MARKET REPORT AUGUST 2021
TRENDS Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
TODAY’S REAL ESTATE ALONG FLORIDA’S EAST COAST
www.AgentBoca.com
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TRENDS: TODAY’S REAL ESTATE ALONG FLORIDA’S EAST COAST I am proud to share the August 2021 issue of TRENDS, our monthly market report. Our goal is to provide high-quality and easy-to-use information to guide our clients with a strategic perspective to real estate. This has been a landmark year for real estate, when we benefited from increased interests in our markets. At ONE, we have helped our sales associates harness this dynamic environment, while strengthening the foundation for each agent’s long-term business growth. A key part of that is opening doors to referral opportunities among the 24,000 sales associates affiliated with the Sotheby’s International Realty brand, in Florida and around the world. Our agent’s growth and success led us to welcoming boutique real estate brokerage Harding Realty to our company. This significant step solidifies our presence in the Surfside/Bal Harbour markets and surrounding areas. It also means the company’s iconic office on 9588 Harding Avenue, Surfside, will now be one of our 21 ONE Sotheby’s International Realty offices. Harding Realty has been a market leader for over four decades, and we are thrilled to welcome their team to our family. We look forward to adding value to our clients through our unmatched network of top-level professionals across town and around the world. It’s all about connectivity to the best in the business.
ABOUT TRENDS:
Enjoy the report and come visit us at our new office in Surfside!
ONE Sotheby’s International Realty presents the only market report
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focused on Florida’s East Coast. From Miami to Cocoa Beach, data is
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presented from a macro perspective
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down to city level. Data is sourced from local Multiple Listing Service (MLS) organizations. Written analysis created in partnership with the Rosen Consulting Group, a nationally recognized consulting firm and trusted advisor to top public and private real estate operators and capital providers.
2 Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
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Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
TABLE OF CONTENTS
INTRODUCTION: THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
MIAMI - DADE COUNTY SINGLE- FAMILY HOMES MIAMI - DADE COUNTY CONDOMINIUMS
BROWARD COUNTY SINGLE- FAMILY HOMES BROWARD COUNTY CONDOMINIUMS
PALM BEACH COUNTY SINGLE- FAMILY HOMES PALM BEACH COUNTY CONDOMINIUMS
MARTIN COUNTY SINGLE- FAMILY HOMES MARTIN COUNTY CONDOMINIUMS
INDIAN RIVER COUNTY SINGLE- FAMILY HOMES INDIAN RIVER COUNTY CONDOMINIUMS
BREVARD COUNTY SINGLE- FAMILY HOMES BREVARD COUNTY CONDOMINIUMS
06 10 12 14 16 18 20 22 24 26 28 30 32 3
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© 2021 ONE Sotheby’s International Realty. All rights reserved. Sotheby’s International Realty® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC and used with permission. ONE Sotheby’s International Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Sotheby’s International Realty Affiliates LLC nor any of its affiliated companies. The information contained herein is deemed accurate but not guaranteed. Oral representations cannot be relied upon as correctly stating the representations of the developer. For correct representations, reference should be made to the documents required by section 718.503, Florida Statutes, to be furnished by a developer to a buyer or lessee. Pricing subject to change without notice.
THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
ECONOMIC GROWTH, DESPITE CONCERNS OVER DELTA VARIANT As the summer selling season progressed, the strong housing market prompted additional sellers to come off of the sidelines and list homes for sale. The regional economy continued to expand; however, the rise of the delta variant may prove to be a strong headwind to the recovery. Nonetheless, the unemployment rate fell modestly to 5.1% and thus far in 2021 nearly 128,000 jobs were added throughout the Florida East Coast. As
AUG 2021
tourism volume recovers and cruise ship sailings return, bringing more domestic and international tourists, the economy should expand at a faster pace. Though sales slowed somewhat from the last few months, buyer demand remained elevated throughout much of the region. Sales of condos and single-family homes totaled nearly 11,600 in July, a decrease of roughly 13% from the prior month. Despite the slowdown, the monthly total was more than any single month during 2016 to 2020. After the robust recovery during the spring, condo sales slowed more in July than
AVERAGE SALES PRICE BY COUNTY FLORIDA’S EAST COAST
JUL 2020
JUL 2021
JUL 2020
SINGLE-FAMILY HOMES
JUL 2021
CONDOMINIUMS
6 Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
single-family home sales. Additionally, sales less than
Strong sales enticed more homeowners to list
$1 million and more than $5 million held up relatively
More existing homeowners sought to capitalize on
well while the largest slowdowns were in the $1 million
home equity gains and listed homes for sale. In July,
to $3 million and $3 million to $5 million price ranges.
