Market Snapshot: October

Market Snapshot: Broward County & Miami-Dade County

South Florida real estate is shining like never before! Low interest rates, low inventory, and high demand is fueling transactions and robust price appreciation. The market is showing no sign of slowing down and buyers are continuing to buy despite the record high prices. Below you will find data from the month of October.

Broward County

- Broward single-family home sales have now showed double digit, year over year increases since July.

- Broward County single-family home prices increased 14.6% year over year in October 2020, that's an increase from $362,000 to $415,000.

- Existing condo prices increased 12.5% year over year, from $168,000 to $189,000.

- Total Broward distressed sales decreased 51.6%, from 126 to 61, hinting to a healthy market.

Miami-Dade County

- Miami-Dade County total home sales jumped 16.2% year over year, from 2,355 to 2,737.

- "Miami single-family home sales have now shown double digit, year over year increases since July and Miami existing condos have posted transaction gains for two straight months" - MIAMI Chairman of the Board Jorge L. Guerra Jr.

- Miami-Dade County single-family home prices increased 19.2% year over year in October 2020, increasing from $365,000 to $435,000.

- Existing condo prices increased 8.5% year over year, from $247,000 to $268,000.

- Total Miami distressed sales decreased 52%, from 150 to 72, hinting to a healthy market.

Data Source : Miami Realtors

Check out how South Florida markets did this October compared to October 2019.

Realtor's Opinion:

The data shows an incredibly hot market but it still doesn't tell the full story. From my personal experiences as a real estate agent, I've never seen anything like this market. In many occasions hot listings are receiving multiple offers and are selling over asking price. Buyers are having bidding wars and some are even waiving appraisal in order to make their offer stick out among the rest. I've seen the craze from both sides. On the selling side its can get hectic if your property is highly desired, it gets difficult to manage all showings and multiple offer situations. On the buying side, its extremely tough… unrealistic buyers have no chance in this market and sometimes even full price offers get blown over. Demand is HIGH! 

We are currently in a seller’s market but it is still a great time to buy for some buyers. South Florida is experiencing major growth and is quickly becoming a world center. Homes are currently selling for record high prices but even at those prices homes are still drastically cheaper than homes in other major states such as California, New York, and Chicago. Florida is currently ranked #1 in number of new residents. In my opinion, homes will continue to appreciate and the prices that we are seeing now will be considered low in a few years. This could be a once in a lifetime opportunity to lock in record low interest rates on property that may continue to appreciate rapidly.

Herson Richiez

(954) 829-6073

Herson@Bridgestonere.com