South Florida short sales take 501 days

November 01, 2011 12:00PM

Short sales in South Florida take an average of 501 days, according to data from RealtyTrac, the Sun Sentinel reported. "Most buyers are looking to buy within a six-month period," said RealtyTrac spokesperson Daren Blomquist. "If you see some places where it takes over a year, it's not an ideal situation for most buyers." There were a total of 5,940 short sales in the tri-county area in the second quarter, a 15 percent increase month-over-month. The only area in Florida that was in the top ten best short sales markets was Fort Myers. Los Angeles is the best market, according to the report, with a total of 9,145 in the second quarter.