The Real Deal Miami

South Florida short sales jump 46 percent

By Alexander Britell | September 30, 2010 12:21PM

South Florida’s pre-foreclosure sales, or short sales, surged nearly 46 percent in the second quarter compared to the same period last year, according to data from RealtyTrac. 
There were 6,691 pre-foreclosure sales between April and June, which was a 14 percent jump over the first quarter of 2010
All foreclosure sales, both pre- and post-judgment, continued to increase in South Florida, with the number of properties sold either after or before foreclosure jumping nearly 10 percent to 3,285 properties, from the first quarter of 2010
There were a total of 11,662 foreclosure sales statewide in the second quarter of this year, according to the data. 
Broward County led the region with 4,978 total foreclosure sales with an average price of $121,500. 
Compared to the second quarter of 2009, however, the jump was not as dramatic. There were just 505 more foreclosures, representing a 13.91 percent increase, in the second quarter of 2010 compared to a year earlier. 
There were 4,439 foreclosure sales in Miami-Dade County, a 14.11 percent uptick from the same three months in 2009, and 2,245 foreclosure sales in Palm Beach County, which saw the biggest jump — 21.22 percent — over the same period last year. 
Palm Beach County also netted the most foreclosure sales, with an average sale price of $146,625. The average sales price in Miami-Dade was $140,313, although these homes’ prices were discounted by an average of 38.11 percent. 
Compared to the first quarter, however, Broward County saw 3 percent fewer foreclosure sales. Miami-Dade’s number increased by 14 percent, and Palm Beach County’s foreclosure sales went up by around 21 percent. 
Of the 11,662 foreclosure sales in the tri-county region in the second quarter, 57 percent were pre-foreclosure, or short sales. 
Statewide, Florida saw a 1.31 percent increase in foreclosure sales compared to the second quarter of 2009, with 34.13 percent of all sales consisting of foreclosure sales.