September 2020 Broward Real Estate Market Trends

September 2020

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 3.1 percent for Single Family homes and 14.5 percent for Townhouse/Condo homes.
  • Pending Sales increased 45.7 percent for Single Family homes and 41.4 percent for Townhouse/Condo homes.
  • Inventory decreased 40.3 percent for Single Family homes and 0.4 percent for Townhouse/Condo homes.
  • Median Sales Price increased 16.0 percent to $423,500 for Single Family homes and 14.6 percent to $194,775 for Townhouse/Condo homes.
  • Median Time to Contract decreased 42.9 percent for Single Family homes and 4.5 percent for Townhouse/Condo homes.
  • Months Supply of Inventory decreased 41.5 percent for Single Family homes but increased 9.3 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 COVID- 19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.