The South Florida Real-Estate boom is back
Bottom Line: We saw strong sales in South Florida to wrap up 2019 and any thought that it was fleeting is now completely gone. South Florida’s real-estate market has its groove back in a big way with record sales numbers and remarkable year over year growth. Here’s what happened to start 2020 in South Florida.
Broward: Sales up 6% and prices up 5.8% with single-family home sales showing the strongest growth.
Miami-Dade: Sales up 15.6% and prices up 5.7% with condos leading in sales growth for the month.
Palm Beach: Sales boomed, growing 25.1% with prices averaging a 9% increase. Growth was huge across the board in the Palm Beaches.
There’s nothing not to like in these numbers and the follow up to December’s super impressive finish to the year suggests there could be more to this story - perhaps part of a new trend? It’s clear the combination of record low unemployment in South Florida along with record high credit scores, record high wages and near record low mortgage rates are providing the underpinnings of something pretty special in the making that thousands of South Floridians are taking advantage of right now.
Here’s something else to be mindful of. There tends to be a bit of a ying-yang effect with stock market selloffs and South Florida real-estate. Aside from the Great Recession which took everything lower, traditional corrections in the stock market have provided positive catalysts for real-estate with investors having money on the sidelines. The timing of the sudden surge along with a correction in stocks could provide even more fuel for South Florida’s real-estate fire early in 2020.