Can you believe we are still in a seller's market?
It's true. Here is a snapshot of market statistics for Broward County for June 2020 and how it compares to the same time last year. With single family homes the number of closed sales are down only 10.3% from last year. The number of closed condo sales is down 31.5% Many of you may be surprised to see that even in the midst of a pandemic median values have risen 5.4% for single family homes and 13.8% for condos.
If you take a look at the available inventory there are 27.7% fewer available single family homes. Available condo listings is about the same as last year, less than one percent difference. Would you have guessed we would still be in a seller's market three or four months ago? Pandemic or not people still need homes an sellers have been reluctant to put their homes on the market and have a bunch of strangers going through. In addition mortgage rates are at record lows. That is driving demand. I have been seeing multiple offer situations and so have many of my associates.
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