2022
Q1 UPDATE
Single Family Homes
SINGLE FAMILY HOMES Total Active Listings in Miami-Dade, Broward and Palm Beach Counties TOTAL ACTIVE LISTINGS AVG. # NEW SFH LISTINGS
1,550
10,000
9,495 8,000
AVG. MONTHLY SALES (2022)
6,000
FEWER HOMES FOR SALE
2,100 6,149
-550
4,839
EST. MONTHS OF INVENTORY: SOURCE: MLS
4,000
2,000
Q1 2020
Q1 2021
Q1 2022
6-8 MONTHS
SINGLE FAMILY HOME Price Appreciation in Miami-Dade, Broward and Palm Beach Counties AVG. SALES PRICE
1,100,000
1,000,000
$915,314 900,000
800,000
$693,420
700,000
600,000
500,000
SINGLE FAMILY HOME PRICES HAVE MORE THAN DOUBLED IN THE LAST 3 YEARS IN SOUTH FLORIDA
$550,333 $447,425
400,000
300,000
UP - 23% 2018 - 2019
200,000
UP - 26% 2019 - 2020
UP - 32% 2020 - 2021
100,000
0
2018 SOURCE: MILS AND STATISTA
2019
2020
2021
SINGLE FAMILY HOME Price Appreciation in Miami-Dade, Broward and Palm Beach Counties AVG. SALES PRICE $1,065,993 1,100,000
1,000,000
$915,314 900,000
800,000
$693,420
700,000
600,000
500,000
$550,333 $447,425
400,000
300,000
UP - 23% 2018 - 2019
200,000
UP - 26% 2019 - 2020
UP - 32% 2020 - 2021
UP - 16% 2021 - 2022
100,000
0
2018 SOURCE: MILS AND STATISTA
2019
2020
2021
Q1 2022
"Who's outbidding you by tens of thousands of dollars for that home of your dreams? A hedge fund!" July 2021
"Single-family homes are the gold standard these days, making up 74.4% of all the investor purchases, the highest percentage on record, and outbidding millennials and first time home buyers." Jan 2022
Gary Berman President & CEO
Watch what they told 60 Minutes!
"Canada to ban foreigners from buying homes for two years as prices soar, and provide billions of dollars to spur construction activity in an attempt to cool off surging real-estate market" Prime Minister Justin Trudeau May 2022
Daryl Fairweather, PhD Chief Economist
Watch what they told 60 Minutes!
Condo
CONDOS Total Active Listings in Miami-Dade, Broward and Palm Beach Counties
TOTAL ACTIVE LISTINGS AVG. # NEW CONDO LISTINGS
19,995
1,400
20,000
17,249
AVG. MONTHLY SALES (2022)
15,000
2,500 FEWER HOMES FOR SALE
10,000
-1,100
6,849
EST. MONTHS OF INVENTORY: SOURCE: MLS
5,000
0
Q1 2020
Q1 2021
Q1 2022
6-8 MONTHS
CONDOS Price Appreciation in Miami-Dade, Broward and Palm Beach Counties AVG. SALES PRICE
700,000
600,000
$546,617 $522,414
$516,768
$508,883
500,000
DOWN - 1.5% 2018 - 2019
UP - 2.7% 2019 - 2020
UP - 4.6% 2020 - 2021
400,000
2018 SOURCE: MILS AND STATISTA
2019
2020
2021
CONDO PRICES HAVE STAYED FLAT IN THE LAST 3 YEARS UNTIL NOW!
