A Market Where Buyers Can Win!
Real Estate markets nationwide are dealing with shortages of single family home inventory. Many variables play a factor in the lack of inventory. Some of the most significant factors are the record low interest rates keeping buyers on the market and the lack of homeowners willing to sell despite their high equity levels. Buyers can still find great single family homes in the market, they just have to be prepared to put up a fight to get it. Specifically in South Florida, our single family home market is currently in a growth stage that may be irreversible. South Florida homes have been extremely affordable until the last few years and the truth is that prices very likely will continue to increase. My advice to buyers that need to buy a single family home is to buy ASAP! My advice to buyers that are more flexible with their housing is to buy a condo!
Unlike the South Florida single family home market, the condo market is currently a buyer's market. South Florida has a surplus of condo inventory due to all of the condo construction in the last few years. The strain on single family home supply has been spilling over to the condo market and has resulted in more condo sales over the last few months. Although the condo market has gained a lot of momentum, it is still a buyers market and there is a lot of inventory to pick from. The surplus of inventory can help buyers negotiate better deals. Don't wait for the South Florida condo market to become a seller's market! Below are a few stats comparing condo activity February 2021 and February 2020.
Broward Condo Market:
- 5 months of inventory in February 2021, a decrease from 8 months of inventory in February 2020.
- 6,443 active condo listings in February 2021, a decrease from 7,392 active listings in February 2020.
Miami-Dade Condo Market:
- 11 months of inventory in February 2021, a decrease from 18 months of inventory in February 2020.
- 12,361 active condo listings in February 2021, a decrease from 14,523 active listings in February 2020.
Palm Beach Condo Market:
- 4 months of inventory in February 2021, a decrease from 7 months of inventory is February 2020.
- 3,813 active condo listings in February 2021, a decrease from 5,814 active listings in February 2020.
Click Below To View Available Condo Inventory In Broward, Miami-Dade, and Palm Beach Counties.
To explore your possibilities feel free to call, text, or email me.
Herson Richiez with Bridgestone Realty
(954)829-6073
Herson@BridgestoneRE.com
Florida Home Prices Rose 16.6% Since February Of Last Year.
