Monthly Indicators –
SOUTHEAST FLORIDA –
March 2020 –
Data courtesy of floridarealtors.org
RAPB and GFLR Service Area
As COVID-19’s impact spread across the country in March, the stock market declines started in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 6.6 million initial jobless claims filed in a single week—double the number last week and ten times higher than any other week on record prior to this month.
New Listings decreased 13.7 percent for Single Family homes and 13.8 percent for Townhouse/Condo homes. Pending Sales decreased 31.8 percent for Single Family homes and 37.5 percent for Townhouse/Condo homes. Inventory decreased 22.6 percent for Single Family homes and 11.6 percent for Townhouse/Condo homes.
Median Sales Price increased 6.5 percent to $364,900 for Single Family homes and 10.1 percent to $190,000 for Townhouse/Condo homes. Median Time to Contract decreased 23.3 percent for Single Family homes and 7.3 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 24.5 percent for Single Family homes and 10.2 percent for Townhouse/Condo homes.
While the effect of COVID-19 is varied throughout the country, we are likely to see impacts to housing activity now and into the coming months. Its continued spread is leading many companies and consumers to change their daily activities. ShowingTime is closely monitoring the situation and releasing daily updates on changes in showing activity. See national and state showing activity trends at https://www.showingtime.com/impact-of- coronavirus/.
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Heather E. Towe, P.A.
REALTOR®, CRS®, CLHMS®, e-PRO®, PSA®
561-806-8550 | heather.towe.gmail.com
Licensed to Sell Real Estate in Florida
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