22,545 condos and single-family homes were available,
With some potential buyers priced out of the market by
the first month in 2021 where supply increased. The
the recent price increases and others discouraged after
number of single-family homes available increased by
getting outbid for homes during the last few months, it
nearly 9% while condos increased by 1%. While the
is no surprise that sales slowed heading into the end of
price of listed condos increased, the median price per
summer.
square foot for single-family homes decreased for the second consecutive month, potentially indicating a
A NEW RECORD IN SINGLE-FAMILY HOME PRICES For the second-consecutive month, the median singlefamily home price reached a record high. In July, the median price increased by slightly more than 1% to $475,000. The median price per square foot increased to more than $248, and is rapidly approaching the $250 per square foot threshold. The median condo price was stable in July, matching the record price of June. Since the end of 2020, the median single-family home price increased by 16% while the median condo price increased by 13%. Through just seven months of the year, both
pricing inflection point soon as sales close. Reflecting the strong buyer demand and limited inventory, more than 28% of all sales closed for more than the list price. The bulk of sales over the asking price was in the single-family segment, where nearly 39% of sales were finalized for more than the seller’s list price. Furthermore, the average time on market continued to decrease. The average time on market for single-family homes fell by 13% from June while the average days on market for condos decreased by more than 3%. If the decrease in sales was indicative of dwindling demand, these indicators would have likely slowed as well.
segments are on track to exceed the 2020 price growth.
MEDIAN SALES PRICE FLORIDA’S EAST COAST
$475,000 +1%
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THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
AUG 2021
CONTINUED GROWTH EXPECTED, DESPITE SURGE IN COVID-19 CASES Homebuyer demand should continue at an elevated rate,
drove the market during the past few months may
driven by the strengthening economy, return of normal
become more in balance, leading to more modest
migration patterns and low mortgage rates. The surge in
gains throughout the market. Risks aside, the most
COVID-19 infections could derail the housing market recovery,
likely trajectory for the Florida East Coast housing
particularly if migration patterns are disrupted similar to
market is a continuation of the current pace which
2020. If this occurs, the high ratio of buyers to sellers that
will lead to record breaking pricing and sales totals.
AVAILABLE INVENTORY FLORIDA’S EAST COAST
↓
SINGLE- FAMILY HOMES AND CONDOMINIUMS
Jun 2021
Jul 2021
↓
May 2021
↓ 20% 9%
6%
↓12%
↓
↓
8 Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
2%
2%
SOLD ABOVE LISTED PRICE FLORIDA’S EAST COAST
JUL 2020
JUL 2020
JUL 2021
ABOVE LISTING PRICE
SINGLE-FAMILY HOMES
JUL 2021
AT LISTING PRICE OR LOWER
CONDOMINIUMS
LISTING/SALES BY COUNTY FLORIDA’S EAST COAST FOR SALE
MEDIAN SALES PRICE
CHANGE FROM PRIOR MONTH
JUL 21
AVG SALES PRICE
JUL 21
YOY% CHANGE
JUL 21
PRICE PER SF
CLOSED TRANSACTIONS
YOY% CHANGE
JUL 21
YOY% CHANGE
JUL 21
HIGHEST SALES
YOY% CHANGE
JUL 21
MIAMI DADE COUNTY SINGLE FAMILY HOMES
2,807
5%
$515,000
25%
$1,001,439
50%
$370
29%
1,320
-6%
$35,000,000
CONDOS
8,275
1%
$340,000
31%
$584,780
42%
$401
41%
2,092
68%
$16,600,000
BREVARD COUNTY SINGLE FAMILY HOMES
815
20%
$328,063
22%
$392,670
22%
$195
20%
973
-16%
$2,900,000
CONDOS
279
20%
$225,000
15%
$310,977
12%
$226
20%
181
-21%
$1,975,000
2,118
7%
$499,750
25%
$679,860
34%
$291
24%
1,588
-10%
$14,100,000
3,528
-1%
$212,500
10%
$291,897
15%
$214
18%
1,865
37%
$5,211,250
BROWARD COUNTY SINGLE FAMILY HOMES CONDOS INDIAN RIVER COUNTY SINGLE FAMILY HOMES
330
15%
$342,500
31%
$567,389
18%
$240
29%
294
-11%
$22,000,000
CONDOS
108
-4%
$242,500
18%
$330,745
26%
$210
21%
106
9%
$1,550,000
MARTIN COUNTY SINGLE FAMILY HOMES
115
-12%
$522,450
24%
$719,884
29%
$271
22%
108
-28%
$4,222,222
CONDOS
46
-12%
$202,500
13%
$287,315
36%
$202
19%
64
14%
$1,825,000
SINGLE FAMILY HOMES
2,102
12%
$530,000
26%
$879,536
15%
$310
23%
1,537
-17%
$28,500,000
CONDOS
2,022
0%
$225,000
16%
$357,338
20%
$198
20%
1,464
8%
$5,800,000
8,287
9%
$475,000
24%
$752,576
30%
$294
25%
5,820
-13%
$35,000,000
14,258
1%
$265,000
22%
$415,909
33%
$278
35%
5,772
33%
$16,600,000
PALM BEACH COUNTY
FLORIDA'S EAST COAST SINGLE FAMILY HOMES CONDOS
Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
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AUG 2021
SINGL E-FAM ILY H O M ES
MIAMI-DADE COUNTY
MEDIAN PRICE INCREASES AS SALES SLOW Following a strong June, sales volume decreased by 10% in July. Despite fewer sales, the median price returned to million-dollar territory. Sales at the upper end of the pricing spectrum increased in July, pulling the median price higher as well. The number of homes sold for more than $3 million increased by 17% from last month.
