I always keep an eye on national trends and compare them to what is happening in our local markets. Many times we find strong connections to national trends and othe times the uniqueness of the micro markets in South Florida are influenced by other forces and the trends can be counter to what we see elsewhere. In terms of the recent trends due to COVID, we are seeing similar movement if not more exagerated than national trends due to the low inventory of these highly sought after neighborhoods. Below is an article from CNBC highlighting the record breaking month over month jump in home sales in July. 24.7% is the largest single month gain in sales since it was tracked in 50+ years which does make sense as the COVID pandemic was a universal event effecting all markets. In the Coconut Grove and Coral Gables market, we tracked a similar event which was moe significant than the national number with home sales almost doubling from June to July, jumping a mind boggling 46.2%! Below is the CNBC article in it's entirety for a deeper look into this incredible statistic.
Published from CNBC