 there were 383 single family homes on the market for sale.

 The average LIST price was $3,173,000
 The average SOLD price was $1,208,000
 The MEDIAN sold price was $901,000 
+There are 122 homes out of 383 homes that are priced under $1,000,000, or 32% of the total
+There are 261 homes priced over $1,000,000 in the Gables which is 68% of the Total.
+ Over the past year there were 446 homes sold in the Gables ( 241 were under $1.0M or 54%) and ( 205 were priced over $1,000,000 or 46%)
+The average time a listing is on the market is 63 days.
+ The average price per square foot is up this year about 3.6%, May-July 2018 to May-July 2019. I think this is due to the sale of many homes that are updated and ready to go. They have been setting records.