AVERAGE SALES PRICE
DAYS ON MARKET
10 Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
S I N G LE- FA M I LY H O M ES
SALES BY NEIGHBORHOOD
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
-
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
JUL 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
JUL 2021
↓
PRICE RANGE
5%
AT LISTING PRICE OR LOWER
11
AUG 2021
COND OM IN IU M S
MIAMI-DADE COUNTY
MEDIAN PRICE UNCHANGED, DEMAND PERSISTS While the median condo price was unchanged from June, the price has increased 24% since the end of 2020. Equity gains have brought some condo owners off of the sidelines to list units for sale, and inventory increased modestly in July. Closed sales volume remained greater than 2,000 units for the fifth consecutive month.
AVERAGE SALES PRICE
DAYS ON MARKET
12 Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
CO N D O M I N I UM S
SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
-
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
JUL 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
JUL 2021
↓
PRICE RANGE
1%
AT LISTING PRICE OR LOWER
13 Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
AUG 2021
SINGL E-FAM ILY H O M ES
BROWARD COUNTY
BUYER DEMAND REMAINS STRONG FOR UNITS PRICED LESS THAN $1 MILLION Closed sales for units priced less than $1 million remained on par with last month even as volume of higher priced condos slowed in July. The share of units sold for more than the list price was the highest in the region at more than 44%.
AVERAGE SALES PRICE
DAYS ON MARKET
14 Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
S I N G LE- FA M I LY H O M ES
SALES BY NEIGHBORHOOD AVG SALES PRICE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
JUL 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
JUL 2021
↓
PRICE RANGE
PRICE PER SF
7%
AT LISTING PRICE OR LOWER
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AUG 2021
COND OM IN IU M S
BROWARD COUNTY
MEDIAN PRICE FALTERS IN JULY The median condo price fell by 4.5% in July, the largest decline in the region. The drop in price is not necessarily indicative of a trend as the last few months produced volatile pricing data.
AVERAGE SALES PRICE
16
DAYS ON MARKET
Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
CO N D O M I N I UM S
SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
JUL 2020
PRICE PER SF
CLOSED TRANSACTIONS
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
JUL 2021 ↓1%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
17 Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
AUG 2021
SINGL E-FAM ILY H O M ES
PALM BEACH COUNTY
DEALS CLOSING FASTER Elevated buyer demand persisted and helped bring the average days on market of listings down by 23% in July. In July, the average number of days on market fell by more than half for homes priced greater than $3 million.
AVERAGE SALES PRICE
18
DAYS ON MARKET
Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
S I N G LE- FA M I LY H O M ES
SALES BY NEIGHBORHOOD AVG SALES PRICE
AVG SALES PRICE
PRICE PER SF
SOLD ABOVE LISTED PRICE
JUL 2020
ABOVE LISTING PRICE
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
JUL 2021
↓
PRICE RANGE
PRICE PER SF
12%
AT LISTING PRICE OR LOWER
Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
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AUG 2021
COND OM IN IU M S
PALM BEACH COUNTY
PACE OF SALES SLOWS Following several months of elevated sales activity, closed transactions slowed in July. The number of condo units sold fell by 20% yet sales totals remained higher than any month in 2020. The average time on market for units priced higher than $3 million increased while time on market decreased for condos priced less than $3 million.
AVERAGE SALES PRICE
DAYS ON MARKET
20 Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
CO N D O M I N I UM S
SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
JUL 2020
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
JUL 2021 ↓1%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
21
AUG 2021
SINGL E-FAM ILY H O M ES
MARTIN COUNTY
MARTIN COUNTY LEADS PRICE GROWTH The median price increased by 4.5% in July, the largest increase along Florida’s East Coast. Recent price gains have now brought the median price to the third highest in the region and the county is closing in on retaking the top spot for most expensive single-family market.