CONDOS Price Appreciation in Miami-Dade, Broward and Palm Beach Counties AVG. SALES PRICE
$683,271
700,000
600,000
$546,617 $522,414
$516,768
$508,883
500,000
DOWN - 1.5% 2018 - 2019
UP - 2.7% 2019 - 2020
UP - 4.6% 2020 - 2021
UP - 25% 2021 - 2022
400,000
2018 SOURCE: MILS AND STATISTA
2019
2020
2021
2022
Q1-2022 Sales By Unit Type For Condos Built Since 2012 COCONUT GROVE - FORT LAUDERDALE, EAST OF I-95 ONE BEDROOMS
TWO BEDROOMS
THREE+ BEDROOMS
7%
Active Listings By Unit Type for
ONE BEDROOMS
Condos Built since 2012
33% TWO BEDROOMS
11% THREE+ BEDROOMS
38%
TWO BEDROOMS 56% ONE BEDROOMS
55%
THREE+ BEDROOMS
ACTIVE MLS PRICING ANALYSIS For New Condos Built Since 2012 By Unit Type COCONUT GROVE - FORT LAUDERDALE, EAST OF I-95 AVG, LIST PRICE
AVG. $PSF
AVG. $PSF $2,109
$8,900,000
$9,000,000
3 & 4 BEDROOMS OCEANFRONT
$8,000,000
$7,000,000
Q1 2022 CLOSED SALES $6,000,000
AVG. $PSF $1,371
ARTE SURFSIDE (3 BEDROOMS)
$5,000,000
$3,900 AVG. $PSF $1,156
$4,000,000
AVG. $PSF $885
$1,485,000
$2,000,000
$1,000,000
SURF CLUB FOUR SEASONS (4 BEDROOMS)
$4,927
$733,000
SOURCE: MLS
$3,000,000
AVG. $PSF
$3,200,000
0
ONE BEDROOMS
TWO BEDROOMS
THREE BEDROOMS
FOUR+ BEDROOMS
AVG. $PSF
PRE-CONSTRUCTION VS MLS RESALES 2021 Sales Absorption Ratio 2021 TRANSACTION ANALYSIS
35
40
35
2021 NEW CONDO TRANSACTIONS
30
25
35/36 STANDING INVENTORY
20
15
1/36 WAS PRE-CONSTRUCTION
10
5
1
0
DEVELOPER SALE
MLS RESALE
Karin Kimbrough, Chief Economist at Linked-In, says that the number of Americans quitting their jobs is higher than ever. Watch what Kimbrough told 60 Minutes!
Condos New Construction (CURRENT CYCLE)
4 BAY HARBOR ISLANDS
TRADITIONAL CONDOS (NO SHORT TERM RENTALS)
2
3 MIAMI BEACH / SOUTH BEACH
1
3 BRICKELL
DOWNTOWN MIAMI
2 COCONUT GROVE
SUNNY ISLES BEACH
2 5 FORT LAUDERDALE
BISCAYNE CORRIDOR DESIGN DISTRICT MIDTOWN WYNWOOD
22
CONDOS TOTALING
3,666
RESIDENCES
Macro Future Deliveries for Traditional Condos Released Since 2012
3,077 TOTAL UNITS 1,780 UNSOLD
COCONUT GROVE TO EAST FORT LAUDERDALE
11
TOTAL CONDOS DELIVERED BY YEAR
DEVELOPMENTS
11
8
7 DEVELOPMENTS
7
397 TOTAL UNITS 153 UNSOLD 230 TOTAL UNITS 49 UNSOLD
6 DEVELOPMENTS
5
6
DEVELOPMENTS 264 TOTAL UNITS 79 UNSOLD
5 4
2
3
DEVELOPMENTS
2 1
2022
SOURCE: ON-SITE DEVELOPER SALES OFFICE
*2023
*2024
*2025
*2026+
*PROJECTED
9
1,071 TOTAL UNITS 133 UNSOLD
9 CONDOS RELEASED 2012-2020 22 CONDOS RELEASED 2021+
10
DOMESTIC POPULATION GROWTH States with the Largest Daily Population Growth
THE BIG THREE!
THE BIG THREE!
2012
2017
THE BIG TWO! *2022
RANK
STATES
P/DAY
RANK
STATES
P/DAY
RANK
STATES
P/DAY
1
TEXAS
1,202
1
TEXAS
1,095
1
TEXAS
1,231
2
CALIFORNIA
850
2
FLORIDA
900
2
FLORIDA
1,087
3
FLORIDA
670
3
CALIFORNIA
658
3
IDAHO
330
13
CALIFORNIA
122
SOURCE: U.S. CENSUS BUREAU & USAPOPULATION.ORG *PROJECTED
Takeaways 1. 2. 3.
POST COVID MIAMI: CROWDED & EXPENSIVE
POPULARITY OF HOUSES WORLDWIDE
EMERGING MARKETS
2022
Q1 UPDATE