A solid response from a state where COVID-19 has spread rapidly.
As the coronavirus (COVID-19) pandemic continues making its way through the U.S., many industries are bouncing back to normal. The South Florida housing market is one of those sectors.
After experiencing an initial effect in activity, the real estate heaven is enjoying business as usual. Home showings are back on the map. Listings are seeing typical buyer interest. And most of all, sales are increasing on a consistent basis.
Sales Activity Has Doubled As Compared to Last Year
Both Broward and Miami-Dade counties recently had incredible improvements on record. In terms of new signed contracts, the areas surpassed their recorded activity from last year. This equally held true for single-family homes and condos, which noted an increase of 82 percent to 100.8 percent.
- Single-family Homes
For single-family homes, Broward County counted 1,052 new signed contracts in July 2020. It’s almost double the amount of the 524 contracts signed in July 2019. Whereas, Miami-Dade noted 1,727 new signed contracts in July 2020. It’s near twice the amount of 888 contracts from the same time last year.
The South Florida real estate had similar statistics for condos. Broward went from 455 new signed contracts in July 2019 to 895 contracts in July 2020. But Miami-Dade wasn’t far behind and jumped from 3,345 to 6,087 contracts for the same period.
New Listings Have Dwindled, But Only by a Slight Margin
Despite the massive increase in contracts, the number of new listings of single-family homes has slightly slowed down during COVID-19. This holds true for both Broward and Miami-Dade. Broward dropped from 1,122 listings in July 2019 to 1,072 listings in July 2020. For the same period, Miami-Dade went from 947 listings last year to 859 listings this year.
But that slight decrease in inventory didn’t stop out of state buyers from approaching the South Florida housing market. According to local realtors, they are seeing buyers from various areas. This includes locations such as Boston, Massachusetts; Chicago, Illinois; as well as various cities from California and New York.
This is not a surprise during typical market activity. With its mix of single-family homes and condos, South Florida is known for catering to a variety of homebuyers. From those moving between cities to those relocating from another state, the area deems equally suitable for different segments. This also makes way for consistent buyer interest, especially during the busy summer season.
The South Florida Market Has Remained Resilient Through the Pandemic
The phenomenon of continuous interest was also notable during the initial months of the COVID-19 outbreak. In April 2020, the South Florida real estate market went through a period of slowed activity. But even then, the market didn’t completely break down like some other real estate locations in the country.
After going through a tough couple of months, the market started seeing signs of improvement in June. The boost was moderate, but it indicated an upcoming period of revival for the market. Now that the results are in, it is easy to say that the South Florida market has proven its resilience.