2020 brought with it a global pandemic that led to millions of Americans initially losing their jobs and thousands of businesses closing their doors. Yet, the housing supply in places like South Florida has become smaller than the demand.
Most Realtors® were concerned in March 2020 when it came to what would happen to the housing market. Difficult times were predicted, yet fast-forward to 2021, and the picture is a bit different. Today, there is a significant shortage of single-family homes on the market, especially in South Florida.
We are currently in a seller’s market. That means there is a small amount of inventory compared with how much demand there is. Millennials make up the largest segment of the population today, and they are seeking out affordable single-family homes. Florida has an abundance of such homes, which has led to the overall supply being around 2 months throughout South Florida.
According to the MLS, instead of moving, more people are deciding to stay put for the time being. That leads people who want to move to find it more challenging to come across homes that are for sale. There are currently more expired and sold listings than new listings. With an increasing number of millennials wanting to buy homes, they are finding it is not as easy as they had expected. In fact, South Florida practically has no inventory available when it comes to single-family homes.
The Amazon Group, at CENTURY 21 Tenace Realty, a major real estate team in the tri-county area, has noticed the shortage in inventory. While the group has successfully sold over $115 million in real estate, they are seeing fewer single-family homes being listed. There is an abundance of luxury homes and condos available. Millennials, have been known to live in condos for years due to their lower prices. Now that they are getting married and having children, they want more space, and single-family homes are their target. Unfortunately, sunny South Florida can’t cater to all of them currently.
As a group with over 70 years of negotiation skills and closed over 400 properties in South Florida, The Amazon Group at CENTURY 21 Tenace Realty is constantly evolving with volatile financial and housing markets. Today’s market has resulted in more inventory for luxury and senior homes, while having fewer single-family homes often sought after by millennials.
There is currently a great deal of demand for single-family homes, and Realtors® like Pamela Krammer, a founding member of The Amazon Group, see this trend continuing even though we are still in the middle of a pandemic.
You can visit The Amazon Group’s website for more information.