According to a recent report from the Miami Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system, Broward County total home sales and prices increased year-over-year in 1Q 2020. Numbers indicate that total home sales in Broward County increased 3.4% year-over-year, from 6,797 to 7,025. Existing condo sales increased 2.2%, from 3,622 to 3,703, while single-family home sales rose 4.6%, from 3,175 to 3,322.
Despite the ongoing social and economic pressure from the global coronavirus pandemic, “The robust fundamentals of the South Florida housing market in the first quarter are already minimizing the impact of COVID-19 on sales activity and demand,” said Broward MIAMI President Sharon R. Lindblade in a press release announcing the numbers. “We are seeing sales, pending contracts and listings again trend upwards and expect there will be pent-up demand later in the year. Demand and insufficient supply, particularly in certain price ranges and neighborhoods, will continue to generate price appreciation.”
Total Sales Volume Jumps
Broward condo dollar volume increased 9.9%, from $805.3 million to $885 million.
Non-distressed sales comprised about 96.2% of all closed residential sales in 1Q 2020 vs. 95.4% in 1Q 2019. Only 3.8% of all closed residential sales in Broward were distressed in 1Q 2020, including bank-owned properties (REOs) and short sales, compared to 4.6% in 1Q 2019. Short sales and REOs accounted for 1.1 and 2.8%, respectively, of total Broward sales in 1Q 2020. Short sale transactions increased 1.4% year-over-year while REOs fell 19.2%.
Broward condo sales priced between $300K to $400K rose 27.1% year-over-year to 371 transactions in 1Q 2020. Luxury condo transactions decreased 1.6% to 61 sales in 1Q 2020.