In Miami Short Sales Declined 54.5% in May

Short Sales Declined by 54.5% in Miami During May

While traditional sales continue to increase, distressed property transactions in May again declined in Miami-Dade due to fewer short sales.  In May, only 32.5% of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 37.1 percent in May 2013.

 "Foreclosure filings are sharply declining in Miami-Dade, so we expect the distressed inventory to continue to fall in future months," said 2014 Miami Association of Realtors Residential President Francisco Angulo. "In addition, as homeowners continue to recover equity, fewer short sales are being transacted, which will continue to fuel the health of the Miami real estate market." 

Of total Miami sales in May, 9.2% were short sales and 23.3% were foreclosures.  Sales of REOs increased 19 percent while   short sales sharply declined by 54.5 percent. According to NAR, distressed homes accounted for 11 percent of May sales compared to 18 percent in May 2013 at the national level.

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