April 2020 South Florida Real Estate Market Update

A Look Inside South Florida’s Real Estate Market - April 2020

Amid these unprecedented times, The Pearl Antonacci Group of Lang Realty is endeavoring to keep you educated on the latest trends in the Miami-Dade, Broward, and Palm Beach County real estate market, as we all prepare ourselves for whatever the future may bring. Whether you have already begun the process of buying or selling your home or are planning to in the near future, arming yourself with the most up to date information is more crucial than ever. See our latest area real estate insights for April of 2020 in the market report and graphs below. 

Our team has separated the monthly data between townhouses/apartments/condos and single-family homes. We have also compared these figures to other significant time periods, in order to provide as accurate a representation of the current market as possible. 

South Florida Townhouse and Condos Are a Buyer’s Market

In regards to total closed sales of townhomes, apartments, and condos during April of 2020, this sector saw an expected decline when compared to the previous year. Across all three counties, there was a 41.3% drop in homes sold in comparison to April 2019. In addition, there were 36.2% (1,446) less closed sales compared to the previous month. While this one month drop is certainly dramatic, the effects are less glum given the proper perspective; Overall, there remains only an 8.7% decrease in year-to-date sales when compared to last year.

That said, there was still plenty of activity, with 3,403 new listings coming to market, and 1,712 new pending sales recorded in April of 2020. However, there were still 28,789 active listings at the end of the month—only 7.4% fewer than in April of 2019.

With plenty of inventory and a significant drop in closed listings, all indications point to a buyer’s market. 

Positive News For South Florida Townhouse and Condo Sellers

On the other hand, the median sale price for the townhouse, apartment, and condo market demonstrated a 7.0% year-over-year increase, landing at $213,900—besting the year-to-date figure of $210,000. The average sale price also showed a modest year-over-year increase, rising 2.2% to $323,650. 

In other positive news for sellers, the median percentage of original list price hit a 12-month high this past April, topping out at 95.4%—a full 1.0% year-over-year gain. Additionally, the median time to contract dropped by 30.0% year-over-year to 42 days. This is also a 27.6% decrease in comparison with March.

The median time to sell came in at 85 days—a 14.1% decrease from April of 2019. We would urge sellers to consider the importance of targeted marketing, and the effect it plays on getting their homes sold. There are still buyers in the market who are willing to pay and move forward quickly—they just may be a little harder to find amid the rise in competing listings.

Buyers Hold the Power in the South Florida Single-Family Home Market

South Florida’s single-family home market did not experience quite as dramatic a downturn in closed sales compared to the prior year. The 3,041 homes sold accounted for a 32.7% year-over-year decrease, and 955 (23.9%) fewer sold compared to March. Overall, this is a 5.1% year-over-year decrease in closed sales—again, demonstrating less negative movement than the townhouses, apartments, and condos sector. There were 3,669 new listings recorded and 2,604 new pending sales—year-over-year decreases of 39.9% and 52.9% respectively. 17,233 active listings remained at the end of April 2020. Similar to the townhouse and condo market, South Florida single-family home buyers should be pleased with this data.

Some South Florida Single-Family Homes are Moving Quickly

Reflecting the townhouse and condo sector, median sale price for single-family homes across Miami-Dade, Broward, and Palm Beach counties showed a year-over-year increase; the $375,000 median sale price represented a 5.6% rise. Similarly, the average sale price reached $548,505—up by 4.7% in comparison with April of 2019. However, both of these figures were off from their high water marks recorded this past March.

Still, the median percentage of original list price showed a 12-month high of 96.2%, a 1.1% year-over-year increase. The median time to contract dropped by 39.6% year-over-year to 32 days, while time to sale fell by 18.1% to 77 days. 

Again, targeted marketing strategies are essential in market conditions such as these. Qualified buyers are taking advantage of the low-interest loan rates available for homes that meet their needs. Realtors adept at identifying the diamond in the rough—both on the buyer and seller side—will thrive in this market.

Stay Up to Date on South Florida Real Estate Trends

As day-to-day activities and routines begin to normalize in Palm Beach County and beyond, The Pearl Antonacci Group suggests that you stay up to date on all current real estate trends. To learn more about the latest real estate market news, please visit https://www.pearlantonacci.com/market-reports.php or fill out the form below and we will send you monthly or quarterly market reports.