South Florida home sales edge out 2019 for the second consecutive month. They’re still pushing up prices, elevating the median price in Miami-Dade and Broward counties to $425,000 for a single-family home. That number is the highest it’s ever been.
Per the Miami Association of Realtors, the overall amount of home purchases was up more than twelve percent in September 2020 relative to September 2019 purchases in both Miami-Dade County and Broward. In August, this follows a comparable rise.
From 2,240 in September of last year to 2,521 in September 2020, gross home sales grew by just over twelve percent. Sales of single-family homes increased by nearly twenty percent; sales of condos also saw minor increases of a little over six percent.
The popularity in Miami-Dade is causing a significant drop in inventory, which decreased by more than 35 percent for single-family homes from 6,444 in September 2019 to 4,039 in September of this year and just over six percent for condos from 15,142 to 14,148. For single-family houses, the inventory has 3.8 months of availability and 13.8 months for condos. Healthy demand is perceived by business experts to consist of six to nine months of inventory.
To read more, visit https://www.miamiherald.com/news/business/real-estate-news/article246734586.html.
This update is by hard money loans Miami company Monroe Funding Corporation, a direct equity lender serving clients throughout Central and South Florida. We specialize in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get you to the closing table quickly and professionally. For more information on Florida hard money lending, please call 954-816-0388 or fill out our application.