South Florida Real Estate Market Report

How's the South Florida real estate market?

The COVID-19 pandemic has altered the way we live, work, socialize, and shop, but Florida real estate remains resilient as buyers look for more space and good deals. While Q3 is typically a slower market, the desire for more space and the pause in closing activity in April caused pent-up demand. In higher price ranges, including the ultra-luxury sector, little inventory has been left on the table. Across the state, months of single-family-home inventory, based on closed sales, was down year-over-year to 36.1% in Palm Beach County.  Think about that for a minute; there are 36% fewer homes available on the market in 2020 than there were one year ago in 2019. This

Top Predictions for the Real Estate Market in 2018

Compass goes public, economy soars, Congress pivots on homeownership tax benefits and more

As we approach the end of yet another year, one of the biggest questions on most everyone's minds, especially those of us in the real estate industry, is "what is going to happen next year?"  Brad Inman of Inman.com recently reviewed his past predictions about the real estate market, some of which came true and some not. Two years ago as we approached the year 2016, Brad Inman predicted that Donald Trump would be elected President of the United States.  That obviously came true.  Last year, Inman predicted that Zillow would expand overseas in 2017 and NAR would choose a woman CEO; didn't happen. 

Inman

2017 will be all about being nimble, responding quickly to market changes and keeping your clients informed

Key Takeaways

• There is solid optimism about the housing market in 2017, with 27.43 percent of respondents saying they are extremely optimistic.
• More than half of this survey's respondents (52.21 percent) expect President-elect Donald Trump to have a positive effect on the U.S. housing market.
• A strong majority (71.24 percent) of respondents have plans to expand their businesses next year.
• Nearly 50 percent of respondents think unit sales will go up in 2017, and 75 percent of those surveyed think that prices will go up.

Special Report survey respondents and some of the industry’s top executives were nearly

Properties coming to the market are being priced at record highs. Experts watching the economy state that these prices are not indicators of another market crash on the horizon. The term “housing bubble” is a scary one, but that is not what is happening today.

CoreLogic reports that two times as many urban markets are overvalued. This means that prices are inflated compared to the incomes of people looking to buy in these areas. This is a comparison between the second and first quarter numbers of this year. The values on these homes are not expected to fall anytime soon, which is the opposite of what a bubble is. Bubbles eventually burst. These home prices are high because there is limited inventory in desirable areas. Not because of sketchy selling