SoFlo Intel Report GREAT BUYS IN SOUTH FLORIDA’S POPULAR NEIGHBORHOODS | SINGLE FAMILY HOMES EDITION
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Welcome to the SoFlo Intel Report: RelatedISG Realty’s submarket snapshot of the best buys in South Florida’s best neighborhoods. In each issue, we will dive into factors and projects that make these neighborhoods so popular. In this edition, we will focus on South Florida’s Single Family Homes Market.
What is the Real Estate Rule of Thumb? 10% OR MORE OF INVENTORY = BUYER’S MARKET 10% OR LESS OF INVENTORY = SELLER’S MARKET
Miami-Dade, Broward & Palm Beach Counties Single Family Homes Residential Snapshot
Miami-Dade County
Broward County
Palm Beach County
Total Single Family Homes
Total Single Family Homes
Total Single Family Homes
2,794 / 678,860 available
2,149 / 495,877 available
1,838 / 609,446 available
for sale or rent MLS
for sale or rent MLS
for sale or rent MLS
99.59% (unavailable)
0.41% (available)
99.57% (unavailable)
0.43% (available)
99.70% (unavailable)
LOW INVENTORY
LOW INVENTORY
LOW INVENTORY
ONLY 0.41%
ONLY 0.43%
ONLY 0.30%
of Single Family Homes are available for sale or rent in Miami-Dade County
of Single Family Homes are available for sale or rent in Broward County
of Single Family Homes are available for sale or rent in Palm Beach County
0.30% (available)
Single Family Homes Market Breaks 5 Records in 5 Months
Miami-Dade, Broward & Palm Beach Counties Total Active Listing Analysis for Single Family Homes TOTAL ACTIVE MLS LISTINGS
10,000
20 Year Low 8,092
30 Year Low
Previous All Time Record Low
7,281
7,500
TOTAL ACTIVE LISTING
25 Year Low
New All Time Record Low
6,697
6,149 5,804
5,000
2,500
0
Jan. 2021
Feb. 2021
Mar. 2021
Apr. 2021
May. 2021
Total Active Listings & 2021 Velocity Analysis by County for Single Family Homes TOTAL ACTIVE LISTINGS
Miami-Dade County
TOTAL SOLD (JAN-APRIL)
7,542
2,445
Broward County
1,685
Palm Beach County
1,682
6,068 6,438
2,500
5,000
7,500
10,000
Miami-Dade 5 Year Pricing Analysis for Single Family Homes Closed Sales
$1,000,000
MIAMI-DADE COUNTY AVG. SALES PRICES
$809,000 $750,000
$672,000 $480,000
$524,000
$538,000
2018
2019
$500,000
$250,000
$0
2017
2020
2021
Broward County 5 Year Pricing Analysis for Single Family Homes Closed Sales
$800,000
BROWARD COUNTY AVG. SALES PRICES
$637,000 $600,000
$522,000 $413,000
$438,000
$453,000
2018
2019
$400,000
$200,000
$0
2017
2020
2021
Palm Beach 5 Year Pricing Analysis for Single Family Homes Closed Sales
$984,000
PALM BEACH COUNTY AVG. SALES PRICES
$1,000,000
$703,000
$750,000
$522,000
$568,000
$570,000
2018
2019
$500,000
$250,000
$0
2017
2020
2021
Average Days On The Market for Single Family Homes in 2021 (Based on Closed Sales)
Miami-Dade
Broward County
Palm Beach
48
AVG. DAYS ON THE MARKET
31 33
10
20
30
40
50
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