We’ve certainly had imperfect timing in during this real estate cycle. It’s seems to be more difficult ever since the last housing market crash in 2008. Ever since then, there have been a series of bailouts, foreclosure and eviction moratoriums, COVID bailouts and stimulus checks. One thing we did get right was that another bailout for housing could be forthcoming. With the current foreclosure moratorium set to expire, here comes the government again with their $28.5 Trillion debt to the rescue. Here are a few charts to go through today:
Imperfect timing – Condo sales skyrocket!
The month of June was a big month for the condo market in the Greater Fort Lauderdale area. There were 4,121 condo sales during the month of June, up from 3,705 in May. As for single-family homes, there were 1,803 closed sales in June, up from 1,634 in May. Although the safety of condo properties will be under additional scrutiny going forward, many people were drawn to those properties due to lack of inventory in the single-family home market.
Fort Lauderdale real estate prices – Imperfect timing?
We got this one wrong, plain and simple! We didn’t see prices making another move higher last month, but that has to be the end for the cycle. The average sale price of single-family homes in Broward County hit a whopping $719,293 in June, up from $660,338 in May. Keep in mind that this is the average, so the ultra-luxury home sales in the area will drag the average sale price higher. Condo prices reached $307,951 in June, up from $296,156 in May.
Foreclosure moratorium ends this month
Mortgage foreclosures have been on hold again due to the pandemic, but it’s hard to see how much of an impact they will have now that there appears to be yet another form of assistance being proposed for delinquent borrowers. Noticing a pattern yet? By looking at the chart above, you will notice a decline during the 2017 halt from Hurricane Irma, followed by a spike in filings. Depending on the programs available, there may not be a spike in foreclosure filings when this moratorium expires July 31. Finally, here is a look how 2021 compares to prior years of deal volume: