The area’s real estate picked up some serious momentum.


In the early days of the coronavirus (COVID-19) outbreak, the pandemic was set to have a significant effect on the global real estate market. An absence of open houses, hesitance from buyers, and reluctance by sellers all contributed towards an air of possible downturn. But reports from certain areas show that the real estate industry has been able to hold its own through COVID-19.

Take the South Florida real estate sector, for instance. As reported by the Miami Association of Realtors, select regions in the state were not only able to sustain through the novel coronavirus outbreak, but surpass the usual expectations. 

The change was noticeable across multiple counties in South Florida, and indicated a yearly improvement in pricing and sales. If you are a seller or buyer in the region, these statistics can help you make beneficial decisions for your future.

Miami-Dade and Broward Post Positive Numbers

The counties of Miami-Dade and Broward recorded a trend of positive movements throughout the month of March 2020. You may also remember it as the month when the pandemic spread its roots in the U.S. 

According to some statistics by the Miami Herald, both areas remained strong through their median offer and closing prices. But that’s not all. They were also able to follow a similar trend in sales, which grew through the month on a consistent basis and remained on par with market movements from last year. 

For Miami-Dade County, the median price for a single-family unit rose by 9 percent in comparison to March 2019. Condos presented a similar story with a 9.8 percent annual growth. The region also recorded a total of 2,323 home sales, which is almost identical to the same time last year with a 0.43 percent growth.

For Broward County, the single-family unit median price saw an increase of 6.8 percent as compared to March 2019. Condo prices in the county rose by 6.2 percent. There were a total of 2,835 home sales, which is almost the same as last year with a growth of 0.18 percent. 

South Florida’s Resilience Brings New Hope 

Since South Florida real estate is known for its competitive trends, the statistics breathe new life into the real estate sector through multiple aspects. Firstly, they show that particularly popular regions can hold their own amid difficult conditions. Secondly, they demonstrate the ability of the real estate sector to improve through challenging situations. 

But it is not just all due to the tenacity of certain real estate markets. It is also because of the realtors’ drive to adapt to new circumstances to cater to buyers and sellers like you. 

As restrictions related to the novel coronavirus grew tighter, South Florida realtors started to invest in the aspect of virtual showings and digital closings. By letting buyers take in the sights of a home without setting foot at the property and providing options to accommodate video meetings, the realtors in South Florida molded their everyday practices to meet new demands. 

Current Shortage of Inventory Might Create a Competitive Market

These improvements and changes came in the face of a shrinking inventory in both Miami-Dade and Broward. While both counties closed more than 90 percent of listings at or near the asking price, sellers’ hesitance to put their homes on the market was evident through the month. As compared to March 2019, March 2020 noticed a significant decrease in home and condo inventory. 

But as the market moves forward to come out at the other end of the pandemic, this shortage in inventory is an indication of long term improvement. Realtors estimate that when life gets back to normal, the cooped up demand would come out in full force and create more competition in the region. 

This also means that if you were looking to close on a transaction in South Florida at affordable prices, this would be the ideal time to do so.

Categories:

48 Responses

  1. I simply want to tell you that I’m new to blogs and seriously liked this web-site. Likely I’m going to bookmark your blog . You really come with outstanding stories. Appreciate it for sharing your website.

  2. Aw, this was an actually wonderful message. In idea I would like to put in writing like this in addition? taking some time as well as real effort to make an excellent short article? yet what can I claim? I hesitate alot as well as by no means seem to get something done.

  3. I feel like I’m constantly looking for interesting things to read about a variety of subjects, but I manage to include your blog among my reads every day because you have compelling entries that I look forward to. Here’s hoping there’s a lot more amazing material coming!

  4. Hey there would you mind stating which blog platform you’re working with? I’m planning to start my own blog soon but I’m having a difficult time choosing between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your layout seems different then most blogs and I’m looking for something unique. P.S My apologies for getting off-topic but I had to ask!

  5. When I originally commented I clicked the -Notify me when new surveys are added- checkbox and from now on when a comment is added I receive four emails with the same comment. Is there by any means you are able to remove me from that service? Thanks!

  6. When I initially commented I clicked the -Alert me when new remarks are added- checkbox as well as now each time a remark is included I get 4 e-mails with the same remark. Exists any way you can remove me from that solution? Thanks!

  7. The following time I review a blog site, I wish that it does not dissatisfy me as high as this. I imply, I recognize it was my choice to review, but I in fact thought youd have something intriguing to say. All I listen to is a lot of yawping regarding something that you might take care of if you werent also hectic seeking interest.

  8. Good post. I find out something extra challenging on different blogs daily. It will constantly be promoting to check out web content from various other writers and practice a something from their shop. I?d choose to utilize some with the material on my blog site whether you don?t mind. Natually I?ll give you a web link on your internet blog. Thanks for sharing.

  9. I?m impressed, I need to say. Really hardly ever do I encounter a blog site that?s both educative as well as enjoyable, and let me inform you, you have actually struck the nail on the head. Your idea is outstanding; the concern is something that not nearly enough individuals are speaking intelligently about. I am really delighted that I stumbled across this in my search for something connecting to this.

  10. There are certainly a great deal of details like that to think about. That is a terrific indicate raise. I use the thoughts over as general motivation however plainly there are questions like the one you bring up where one of the most crucial thing will be working in sincere good faith. I don?t understand if ideal methods have arised around things like that, but I am sure that your job is clearly recognized as an up for grabs. Both children and also ladies really feel the effect of simply a moment?s enjoyment, for the remainder of their lives.

  11. Spot on with this write-up, I truly think this website needs a lot more factor to consider. I?ll possibly be again to check out a lot more, many thanks for that details.

  12. Spot on with this article, I genuinely think this web site needs much more consideration. I?ll probably be once again to check out much more, many thanks for that details.

  13. I?m impressed, I need to state. Truly hardly ever do I come across a blog site that?s both instructional as well as amusing, as well as let me tell you, you have actually struck the nail on the head. Your idea is impressive; the issue is something that not enough people are speaking intelligently about. I am really happy that I came across this in my search for something associating with this.

  14. You made some decent points there. I looked on the net for the issue and also located most individuals will certainly go along with with your internet site.

  15. Hi! I could have sworn I’ve visited this site before but after going through a few of the posts I realized it’s new to me. Anyhow, I’m definitely pleased I found it and I’ll be book-marking it and checking back regularly!

  16. I?d need to check with you right here. Which is not something I typically do! I take pleasure in reading a blog post that will certainly make individuals think. Likewise, thanks for enabling me to comment!

  17. I’m excited to discover this page. I need to to thank you for ones time for this fantastic read!! I definitely appreciated every bit of it and I have you saved to fav to look at new information in your blog.

  18. May I simply say what a comfort to find an individual who really understands what they’re talking about online. You definitely understand how to bring an issue to light and make it important. A lot more people ought to check this out and understand this side of your story. I can’t believe you are not more popular since you most certainly possess the gift.

  19. An excellent share, I just given this onto a colleague who was doing a little evaluation on this. And he actually purchased me breakfast since I discovered it for him. smile. So let me reword that: Thnx for the reward! Yet yeah Thnkx for spending the moment to discuss this, I really feel highly about it as well as enjoy learning more on this subject. When possible, as you end up being know-how, would you mind upgrading your blog site with even more details? It is extremely handy for me. Huge thumb up for this article!

Leave a Reply

Your email address will not be published. Required fields are marked *