More Condos, Townhomes in South Florida Foreclosure Listings

The number of townhouses and condos for sale in South Florida has remained relatively high despite the rise in sales of homes in foreclosure listings and other residential listings in the region.

According to real estate market data in Florida, townhouses and condos comprise around 61 percent of South Florida’s housing market, an increase from the 57 percent share in November last year.

In the third week of June, there were 49,034 townhouses and condos available for sale from foreclosure listings and other existing-home listings. Miami-Dade accounts for 40 percent of the inventory while Broward County and Palm Beach County account for 33 percent and 27 percent of the inventory, respectively.

A total of 81,159 homes are included in foreclosure listings and other residential listings in South Florida, a small 1.1-percent decline from the 83,491 units available for sale in the first week of June.

In Miami-Dade, 11,058 units are in foreclosure listings and other existing-home listings, comprising 43 percent of the 32,125 total of single-family homes in the South Florida resale market.

Palm Beach has 10,888 homes for sale, comprising also 34 percent of total inventory while Broward has 10,179 houses, comprising 32 percent of total inventory.

The number of pending home sales in the third week decreased to 15,564 units, a drop of 0.5 percent compared to the 15,645 units in the second week of June, but a rise of 31.8 percent compared to the 15,246 units on June 1.

In the meantime, prices of homes in foreclosure listings and other listings in South Florida kept on falling, pushing total home sales to higher levels.

In Broward, the median price in May for previously owned homes was $190,000, a 36-percent drop from $296,800 in May 2008. Sales of pre-owned homes jumped to 780 units, a 47-percent jump compared to the May 2008 sales of 530, marking the 11th straight increase of home sales in Broward.

The median sales price in Palm Beach was $232,900, a 30-percent drop from the $330,900 price in May 2008. Home sales in Palm Beach increased to 737 units, a 5-percent increase from 702 in May 2008 and marking the tenth straight time home sales increased.

Real estate analysts in South Florida said that the factors driving the increase in home sales in the area are the federal tax incentive for first time buyers, lower mortgage rates, availability of FHA loans that require low down payments and availability of low-priced homes in foreclosure listings.

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