Despite the pandemic, the Real Estate market in Florida remains heated, especially for single-family homes.
A report recently released by the Orlando Regional Realtor Association shows a 25% increase in sales in October, compared to last year. Single-family homes in Orlando account for most of this increase. Miami follows the same trend, with an increase of 16% over last year for this property profile, according to Miami Association of Realtors.
In Orlando and the region, the average price of single-family homes closed October at $ 290 thousand, an increase of 10% compared to October 2019. In Miami, the increase was more expressive, jumping from $ 365 thousand to $ 435 thousand, for the same period (19.2%).
And what is the reason for this warming up?
Florida is “suffering” a veritable “invasion” of Americans from other states in the United States. The pandemic precipitated the decision of many Americans who were on the fence to move. There are almost 1,000 new residents arriving in Florida every day!
The smaller inventory also contributes to the supply-demand imbalance. Many homeowners are afraid to show their home to strangers because of the risk of contagion (more than 20% of Florida’s population is 65 years and older).