Right now, the South Florida real estate market is on fire. So much so, that the Miami Association of Realtors reported a huge surge in home sales during the summer. In total, Broward county home sales increased by 23.9% YoY in July. The number rose from 2,970 sales to 3,679. For single family homes, transactions in Broward rose by 2.1%, going from 1,646 to 1,680. On the other hand, Broward condo sales saw a huge increase of 51% from 1,324 to 1,999.
Right now, Greater Fort Lauderdale and Broward County continue to look extremely attractive to those migrating from high-tax states. The demand for condos, especially, increased this summer. This can be because of the very limited inventory of single-family homes, or the fact that a lot of people are relocating and looking for condos. Historically, international buyers have preferred condos when moving to South Florida.
Right now, the Broward condo inventory is more diverse than the single-family home one. In July, condo prices increased. Most properties sold for $300,000 and more.
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