Market Report: Southeast Florida, September 2020

Monthly Indicators –
SOUTHEAST FLORIDA –
September 2020 –

Data courtesy of floridarealtors.org

Beaches MLS Service Area:
Broward | Palm Beaches | St Lucie

Strong buyer activity has continued into the fall, which is normally the start
of the seasonal slowing of the housing market. With stronger buyer activity
in the market this year and the continued constrained supply of homes for
sale, speedy sales and multiple offers are likely to remain a common
occurrence and will keep the housing market hot even when the weather is
cooling.

New Listings increased 11.1 percent for Single Family homes and 16.7
percent for Townhouse/Condo homes. Pending Sales increased 30.5
percent for Single Family homes and 36.7 percent for Townhouse/Condo
homes. Inventory decreased 39.0 percent for Single Family homes and 2.4
percent for Townhouse/Condo homes.

Median Sales Price increased 11.5 percent to $390,000 for Single Family
homes and 13.0 percent to $200,000 for Townhouse/Condo homes. Media
Time to Contract decreased 48.6 percent for Single Family homes and 14.3
percent for Townhouse/Condo homes. Months Supply of Inventory
decreased 41.9 percent for Single Family homes but increased 4.0 percent
for Townhouse/Condo homes.

While mortgage rates remain near record lows, The Mortgage Bankers
Association reports that lending standards are tightening, which makes it a
bit more difficult for some buyers to qualify. At the same time,
unemployment remains substantially higher than a year ago due to COVID19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.

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