TODAY’S REAL ESTATE ALONG FLORIDA’S EAST COASTTRENDS MARKET REPORT AUGUST 2022
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ABOUT TRENDS: Our August market report brings the latest perspectives on real estate, providing superior data and insights from Miami all the way to Amelia Island. I’m excited to announce that Northeast Florida is now included in our TRENDS Market Report, a region where economic strength and high demand for housing persist over time. With median prices increasing and homes being sold at record levels, it’s clear that this region is strong and thriving!
The real estate industry is evolving and our local expertise combined with Rosen Consulting Group’s analytical approach is a vital tool to advise our clients with timely and relevant knowledge. As relocation opportunities continue to grow within our region, our unparalleled service keeps setting the bar in the industry. ONE Sotheby’s International Realty was recently voted Best Luxury Real Estate Brokerage in Florida by Luxury Lifestyle Awards. This achievement is a testament to our commitment and drive to be at the forefront of innovation within the real estate industry. Now more than ever, we believe luxury is not a price point, but a level of service and we will continue to deliver the highest caliber of expertise and dedication to our agents and their clients. From cutting-edge technology to in-house business development experts, our unmatched resources are award-winning and propel us as leaders in today’s real estate market. Let’s keep reaching new levels of excellence!
ONE Sotheby’s International Realty presents the only market report focused on Florida’s East Coast. From Miami to Cocoa Beach, data is presented from a macro perspective 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.
To Live Exquisite is to Live Extraordinary.
Future Residences Located 1809 Brickell Avenue Miami, Florida 33129
The St. Regis Residences, Miami East Tower a condominium within The St. Regis Residences, Miami (the “Condominium”) is developed by 1809 Brickell Property Owner, LLC (“Developer”) and this offering is made only by the Developer’s Prospectus for the Condominium. Sketches, renderings, or photographs depicting lifestyle, amenities, food services, club services, rental services, hosting services, finishes, designs, materials, furnishings, fixtures, appliances, cabinetry, soffits, lighting, countertops, floor plans, specifications, or art are proposed only, and the Developer reserves the right to modify, revise, or withdraw any or all of the same in its sole discretion. Pursuant to license agreements, and for so long as the license agreement governing use of a name is not terminated or expired, Developer has a right to use the trade names, marks, and logos of: (1) St Regis; (2) St. Regis Residences; (3) The Related Group; and (3) Integra Investments, LLC, each of which is a licensor and none of which is the Developer. Marriott International, Inc. is not responsible for the marketing, development, or sales of the Condominium. Consult the Developer’s Prospectus for the proposed budget, terms, conditions, specifications, fees, and Unit dimensions. The Developer is not incorporated in, located in, nor a resident of, New York. This is not intended to be an offer to sell, or solicitation of an offer to buy, condominium units in New York or to residents of New York, or of any other jurisdiction were prohibited by law. 2022 © 1809 Brickell Property Owner, LLC, with all rights reserved.
Situated along the beautiful coastline of South Brickell, The St. Regis Residences, Miami epitomize elegant living. It mirrors the sensibilities of those who are driven by connoisseurship, demand excellence, respect tradition and value individuality above all else. St. Regis represents a future propelled by a historic past. It’s a place where new generations will create lifetimes of legendary moments, in one-of-a-kind homes for individuals who perceive their personal legacies innately intertwined with the rich heritage of Miami.
ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE.
Gables Village is a 48-residence Seville-inspired luxury community that will pay homage to George Merrick’s legacy and history. It will include a collection of exquisitely designed townhomes, duplexes, lofts, and flats.
Introducing Coral Gables’ Most Exclusive New Village
© 2022 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 or 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. FL, 33134
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In July, total listings increased by nearly 14% in the counties along Florida’s East Coast. Even as more homes and condos are made available for sale throughout the region, the increase in inventory has only brought levels back to where they were in late 2021. This highlights the extremely tight inventory of the past few months.
AUG 2022
The economy’s strength fueled demand for housing even as higher costs affected affordability and slowed purchase activity. Though sellers may not receive numerous offers above the asking price, a balance between buyers and sellers is a positive for the longer-term health of the regional housing market. Affordability is impacting homes of all sizes, but it particularly affects first-time home buyers that may have already been hesitant to purchase. Despite this, younger buyers’ relatively strong desire for ownership helped buoy sales in entry-level tiers. The slower sales pace brought levels in line with late 2019 and early 2020, highlighting the outsized sales volume and prices of more recent months.
SINGLE FAMILY HOMES CONDOMINIUMS JUL 2021 JUL 2022 JUL 2021 JUL 2022
THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
FLORIDA’S EAST COAST
AVERAGE SALES PRICE BY COUNTY
The current state of the housing market will likely remain in the coming months, leading to a more moderate sales pace and slight retrenchment in pricing. However, the strong labor market will continue to drive incomes higher, helping potential buyers to offset the higher borrowing costs. A strong housing demand continues as heads keep turning to Florida East Coast’s for immediate relocation opportunities.
