5 Fort Lauderdale Real Estate Predictions For 2020
As we enter a new decade here at Galleria Realtors we are excited to see the current Fort Lauderdale real estate trends continued! Here are some of the things we think will happen in the new year:
1. The Fort Lauderdale Real Estate Market Will Continue To Grow
According to this article from World Property Journal, total home sales increased year-over-year in 2019. This can be attributed to a strong real estate market with low unemployment, rising job rates, and increased migration to South Florida.
2. Sellers Will Be Happy
The Miami Association of Realtors reports that the end of 2019 saw both Fort Lauderdale condos and houses selling for their list price around 95% of the time (95.7% for houses and 94.9% for condos). In addition, market inventory has been on the decrease, indicating a more competitive market for buyers and better prices for sellers.
We expect this trend to continue in 2020 so if you’re thinking about selling real estate in Fort Lauderdale contact one of our Galleria Realtors agents to ensure you’re included in this group.
3. Cash Will Be King
Cash real estate transactions in Broward County were nearly double the national average in November 2019 with 35.3% of sales being cash sales. This was even more pronounced for Fort Lauderdale condos, with a cash sale rate of 52.3%! This might have a lot to do with the number of recent retirees who have sold their house in other parts of the country and are moving to the area armed with cash and looking for the ease-of-ownership that a condo provides. Click through to see all of our newest Fort Lauderdale condos for sale!
4. Home Prices Will Trend Upwards
Across Florida in late 2019, median home price was up 3.9% from the previous year at $265,000, and median condo price was up 5/4% at $195,000. In fact, according to Redfin’s chief economist, Fort Lauderdale saw a 161% increase home prices over the nation over the last decade – the largest in the nation! These values market the 93rd consecutive month of year-over-year gains, so if you’re waiting to buy your next south Florida home, expect to pay more the longer you wait!
5. Fort Lauderdale and South Florida Will Continue To Be The Best Place To Live
All of the trends above indicate that we will see plenty of Fort Lauderdale real estate sales happening in 2020 as people continue to discover the excellent quality of life that south Florida has to offer. With our warm weather, sunshine, and access to the beach and ocean it’s no surprise that people love to call this area home!