Hurricane Irma and its Effect on Florida Real Estate

Hurricane Irma did more than just knock out Florida’s power, it knocked out real estate sales too.

Many people ask how we are doing, and to be honest, Florida is very lucky and very thankful. Irma was projected to tear right through the state, but it didn’t. Many people spent their time running up, down, and across the state, which made it seem worse than it was.

A big problem was the power outage. As much as many people whined about it, FPL did a pretty good job restoring the power back considering most of the state seemed to lose power. Some people lost it for a day, while others lost it for a week.

Hurricane Irma turned into a huge landscaping situation, and many are still dealing with it now. Streets are still lined with debris and cities are working on getting to all of it.

Some people had minor roof leaks and others had fence damage.

So, taking all of that into consideration, it is not a surprise that real estate stalled in September.

How bad did we feel it? Take a look at August 2017 Single Family Homes, Broward compared to September 2017 Single Family Homes, Broward.

Sure, its positive to see the median sales price slightly increasing from $350,000 to $357,600. But look at those closed sales numbers. In August, there were 1524 closed sales. In September, there were 964! That’s a huge difference.

Now, we have the holiday season upon us, which is generally a slow time for real estate in general. It will be interesting to see what happens for South Florida Houses. The months supply of housing inventory is still at 3.8, which would make it a seller’s market. Yet, buyers are a lot more cautious and prefer to wait until they find the right home, rather than shopping desperately. 1085 new homes hit the market in September, so hopefully October’s numbers show a lot more activity and a lot more promise!

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