Broward had the most home sales in August compared to its neighboring South Florida counties. It's no surprise, one broker said, as more buyers – both overseas and Miami – are looking for a sweet middle ground when it comes to density.
"Most of our buyers don't want to go to the countryside. They feel Broward is a compromise to get some of the benefits of a big city," said Dan Teixeira, real estate agent at Douglas Elliman.
According to Douglas Elliman's August 2020 report, home sales in Broward more than doubled year over year, up 135.6% for single-family homes and 161.1% for condominiums. Miami-Dade saw single-family home sales and condominium sales up 18.5% year over year.
The report compared the number of newly signed residential property contracts between $ 200,000 and over $ 1 million for the Multiple Listing Service [MLS] in August 2019 versus August 2020.
"The market in Broward is robust," said Teixeira. "We looked at quality of life long before Covid. The shoppers who come here from Miami, and mostly New York, have felt that Broward gives them a lot of choices, from boating to the boardwalk."
The Fort Lauderdale International Boat Show put Broward on the map for out-of-state buyers, Teixeira said. Most, if not all, Broward buyers want a waterfront home. Fort Lauderdale Beach attracts condo buyers, and Harbor Beach, Las Olas Isles, and Sunrise Intracoastal attract those looking for a single-family home.
Buyers from the northeast and California are driving sales in South Florida, said Teixeira and Dina Goldentayer, executive director of sales at Douglas Elliman.
According to the report, the number of new registrations does not correspond to the growing demand. Aside from a 12% year-over-year increase in single-family home registrations in Miami-Dade, the number of new registrations in Miami-Dade and Broward fell.
"The pandemic has made it clear to people that they either love their home and will never sell, or want and want to sell something else," Goldentayer said.
Newly signed single-family home contracts increased from 1,248 in August 2019 to 1,479 in August 2020. This year, most contracts were for homes priced between $ 300,000 and $ 399,999, while homes priced below $ 200,000 were the least active.
The number of new listings increased from 942 in August 2019 to 1,055 in August 2020. Most homes added this year were priced between $ 400,000 and $ 499,999.
Newly signed condominium contracts increased from 1,308 in August 2019 to 1,337 in August 2020. The condos listed from $ 200,000 to $ 299,999 sold the most, with the lowest sales coming from homes priced between $ 800,000 and $ 999,999.
The number of new registrations fell by 45.3% from 3,674 in August 2019 to 2,010 in August 2020. Most of the condos added in August ranged from $ 200,000 to $ 299,999.
Newly signed single-family home contracts increased from 334 in August 2019 to 787 in August 2020. The majority of buyers bought homes priced between $ 300,000 and $ 399,999 in August 2020. Single-family homes priced between $ 800,000 and $ 999,999 saw the least activity.
A total of 1,122 single-family homes were added in August 2019, compared to 1,010 in August 2020, which corresponds to a decrease of 10% compared to the previous year. Most of the home added to the market ranged from $ 300,000 to $ 399,999.
In the county, 334 condos were sold in August 2019, compared to 872 in August 2020. Most buyers were delighted with units listed below $ 200,000 in 2020, with the lowest amount signing deals for units over $ 1 million were listed.
The market received 1,521 new condominiums in August 2019, compared to 1,276 in August 2020, a 16.1% year-over-year decrease in new registrations. Most of the homes that were added were listed under $ 200,000.