AVERAGE SALES PRICE
22
DAYS ON MARKET
Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
S I N G LE- FA M I LY H O M ES
SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
JUL 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
JUL 2021
↓ 12%
AT LISTING PRICE OR LOWER
Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
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AUG 2021
COND OM IN IU M S
MARTIN COUNTY
DECLINE IN PRICE DUE TO SALES MIX The median price continued to fall, and by July was 15% lower than the end of 2020. While usually this would be cause for concern of a market turning point, the median price per square foot increased during the same period. The increase in the price per square foot indicates that smaller condos are selling in recent months, leading to a lower median price.
AVERAGE SALES PRICE
24
DAYS ON MARKET
Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
CO N D O M I N I UM S
SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
PRICE PER SF
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
JUL 2020
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
JUL 2021 ↓11%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
25
AUG 2021
SINGL E-FAM ILY H O M ES
INDIAN RIVER COUNTY
DAYS ON MARKET DROPS The average days on market dropped 19% to 65 days in July, the largest monthly decrease. Further highlighting the strong buyer demand, at the current pace of sales, inventory would be absorbed in slightly more than a month.
AVERAGE SALES PRICE
26
DAYS ON MARKET
Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
S I N G LE- FA M I LY H O M ES
SALES BY NEIGHBORHOOD AVG SALES PRICE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
JUL 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
JUL 2021
↓
PRICE RANGE
PRICE PER SF
15%
AT LISTING PRICE OR LOWER
Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
27
COND OM IN IU M S
AUG 2021
INDIAN RIVER COUNTY
SALES VOLUME SLOWS Condo sales fell by 30%, the largest decline in the region. Sales of condos greater than $1 million slowed substantially during the past two months and the bulk of buyer activity is concentrated on the less than $1 million price range.
AVERAGE SALES PRICE
DAYS ON MARKET
28 Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
CO N D O M I N I UM S
SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
PRICE PER SF
AVG SALES PRICE
PRICE PER SF
SOLD ABOVE LISTED PRICE
JUL 2020
ABOVE LISTING PRICE
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
JUL 2021
↓4%
AT LISTING PRICE OR LOWER
29 Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
AUG 2021
SINGL E-FAM ILY H O M ES
BREVARD COUNTY
MOST COMPETITIVE SINGLE-FAMILY MARKET IN THE REGION The average days on market plummeted by 13% in July to roughly 13 days. This was the shortest time on market in the entire region. With intense competition for homes, the share of homes sold above the list price was the second-highest in the region.
AVERAGE SALES PRICE
30
DAYS ON MARKET
S I N G LE- FA M I LY H O M ES
SALES BY NEIGHBORHOOD AVG SALES PRICE
AVG SALES PRICE
ABOVE LISTING PRICE
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
SOLD ABOVE LISTED PRICE
JUL 2020
PRICE PER SF
CLOSED TRANSACTIONS
JUL 2021
↓
PRICE RANGE
PRICE PER SF
20%
AT LISTING PRICE OR LOWER
31
COND OM IN IU M S
AUG 2021
BREVARD COUNTY
LARGEST DROP IN DAYS ON MARKET IN REGION For-sale inventory increased slightly in July, but not nearly enough to overwhelm buyer demand. The average days on market for closed sales fell by 64% from the end of 2020 to 19 days, the largest decrease among the condo segments in the region.
AVERAGE SALES PRICE
32
DAYS ON MARKET
CO N D O M I N I UM S
SALES BY NEIGHBORHOOD AVG SALES PRICE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
JUL 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
JUL 2021
↓
PRICE RANGE
PRICE PER SF
20%
AT LISTING PRICE OR LOWER
33
OW NERSHIP HAS ITS PRIVILEGES. PRICES STA RTING FROM $705K One, Two, and Three Bedroom Units Available
Nassau, The Bahamas
curatedcollection@onesothebysrealty.com 786-814-1108 | ResidencesAtBahamar.com
© 2021 ONE Sotheby’s International Realty. All rights reserved. Sotheby’s International Realty® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC and used with permission. ONE Sotheby’s International Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Sotheby’s International Realty Affiliates LLC nor any of its affiliated companies. The information contained herein is deemed accurate but not guaranteed. Oral representations cannot be relied upon as correctly stating the representations of the developer. For correct representations, reference should be made to the documents required by section 718.503, Florida Statutes, to be furnished by a developer to a buyer or lessee. Pricing subject to change without notice.
For unmatched real estate expertise
Jennifer Susanne Sommers, Jen@AgentBoca.com, 561.888.3115
© 2021 ONE Sotheby’s International Realty. All rights reserved. Sotheby’s International Realty® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC and used with permission. ONE Sotheby’s International Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Sotheby’s International Realty Affiliates LLC nor any of its affiliated companies. The information contained herein is deemed accurate but not guaranteed.
35