Real Estate Market South Florida November 2020 | Housing Market Miami Dade, Broward & Palm Beach

Real Estate Market South Florida November 2020 | Housing Market Miami Dade, Broward & Palm Beach
How was the real estate market in Florida November 2020 |real estate market report for Miami-Dade, Broward and Palm Beach Counties

Chapters
00:00 Intro-Real estate market SE Florida November 2020
00:41 Market trends review
04:23 Market Stats for SE Florida
04:27 Real estate market stats Miami Dade county Florida
04:55 Real estate market stats Broward county Florida
05:17 Palm Beach County Real Estate Market September 2020
05:20 Real estate market stats Palm Beach county Florida
05:51 Real Estate SE Florida contact Kate Smith Group
06:05 Realtor Kate Smith contact information

In 2020, we saw another “great migration” as hundreds of thousands of Americans depart large urban cities for the suburbs, the countryside and different parts of the country. The existing homes sales for the year 2020, report ending November 2020, shows an increase of 5% over 2019.

There are a myriad of reasons behind this migration:
1. The impact of the pandemic is clearly at the top of the list.
2. The shift from being required to live where you work to an economy and job market that allows you live outside of where you work, as employers redeploy workers away from offices and to their homes.
3. The civil unrest in a number of cities in the spring and summer.
4. Again, due to the pandemic, the closing of so many amenities that make great cities so attractive with no assurance of when or whether they may return.
5. Lastly, the rising costs of living in major urban core areas when work can now be located in less expensive areas.

Miami-Dade County: total home sales 18.7% increase, median price increase of 23.3%; current available inventory of single family homes - a decrease by 40.4% and only 3.6 month of supply of inventory, strong seller’s market.
Miami Dade condo market, median sales price - increase of 10.2%, active inventory 10.91% decrease from 2019, still a buyer’s market with 13 months of supply of inventory.
Broward County total home sales surged 25.6% , strong seller’s market, increase in pricing by 13.3%; decrease in inventory, with only 2.4 months of inventory.
Broward County condo market, with 6.1 months of inventory is a balanced market.
Palm Beach County shows a very active real estate market with a lot of high-priced sales, increasing the dollar volume by 97.5%. Single family homes, strong seller’s market with only 2.7 months of inventory supply.
Palm Beach condo market indicates a sellers’ market with 4.9 months of inventory, closed sale up by 37% year over year; median sales price increased by 16.9.
➡Trend 1: Migration continues to states with favorable tax and weather conditions, vacation home destinations and suburbs. People settling in vacation home destinations has become a strong trend this year and expected to continue. Luxury home sales continue to surge.
➡Trend 2: Move-up Buyers. The need for more space, interior and exterior continues to be as strong as ever. The buyers today are looking for larger homes, with a designated home office and more outdoor space.
➡Signs of low inventory in single family homes. Condo markets soft in select areas, Miami Dade, balanced in Broward and Seller’s market in Palm Beach.
How do these trends apply to our local SE Florida real estate markets: Miami Dade, Broward and Palm Beach counties? You'll want to watch 👀 this video for comprehensive market details on SE Florida real estate housing 🏡 market 👆
For those of you that have real estate on your mind, and are thinking of buying a home in SE Florida or, considering of selling one I would love to have a conversation with you.
Let's talk! 📞C:786.412.8510 | 📧kate.smithfl@gmail.com | https://www.realtorkatesmith.com

Kate Smith | Kate Smith Group | EXP Realty | Hollywood FL
https://instacard.info/Kate-Smith
Check out these videos to find the answers to your home buying or home-selling questions:
👉 Why choose a second home/ vacation home? 👉 https://youtu.be/RaSybrQSRag
👉 Move-Up Home or Second Home? 👉 https://youtu.be/4HcOlrT34m4
👉 Selling A House Fix Up Your Home Or Sell As Is? 👉 https://youtu.be/tKEiN9p5BtE
👉 Selling A Home-Pricing Strategies 👉 https://youtu.be/J5RzptHGMxo
👉 Buying A Flipped House – Things You Need To Know 👉 https://youtu.be/_JhnmYcFV4A
Want to know more about Hollywood? Check out these videos:
👉 Hollywood Lakes Hollywood Architecture 👉 https://youtu.be/-F_Y3dl4Al0
👉 Hollywood Lakes Hollywood, A Walk In The Neighborhood 👉 https://youtu.be/YpdYp4p1IDY
👉 Hollywood Beach and Hollywood Broadwalk 👉 https://youtu.be/PFjJL_MsWNM
👉 Moving To Hollywood FL 👉 https://youtu.be/qRTX19CI_S8