The March 2020 report from the Miami Association of Realtors, shows an increase of sales in the real estate market. “The Miami real estate market extended its run of solid expansion through March 2020,” said Jorge L. Guerra Jr. the association’s chairman of the board. “While COVID-19 is expected to temporarily impact home sales on a global level, we remain optimistic the robust fundamentals of the South Florida housing market will minimize the impact and sales activity will resume later in the year, as things normalize and pent-up demand builds.”
Here we show the market by the numbers
| Miami-Dade | Broward |
| Sales
Total increase by 43% Single-family increased by 1.6% Condos increased by .6% |
Sales
Total decreased by 0.18% Single-family decreased by 1.% Condos increased by 1.2% |
| Inventory
Single-family dropped by 1.6% Condos dropped by 13%
Actual Supply Single-family 5.5 months of supply Condos 12.5 months of supply |
Inventory
Single-family dropped by 18.6% Condos dropped by 6.9%
Actual Supply Single-family 3.7 months of supply Condos 5.9 months of supply |
| Median Prices Growth
Single-family increased by 9% from $351,250 to 382,750 Condos increased by 9.8% from $244,950 to $269,000 |
Median Prices Growth
Single-family increased by 6.8% from $365,000 to 390,000 Condos increased by 6.2% from $2169,525 to $180,000 |
| Luxury Real Estate Market
Price Prices increased for both single-family homes and condos
Luxury Transactions Single-family transactions increased by 17.1 % Condos transactions increased by 46.8% |
Luxury Real Estate Market
Price Prices increased for both single-family homes and decreased for condos
Luxury Transactions Single-family transactions increased by 18.3% Condo transactions decreased by 24.2% |
| Listing Price
More than 90% of properties were sold for or near the asking price. |
Listing Price
More than 90% of properties were sold for or near the asking price. |
| Cash Transactions
Decreased by 32.4% from 35.6% in March 2019 |
Cash Transactions
Decreased by 35.9% from 37.7% in March 2019 |
Before COVID-19, South Florida real estate sales were increasing, and even though the market has slowed down, it is expected for the south Florida real estate market to bounce back.
We are here to offer solutions to our clients, even during COVID-19 we have adapted to the needs of our clients and our industry providing many options for closings following social distancing measures from drive-in curbside closings to remote online notarization.
Remote online notarization offers real estate professionals the benefit to close transactions in which one of the parties is out of town, giving them the opportunity to provide a suitable closing experience.
The South Florida real estate industry remains active; there are still opportunities to find buyers and sellers. Realtors and brokers are offering virtual showings and regular showings when it is possible, always following social distancing. Realtors should be using this time to enhance their social media presence, build their following, and gain interested buyers for now as well as after this pandemic ends.
We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
