South Florida real estate market booms, thanks in part to COVID-19

Jorge Guerra, director of the Miami Association of Realtors, says COVID-19 has accelerated the migration of people to South Florida and home sales are booming because of it.

MIAMI – While the pandemic has had a negative impact on many areas of the economy, home sales in South Florida are doing better than even a year ago before COVID-19 became a concern.

According to the Miami Association of Realtors, Broward total sales for both single-family homes and condos were up more than 14% between September 2019 and September 2020.

Miami-Dade saw an increase of more than 12% in the same period.

“Why the jump in sales? Before COVID we already had a strong presence from those from the Northeast coming down and South American coming up and COVID has just accelerated that trend,” said Jorge Guerra, director of the Miami Association of Realtors.

Guerra said U.S. citizens are coming to South Florida to flee high tax states and South Americans are looking for government stability.

He said properties are selling quickly and distressed sales remain low, which he said are signs of a healthy market.

About the Author:

Veteran journalist Kathleen Corso is the special projects producer for Local 10 News.