Miami-Dade county is the most populous county in Florida ranking above Broward and Palm Beach Counties in terms of population. It is situated in the Miami metropolitan area which ranks as the United States’ seventh-largest metropolitan area.
According to the United States Census Bureau, the Miami-Port St. Lucie-Fort Lauderdale Combined statistical area which is quite large is ensconced within the Greater Miami area and is in fact what defines this area.
The price of homes in this region, which includes Saint Lucie, Indian River, and Martin Counties located to the north of Palm Beach County is $397,603. This is the median price, and it is important to note that the home values of property in Miami-Fort Lauderdale-West Palm Beach Metro have increased by over 22.3%.
Experts also predict that there could be a further increase of 14.9% within the time frame of a year. This sort of information is important for evaluating present and future foreclosure trends within the area before streamlining down to Miami-Dade County.
Foreclosure auctions in Miami-Dade county within the first five months of 2022 have been swinging from one end of the pendulum to the other. Here’s a table detailing the essential parts of the data so far:
Vs Last Year
0.36% from 563
24.59 from 305
17.39% from 345
23.03% from 343
-57.45% from 376
A closer look at these figures in comparison to statistics from 2021 indicates that there has neither been a steady rise or a steady fall. In terms of the actual total number of auctions, figures from January 2022 are currently the highest, significantly surpassing figures from the 4 other months of 2022. However, it only surpasses January 2021 by 2 auctions or 0.36%.
February sees a significant increase, rising over 24% compared to last year’s figures, a similar trend is noted in March and April, with total auction numbers rising in these months after a significant fall in February. In addition, March and April 2022 see a solid increase over the figures from the corresponding months in 2021.
May 2022 figures appear to go all the way downhill, however, there is a strong possibility of an increase before the month runs out, and as a result, a conclusion cannot be drawn just yet. However, going by the 2021 May figure which was slightly higher than March and April, it’s safe to say that such a trend might repeat, but there are no guarantees just yet.
Furthermore, trying to understand Miami-Dade foreclosure auction trends in 2022 and possibly get a solid grip on what is coming requires understanding the housing market. This involves a close look at the general South Florida housing market plain and then narrowing it down to Miami-Dade County so that it is county-specific.
To a great extent, activities in the housing market pose a strong impact on what reflects in the foreclosure auction sphere.
The South Florida housing market is waxing strong as ever with low inventories and as a result, rising home prices. Following the debilitating impact of the pandemic on the South Florida and Miami real estate scene, it is safe to say that the market has bounced back just fine.
At the moment, it is strongly a seller’s market with buyers scrambling for listed houses and sellers getting huge capital gains on home sales. Demand is also steadily rising and record-low mortgage rates are driving buyers into a frenzy, pushing median prices to new highs.
South Florida also provides a sound economic ecosystem for businesses, and this is resulting in a steady inflow of businesses, and of course, individuals into the area. Compared to other densely populated areas which tax very high, South Florida charges no income tax and encourages business growth.
The growth is evident in the most populous county in South Florida; Miami-Dade County. According to the Multiple Listing Service (MLS) system and the MIAMI Association of Realtors (MIAMI), the Miami-Dade County housing market saw historic home sales all through 2021 with December sales creating a new record.
The county saw sales of the most condos, and single-family homes transacted the highest cumulative dollar volume in a single year, as well as created a new record of total home sales within the year.
Miami also saw a 103.3 percent annual increase with sales volume in 2021 that was projected to climb as high as $30.3 billion. The year ended with 39,394 existing homes being sold which is a 49.5% increase from the figure in 2020 which stood at 26,345. This also broke the erstwhile 2013 record of 30,041 transactions within a year.
With mortgage rates remaining at record lows and existing inventory dwindling with more buyers chasing after fewer houses, the seller’s market trend is only going to wax stronger.
The Miami-Dade County real estate market scene is definitely not left out in the new wave sweeping the national real estate market.
With Miami-Dade County being United States’ seventh most populous county, it is no wonder then that the issue of rising home prices is very paramount here. Statistics put out by the MIAMI Association of Realtors indicate that market strength is continuously reviving up. December 2021 recorded 98.7% as the median percentage of single-family homes from the list received.
The inventory for single-family homes has been dropping and is particularly evident from transactions in 2021. For instance, statistics show that while total home sales year-over-year went from 2,990 to 3,433 indicating a 14.3%, and condo sales went from 1,618 to 2,077, indicating a 28.4% increase, single-family homes sales in Miami went from 1,372 to 1,356, a 1.2% drop.
While this might seem insignificant, compared to the major increase in sales that other home types saw, this called for some concern. However, projections from 2021 indicated that this could ease up if more houses were listed in 2022.
The median home price in the county as of March 2022 was $465,000, which is 19.5% higher than the corresponding price in the year 2021. Only 4,031 homes were bought in March compared to 4,074 in 2021. Similarly, the average sales period as of 2021 was 76 days, but 2022 shows an average period of 52 days.
This is a clear indication that the housing market is still battling low supply and the high prices might not be easing up soon.
For starters, foreclosure home auctions are bound to see an increasing number of bidders since this is one solid way to buy a home. Similarly, bidding prices might be through the roof, especially if the property is located in a choice area within the county.
Also, winning a bid would likely be more stringent and would require bidders to carry out proper due diligence if they want to stand a chance.
For foreclosure homes inventory, this would likely drop given that mortgage rates are low, the economy is recovering from the pandemic with domestic spending recovering rapidly, and Miami-Dade County is seeing a higher rate of job availability. This indicates that there would be a lower unemployment rate, more income, and more people looking to buy homes.
Also, this would imply that residents would be able to meet up with their mortgage payments and therefore, not have their property foreclosed on. This doesn’t imply that there would not be inventory, and of course, Miami-Dade County Foreclosure Auctions would continue.
The trends in the Miami-Dade County foreclosure auction market are no doubt quite unpredictable at the moment. However, given the information at hand and low inventory in the real estate market, bidders are projected to increase in number, alongside median home prices in the County.
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