Here is sales statistic for Broward County for the month of February 2020. The mood of the market has changed drastically since the end of February. The market was really gaining momentum heading into the peak selling months.
Most notable are the mean sales price for both condos and single family homes were up over 10% over Feb 2019. Inventory of available condos was down 11% and available single family homes was down an astounding 20.9%. We all know what has happened since the beginning of March. Right now it is anyone's guess what will happen to the south Florida real estate market. Sellers had a definite advantage but that will most likely shift in the coming months. People still need a place to live and plenty of people will still need to sell. Many are taking a wait and see approach.
Despite all the turmoil 2272 residential properties went under contract in the first 25 days of March. Real estate offices are supposed to close, but business can be done remotely. That could change, however. Our RE/Max offices have installed some protocols to do business in the midst of Covid-19 pandemic.
Values will likely not move much in either direction for the next 30 to 90 days. Beyond that is tough to predict where the market will go. I am hoping for the best but also preparing for tougher times.
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