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.

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Henrique A. Faria. Realtor

Avanti way Realty

(954) 5042895

hfaria35@gmail.com

ecard

Source: MIAMI Association of Realtors.

Henrique A. Faria

About Me

Hi there! I’m Henrique Faría, and I’m here to make your move to Broward or Miami-Dade as smooth and enjoyable as possible. Whether you’re coming in from New York, California, another country, or just relocating within the area—maybe upsizing or downsizing—I’ve got you covered.

I specialize in the beautiful communities of Pembroke Pines, Southwest Ranches, Weston, and, of course, Hollywood. I know these areas inside and out and can help you find the perfect home to fit your lifestyle—whether you’re looking for a cozy place with no HOA, a family-friendly neighborhood with great schools, or just a fantastic local vibe.

I’m proud to say that I speak both English and Spanish, so we can chat in whichever language you’re more comfortable with. Working with me means you’ll get personalized, friendly service from someone who truly cares about making your transition easy.

And remember, I’m not just here for newcomers—if you’re already living in Broward or Miami-Dade and looking to move to a bigger or smaller home, I can help with that too.

When I’m not helping clients, you’ll find me enjoying all the local gems our vibrant communities have to offer. So whether you’re moving from far away or just making a local change, let’s make it a great experience together. I’m just a call or message away!

Broward County Total Home Sales and prices Rise in August 2020

Henrique A. Faria

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