Weekly Market Update
It's coming up on 2 months since our world has changed as we knew it, Social Distancing and sheltering in place has become the new normal in an effort to flatten the curve and slow the spread of Covid-19. Without question, these last 2 months have certainly been stressful and challenging.
However, our sacrifices appear to be working, saving lives and preserving our healthcare resources. Many states in the country have already begun to re-open, although very cautiously and in phases. Most of Florida has begun to re-open, except for 3 counties in South Florida: Miami-Date, Broward and Palm Beach.
Real estate has continued to take place, as real estate is considered an essential business under an executive order from the Governor. Showing homes for the most part is done virtually, but when a personal visit is necessary, following the CDC social distancing guidelines is in practice.
As you can see in the following charts, new listings are still coming on the market and properties are closing. However, these figures are a fraction of normal times. Prices still remain strong as we have limited inventory and record low interest rates, two-key factors in maintaining a healthy real estate market.
As the state of Florida continues to re-open (with all counties open) as well as other states re-opening and travel restrictions lifted, it remains to be seen if we will pick up where we left off, or if hurdles will still be in play.
If Covid-19 has affected your housing situation, or if you'd like further information, please feel free to contact us.
As we can see in the chart. New Listings have steadily increased over the last 4 weeks except for the 4th week. Closed Sales in weeks 2-5 are at fifty percent of week 1 when the shelter in place began to take effect. New Pending Sales have increased each week. Expired/Cancelled Listings have remained fairly the same.
Weekly Market Update | Single Family Homes
Condominium, Townhouses & Co-Operatives
* Sums may vary as numbers were updated in MLS after chart(s) created.
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We all get thru this challenging time and be stronger for it! We are here to help you whether you are looking to buy or sell now, or in the near future and want to be your reliable source for Fort Lauderdale Real Estate information.