South Florida Market Update
Mortgage applications are 33% higher than a year ago
Long-term mortgage rates fall to 2.91%
14% of buyers purchased new homes, with 86% purchasing previously owned homes
Buyers prefer to move into a newer property vs. on that needs updates and remodeling
82% of buyers reported that they view a home purchase as a good investment
In the Single-Family House market it is a Seller's market here in South Florida - there is a low inventory of single-family homes, there hasn't been a better time to sell a home
Low inventory of single family homes for rent below $10,000/month, mostly in areas such as Coconut Grove, Coral Gables, South Miami and Pinecrest
For Condos there is a high inventory making it a Buyer's market
Condo rentals, when priced well at market prices, are renting quickly.
Pricing a property well, especially condos, is extremely important now more than ever. Over market priced properties sit for longer periods of time compared to other properties that are well priced which get a lot more activity and offers.
We are experiencing a high volume of short-term rentals for the high season (October-March), especially from people coming from the North East.
2020 International Transactions in the U.S:
There was a $74 Billion dollar volume of foreign buyer residential purchases between April 2019 - March 2020 - 5% decrease from April 2018 - March 2019
Top 5 Destinations: Florida (22%), California (15%), Texas (9%), New York (5%), New Jersey (4%)
Top 5 Foreign Buyers: China ($11.5B), Canada ($9.5B), Mexico ($5.7B), India ($5.4B), Colombia ($1.3B)
8% of foreign buyers purchase a home of $1M or more
We'd love to get a conversation going and hear your thoughts and personal observations about the market.