Part of how I cope with difficult or challenging situations in life is by gathering intel and arming myself with as much information as possible. When it comes to the coronavirus impact on Miami’s real estate market, that impulse pairs with a need to communicate with my client base. My hope is to serve my community and be part of the solution to guide with fact based guidance.
In that spirit, I’m continuing my effort to provide real time snapshots of Miami’s real estate market. As we dive into summer, we are seeing that the housing market is showing signs of strengthening. Just released May data tells a story of reopening as lockdown policies roll back nationwide. More listings are coming back on the market and home prices are holding steady. The chief economist at Realtor.com predicts a shortened but strong summer selling season – but that does require that people list their homes!
Early June reporting shows that homes for sale continue to be in short supply, down an average of 20% year over year nationally. In South Florida, new listings are down 22.5% and active listings are down 10%. This trend conflicts with a June 9th National Association of Realtors survey which found that the pandemic has made more Americans eager to buy. 53% of survey participants report they are more likely to buy a home in the next year due to the coronavirus outbreak (with millennials leading the way for the first time!). What’s motivating this desire are record low mortgage rates, reduced spending leading to more savings for the down payment, and small spaces during isolation making larger homeownership appealing. Surveyed Americans also seem more willing to spend more on their future home.
With buyer sentiment in mind, we believe now is the ideal time to list your home. My team is looking forward to helping ever more families explore different areas of South Florida which might now be available to them given remote work status. Please reach out to learn more about how these market shifts can work for you. Make use our Market Report features to see the latest sales and homes under contract in Coral Gables, Coconut Grove, and Pinecrest.