09 Apr South Florida Real Estate Market on the Rise
A recent Forbes article announced what many real estate agents across South Florida already knew by now: the region’s real estate market is officially in super-boom mode! While the news of the boom may not have come as a surprise for many, the speed at which the upsurge happened took most, if not all, of us by surprise.
Laxer restrictions on outdoor gatherings coupled with a thriving remote work scene, warmer temperatures, and no state income tax may be some of the reasons for the spike of interest in the Sunshine State. Many Big Tech and Wall Street companies, such as Goldman Sachs and Microsoft, have relocated to, or expressed interest in, South Florida.
According to Bloomberg, activity in Florida’s Palm Beach County, from Boca Raton to Jupiter, has been at a breakneck pace, with the Palm Beach County Clerk’s office having recorded more than 20 home sales last year exceeding $20 million. In Broward County, single-family sales dollar volume jumped 35 percent to $645.8 million. Condo sales volume increased 36 percent to $348.1 million. In Miami-Dade, home sales increased 23.3 percent year over year.
While the pandemic-related shift in consumer preferences will inevitably fizzle, the longstanding trend of southbound migration spurred by the climate and the low tax environment shows no signs of abating. Add to that historically low mortgage rates, housing prices in South Florida should continue to go up.
Are you ready to take advantage of the booming market and buy a property in Fort Lauderdale and surrounding areas? Fairway Fort Lauderdale would love to help! Call us today to learn more about purchasing a home this year.