The COVID-19 pandemic has brought several changes to our daily lives and has impacted all industries. Real estate was no exception, especially in South Florida, where social distancing, home schooling, low interest rates, and teleworking created a great opportunity for home buyers who were considering relocating from the Northeastern states. In addition, many people have been attracted to South Florida by the climate, taxes and lifestyle that it offers.
In May 2020, three months after the start of the pandemic, sales of single-family homes in the Miami metropolitan area (Broward, Miami-Dade and Palm Beach counties) declined by 48%. In June 2020, the metropolitan area had an eight-month supply of one-family home inventory, and by the end of 2020, the average single-family home sales price increased 2.1% to $ 372,500. The total number of active single-family home listings in the metropolis fell to a 12-year record low, with only 9,495 homes listed for sale across all price ranges.