Market Report: Southeast Florida, May 2020

Monthly Indicators –
SOUTHEAST FLORIDA –
May 2020 –

Data courtesy of floridarealtors.org

RAPB and GFLR Service Area

While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May.

New Listings decreased 23.8 percent for Single Family homes and 15.1 percent for Townhouse/Condo homes. Pending Sales decreased 14.5 percent for Single Family homes and 31.3 percent for Townhouse/Condo homes. Inventory decreased 23.6 percent for Single Family homes and 6.5 percent for Townhouse/Condo homes.

Median Sales Price remained flat at $350,000 for Single Family homes but increased 3.2 percent to $187,800 for Townhouse/Condo properties. Median Time to Contract decreased 11.1 percent for Single Family homes but remained flat for Townhouse/Condo homes. Months Supply of Inventory decreased 20.4 percent for Single Family homes but increased 5.5 percent for Townhouse/Condo homes.

Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.

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Heather E. Towe, Realtor®
CRS®, CLHMS®, e-PRO®, PSA®
561-806-8550 | heather.towe.gmail.com
Licensed to Sell Real Estate in Florida

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