Prices of home foreclosures in Hialeah continued to fall in January and February this year compared to the same months last year, based on reports from several real estate firms.
A California-based firm reported that the estimated median sales price for foreclosed homes in Hialeah last January was $116,655, a sharp decrease of 37.6 percent from the median in January 2009. The average sales price also dropped to $114,641.
This firm also reported that one out of every 218 houses in Hialeah was in default or foreclosure in January and that more than 4,700 homes were foreclosures.
Hialeah foreclosure prices are still falling because distressed properties are still dominating the real estate market in the city. Real estate foreclosure properties for sale accounted for 63 percent of all homes for sale in February, according to another online real estate firm.
This online firm reported a slightly higher number of foreclosures and a slightly higher median foreclosure price. It said that more than 5,000 foreclosed houses were available for sale in February and that the average sales price dropped from the previous month by 2 percent to $115,044.
Another online real estate firm reported much higher sales prices but lower foreclosure numbers. This firm reported that the median sales price for home foreclosures in Hialeah February was $138,471, a drop of 3.3 percent from the previous month. It reported a total of 3,495 available foreclosure homes for sale and a total of 1,856 nondistressed houses for sale.
Similarly, the fourth online firm reported higher figures, but they were for all types of homes. It reported that the sales price for all homes in Hialeah in February was $136,700, a drop of 24 percent from the median in February 2009. Hialeah posted the second-biggest rate of price decrease in February among the five cities in the Hialeah area, second only to Hialeah Gardens which posted a price drop of 27.4 percent. Miami Lakes, Opa-locka and Miami Springs posted price decrease rates of 16.7 percent, 14.8 percent and 13.3 percent, respectively.
Florida home foreclosures also pushed down the statewide median sales price for pre-owned homes to $142,600 in 2009, a 24-percent drop from the $187,700 median price in 2008. As the condo and multifamily sectors continue to struggle from lack of additional financing and oversupply, the prices of existing homes and home foreclosures in Hialeah are expected to keep their downward slide.