Broward County Total Home Sales and prices Rise in August 2020

Rising home prices continue to rise in Broward, according to the MIAMI Association of Realtors.

Total home sales increased 6.7%, from 2,895 to 3,089. Single-family home sales in Broward increased 16.4%, from 1,436 to 1,672.

The strongest sales are in the single-family market, showing a sellers market with an inventory of 2.8 months.

Meanwhile, mortgage applications increased by 3% and increased in value, compared to 2019.

Both the pandemic and the high taxes in the northern states have made a very high migration to Florida.

Before the COVID-19 situation, the Broward market was exceptionally strong. Miami real estate had a historically low delinquency, no subprime mortgage crisis, strong demand / low supply, low interest rates, strong population growth, demand from foreign buyers and tax refugees from tax-burdened states, high consumer confidence and a strong job market.

Limited supply is another price driver in this County.

Prices for single-family homes in Broward County increased 12.5% year-over-year in August 2020, increasing from $ 369,750 to $ 416,000. Existing condo prices increased 13.2% year-over-year, from $ 176,540 to $ 199,900.

Luxury and Middle Market Home Sales Increase in August 2020

Broward single-family homes priced between $ 400,000 and $ 600,000 increased 34.4% year-over-year to 527 transactions in August 2020. Sales of existing Broward condos priced between $ 400,000 and $ 600,000 increased 32.4% to 94 transactions.

Broward single-family luxury transactions ($ 1 million and above) increased 103.5% year-over-year to 116 sales in August 2020. Sales of existing luxury Broward condos ($ 1 million and above) increased 30.8% year-over-year -year to 17 transactions.

Historically low interest rates; a record S&P 500; the appeal of stable assets in a volatile economy; Homebuyers Leaving Tax-Laden Northeast States to Buy in Florida (No State Income Tax); and remote learning and work-from-home policies have combined to create a strong market for luxury single-family properties.

Dollar volume increases for single-family homes.

Single-family dollar volume increased 35.9% year-over-year, from $ 650.2 million to $ 883.9 million. Condo dollar volume increased 9.6% year-over-year, from $ 314.3 million to $ 344.4 million.

According to Freddie Mac, a conventional 30-year fixed-rate mortgage fell to 2.94% in August, up from 3.02% in July.

So if you want to buy or sell a home are excellent times in Broward County, for more information, do not hesitate to contact me.

....

Henrique A. Faria. Realtor

Avanti way Realty

(954) 5042895

hfaria35@gmail.com

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Source: MIAMI Association of Realtors.

Henrique A. Faria

Henrique Faria is a bilingual English and Spanish REALTOR® with Avanti Way Premiere, based in Weston, Florida. Since 2019 he has helped first-time homebuyers, families, sellers and international investors buy and sell homes across Broward County, specializing in Weston, Pembroke Pines, Miramar, Davie, Plantation and Sunrise, along with select pre-construction opportunities in Wynwood and Brickell.

Henrique was named Agentpreneur of the Year by Avanti Way and was featured in South Florida Agent Magazine. He holds the RENE® (Real Estate Negotiation Expert) and SFR® (Short Sales and Foreclosure Resource) certifications, and his clients have left him more than 200 reviews on Google.

Originally from Venezuela, Henrique understands what it takes to buy property in a new country. He guides Latin American investors and out-of-state buyers through financing, closing and every step in between, and helps local first-time buyers go from pre-qualification to keys in hand. Whether you’re buying your first home, selling, or investing in South Florida, he’s one call or message away at (954) 504-2895.

Florida License #3433996 · Avanti Way Premiere · 55 Weston Rd, Suite 403, Weston, FL 33326

Broward County Total Home Sales and prices Rise in August 2020

Henrique A. Faria

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