We saw strong sales in South Florida as we wrapped up 2019 and any thought that it was fleeting is now completely gone. South Florida’s real estate market has its groove back with record sales numbers and remarkable year over year growth. At the start of 2020 in South Florida, we saw sales up 6% and prices up 5.8% with single-family home sales showing the strongest growth in Broward County. Looking to Miami-Dade, sales went up 15.6% and prices up 5.7% with condos leading in sales growth for the month.
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 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 Floridian s are taking advantage of right now.
Something else to be mindful of is that 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.
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