The Lamacchia Realty South Florida Housing Report presents overall home sale statistics and highlights the average sale prices for single families, condominiums/townhomes in Broward County, Miami-Dade County, and Palm Beach County for September 2021 compared to September 2020. It also looks at other metrics like New Listings and New Pending Sales as they are often the best indicators for predicting future trends in the market. 2019 will be examined in some areas to highlight the lingering impact of COVID in real estate.
COVID-19 shutdowns were put in place in late spring last year, which subsequently negatively impacted closed sales in mid-summer of 2020 and in turn caused a delayed increase in demand in fall of 2020. That is part of the reason that we go back to 2019, so that we can get a better comparison.
The inventory crisis last year caused demand to spike higher than ever by fall into winter, which in turn caused prices to continue to increase significantly. This rise has continued to the present day without reason to expect they’ll decrease any time in the near future, though the hope is that the rate of increase will slow down.
Broward County
Broward County prices increased, but every other category declined year over year for single families. Condos/townhomes increased in all categories except newly listed properties.
Broward County Single Families for September:
Broward County Condos/Townhomes for September:
Miami-Dade & Palm Beach Counties
In September of 2021, Miami-Dade and Palm Beach County Single families performed the same with newly listed properties down, but sales, prices and pending sales up. Miami Dade condos/townhomes increased in every category, while Palm-Beach County condos/townhomes increased in sales and prices but decreased in newly listed properties and pending sales.
Miami-Dade County Single Families for September:
Miami-Dade County Condos/Townhomes for September:
Palm Beach County Single Families for September:
Palm Beach County Condos/Townhomes for September:
What’s Ahead?
South Florida is seeing a dip in sales, new listings, and new pending sales overall, while prices are still increasing. Though a dip in new listings doesn’t bode well for inventory, a decrease in sales and pending sales is a sign that some inventory is sticking around longer than it has in months past, which is a good sign for buyers. With less competition, with mortgage rates still lower than they’re going to be by end of year, and with prices still climbing, now is the best time to buy; the best in fact, in two years.
Competition is likely to come back in full force as the borders are opening back up on November 8th to international buyers from South America and Canada, two very popular transplant locations for those relocating full-time or those looking to snowbird in the warm weather. Any current buyers considering making an offer would be well advised to move fast.
Many people who are seasoned snowbirds ended up having to brave the cold winter months due to travel and border restrictions last year, so it’s expected to see their return in full force this year now that the restrictions are lifted. Local buyers are going to have to be prepared to compete for homes.
*Data provided by Florida Realtors® SunStats