The Housing Market and Coronavirus

As a broker specializing in luxury real estate in South Florida for over 30 years, I have encountered challenges along the way, working through COVID as well as in the real estate market.

While much of the country was working on a phased reopening of the economy back in June, real estate activity continued to strengthen. Nationally, June showed activity as tracked by ShowingTime was up notably from the COVID-19 depressed levels in recent months, but was up from June 2019, reflecting pent-up demand by prospective home buyers.

Broward County’s single-family market overview provided by BeachesMLS, indicates that new listings decreased 9.4% for Single Family homes, but increased 2.8% for Townhouse/ Condo homes. Pending Sales increased 28.2% for Single Family homes and 7.0% for Townhouse/Condo homes. Inventory decreased 31.2% for Single Family homes and 4.4% for Townhouse/Condo homes.

Median Sales Price increased 6.8% for Single Family homes and 13.7% for Townhouse/ Condo homes. Median Time to Contract increased 15.2% for Single Family homes and 20.5% for Townhouse/Condo homes. Month’s Supply of Inventory decreased 27.3% for Single Family homes but increased 6.9% for Townhouse/Condo homes. In July, buyer activity continued to be strong and the demand is high, fewer homes are being listed for sale than a year ago, although property values in many communities are on the rise. Housing experts believe that sellers remain reluctant to list their homes due to continued concerns over COVID-19, which was beginning to see a resurgence in June. Until sellers regain confidence, housing inventory will continue to be constrained during an active summer selling season. Sales’ activity in the Southwest Ranches and Davie areas has increased two-fold, as buyers seek out homes with larger outdoor space for their families to enjoy recreationally during the pandemic.

We have a dedicated team of professional Associates’ combined experience in real estate sales, marketing, appraising, building and transaction processing tops over 145 years of combined experience. The Caprio Real Estate firm will assure that all of your real estate needs are met, seven days a week, with the highest level of professional service possible maintaining honesty and integrity. “In this Day and Age”, the safety of our sellers, buyers, and agents is our number one concern. The Joe Caprio team vets buyers, their realtors and accompany all showings, as well as ensures compliance with the proper use of PPE (Personal Protective Equipment). Our team will work to assist you in all aspects of your real estate transactions. Let us help you market your present home and/or help you find your family’s new home.

By Joe Caprio
Joe Caprio and Co. Real Estate