JAN 2022
2021 Q4 UPDATE
South Florida Housing Market Sets New Real Estate Records
Single Family Homes
SINGLE FAMILY HOMES Total Active Listings Analysis in Miami-Dade, Broward and Palm Beach Counties TOTAL ACTIVE LISTINGS
20,000
15,000
16,248 NEW ALL TIME RECORD LOW
10,000
9,495
5,745 PREVIOUS RECORD LOW (MAY 2021) 5,000
SOURCE: MLS
5,301
0
Q4-2019
Q4-2020
Q4-2021
SINGLE FAMILY HOMES Price Appreciation in Miami-Dade, Broward and Palm Beach Counties
1,000,000
$915,314 900,000
800,000
$693,420
700,000
$550,333
600,000
500,000
SINGLE FAMILY HOME PRICES HAVE MORE THAN DOUBLED IN THE LAST 3 YEARS IN SOUTH FLORIDA
$447,425
400,000
300,000
SOURCE: MLS
200,000
100,000
0
2018
2019
2020
2021
THE KNIGHT FRANK REPORT Ranked Miami the #1 City in the World for Single Family Home Price Increases in 2021
RANKING
% PRICE INCREASE
1. MIAMI, FL
26.4%
2. SEOUL, KOREA
22.6%
3. SHANGHAI, CHINA
20.5%
SOURCE: THE KNIGHT FRANK PRIME GLOBAL INDEX 2021 RELATEDISGREALTY.COM
"U.S. Housing Market is Nearly 4 Million Houses Short of Buyer Demand, According to New Analysis by Freddie Mac." APRIL 2021
"Countries all over the world are facing a housing crisis, with a massive shortage of houses for expanding populations, according to the United Nations" MAY 2021
MLS Condos
CONDOS Total Active Listings Analysis in
Miami-Dade, Broward and Palm Beach Counties TOTAL ACTIVE LISTINGS
30,000
28,774 25,000
NEW ALL TIME RECORD LOW
20,000
19,998
15,000
12,382 PREVIOUS RECORD LOW (JUNE 2021) 10,000
9,342
SOURCE: MLS
5,000
0
Q4-2019
Q4-2020
Q4-2021
CONDO Price Appreciation in
Miami-Dade, Broward and Palm Beach Counties
1,000,000
900,000
800,000
700,000
600,000
$516,768
$508,883
2018
2019
$522,414
CONDO PRICES HAVE STAYED FLAT IN THE LAST 3 YEARS
$546,617
500,000
400,000
300,000
SOURCE: MLS
200,000
100,000
0
2020
2021
2021
>
2020 & 2019
Total New Transactions Single Family Homes and Condos Miami-Dade, Broward & Palm Beach Counties
TOTAL NEW TRANSACTIONS January - December 2019 - 2021 for
Single Family Homes and Condos in Miami-Dade, Broward and Palm Beach Counties TOTAL NEW TRANSACTIONS
JAN - DEC
80,445
2019
JAN - DEC
81,023
2020
19,465
100,195
JAN - DEC
2021
0
20,000
40,000
60,000
80,000
100,000
JAN - DEC 2021 MOST TRANSACTIONS IN A SINGLE YEAR, EVER!
COCONUT GROVE TO EAST FORT LAUDERDALE TOTAL CONDOS DELIVERED BY YEAR
9 DEVELOPMENTS
9 8 7
6 DEVELOPMENTS
5 DEVELOPMENTS
6 5 4
2
3
1
2
SOURCE: MIAMI-DADE & BROWARD COUNTY TAX RECORDS AND DEVELOPER ON-SITE SALES OFFICE
Macro Future Deliveries for Traditional Condos Released Since 2012
1
DEVELOPMENTS
DEVELOPMENT
DEVELOPMENT
1
8 CONDOS RELEASED 2012-2020 16 CONDOS RELEASED 2021+
*2023
*2024
*2025
*2026
*2027+ *PROJECTED
2022
3 BAY HARBOR ISLANDS
TRADITIONAL CONDOS (NO SHORT TERM RENTALS)
2 MIAMI BEACH / SOUTH BEACH
1 2
2 BRICKELL
DOWNTOWN MIAMI
1 COCONUT GROVE
SUNNY ISLES BEACH
1 BISCAYNE CORRIDOR DESIGN DISTRICT MIDTOWN WYNWOOD
4 FORT LAUDERDALE
16
CONDOS TOTALING
2,938
RESIDENCES
30 Year Condo Delivery Analysis For
TRADITIONAL & SHORT-TERM/AIRBNB CONDOS Coconut Grove To Fort Lauderdale - East of I-95
58,953
60,000 55,000
TRADITIONAL
45,000
VS.
40,000
SHORT-TERM/AIRBNB
35,000
TRADITIONAL CONDOS - 2,938 SHORT TERM RENTALS - 4,419
30,000 25,000 19,465
20,000 15,000 10,000 5,000
2,938
0
# OF BUILDINGS
PREVIOUS CYCLE
LAST CYCLE
CURRENT CYCLE
2001 - 2010
2012 - 2020
2021+
275
123
16
SOURCE: MLS
TRADITIONAL CONDO UNITS RELEASED
50,000
CONDO HOTELS / SHORT TERM RENTALS in Greater Downtown Miami 15 Condo-Hotel Developments = 4,419 Residences
1.
4.
7.
10.
13.
2.
5.
8.
11.
14.
3.
6.
9.
12.
15.
11
DOWNTOWN MIAMI
3
EDGEWATER
5
7
8
13 14 15
S E L I M 1.53
BRICKELL
12
10
9
S E L I M 5 5 . 0
MIDTOWN WYNWOOD
RIVERSIDE
SUPPLY
SHOCK
COSTA RICA
TAKEAWAYS
1.
SUPPLY SHOCK
2.
DEMAND
3.
ALTERNATIVE LOCATIONS
JAN 2022
2021 Q4 UPDATE