MEDIAN SALES PRICE FLORIDA’S EAST COAST $470,0001%
AVAILABLE INVENTORY FLORIDA’S EAST COAST SINGLE FAMILY HOMES AND CONDOMINIUMS ↑ 9% 1% 8% 10% 4% 15% 17% 31% 17% 16% May 2022 Jun 2022 Jul 2022 ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST AUG 2022
2021JUL 2022JUL SINGLE FAMILY HOMES CONDOMINIUMS SOLD ABOVE LISTED PRICE FLORIDA’S EAST COAST ABOVE LISTING PRICE AT LISTING PRICE OR LOWER 2021JUL 2022JUL FOR SALE MEDIAN SALES PRICE AVG SALES PRICE PRICE PER SF CLOSED TRANSACTIONS HIGHEST SALES
Inventory continued to increase to nearly 3,700 properties. This increase and a slowdown in sales pushed the months of supply to the highest level since 2019. Miami-Dade County HIGHER INVENTORY LEVELS AVERAGE SALES PRICE DAYS ON MARKET SINGLE-FAMILY HOMES
Miami-Dade County SALES BY NEIGHBORHOOD AVG SALES PRICE DAYS ON MARKET AVAILABLE LISTINGSSOLD ABOVE LISTED PRICE PRICE RANGE AVG SALES PRICE PRICE PER SF PRICE PER SF DAYS ON MARKET ABOVE LISTING PRICE AT LISTING PRICE OR LOWER CLOSED TRANSACTIONSCLOSEDTRANSACTIONS 11%2021JUL 2022JUL ↓ SINGLE-FAMILY HOMES
Miami-Dade
AVERAGE SALES PRICE DAYS ON MARKET Though the number of listings increased, available units grew by the smallest amount in the region last month. Despite the increase in for-sale inventory, the share of condos sold above the list price remained on par with the previous month.
County COMPETITION FROM BUYERS REMAINS CONDOMINIUMS
AVAILABLE LISTINGSSOLD ABOVE LISTED PRICE PRICE SALESRANGEBYNEIGHBORHOOD ABOVE LISTING PRICE AT LISTING PRICE OR LOWER AVG SALES PRICE DAYS ON MARKETPRICE PER SF CLOSED TRANSACTIONS AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS ↑7% 2021JUL 2022JUL Miami-Dade County CONDOMINIUMS
AVERAGE SALES PRICE DAYS ON MARKET Broward County continued to experience strong price appreciation. The median price increased by 20%. The average days on the market and share of homes sold at a premium decreased, suggesting that homes priced properly were still in strong demand. Broward County STRONG PRICE GROWTH SINGLE-FAMILY HOMES
SALES BY NEIGHBORHOOD AVAILABLE LISTINGSSOLD ABOVE LISTED PRICE ABOVE LISTING PRICE AT LISTING PRICE OR LOWER AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS AVG SALES PRICE DAYS ON MARKETPRICE PER SF CLOSED TRANSACTIONS 22%2021JUL ↓2022JUL PRICE RANGE Broward County SINGLE-FAMILY HOMES
AVERAGE SALES PRICE DAYS ON MARKET Even after increasing by 25% in the last year, the median price remained the lowest in the region at $265,000. Though units are more affordable than surrounding counties, active inventory increased by 12% in the last month. Broward County THE COUNTY REMAINS THE MOST AFFORDABLE CONDOMINIUMS
AVAILABLE LISTINGSSOLD ABOVE LISTED PRICE ABOVE LISTING PRICE AT LISTING PRICE OR LOWER SALES BY NEIGHBORHOOD PRICE RANGE AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS AVG SALES PRICE DAYS ON MARKETPRICE PER SF CLOSED TRANSACTIONS ↑12%2021JUL 2022JUL CONDOMINIUMS Broward County
AVERAGE SALES PRICE DAYS ON MARKET Palm Beach County led the region in median price, at $650,000, as well as the number of homes sold above $1 million. The number of homes sold slowed slightly from last year, but overall fared better than lower-priced homes. Palm Beach County THE PRICE LEADER SINGLE-FAMILY HOMES
SALES BY NEIGHBORHOOD AVAILABLE LISTINGSSOLD ABOVE LISTED PRICE PRICE RANGE ABOVE LISTING PRICE AT LISTING PRICE OR LOWER AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS AVG SALES PRICE DAYS ON MARKETPRICE PER SF CLOSED TRANSACTIONS 17%2021JUL 2022JUL ↓ Palm Beach County SINGLE-FAMILY HOMES
AVERAGE SALES PRICE DAYS ON MARKET The average sales price remains higher than this time last year while inventory is up by 11%. The average days on the market remained low, at roughly 25 days. Palm Beach County DAYS ON THE MARKET REMAINED STEADY CONDOMINIUMS
ABOVE LISTING PRICE AT LISTING PRICE OR LOWER AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS AVG SALES PRICE DAYS ON MARKETPRICE PER SF CLOSED TRANSACTIONS ↑11% SALES BY NEIGHBORHOOD AVAILABLE LISTINGSSOLD ABOVE LISTED PRICE PRICE RANGE 2021JUL 2022JUL Palm Beach County CONDOMINIUMS
AVERAGE SALES PRICE DAYS ON MARKET Even as listing inventory increased, the average time of a home on the market fell by 35% in the last month. Martin County THE PACE OF SALES ACCELERATES SINGLE-FAMILY HOMES
ABOVE LISTING PRICE AT LISTING PRICE OR LOWER AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS 17% SALES BY NEIGHBORHOOD AVAILABLE LISTINGSSOLD ABOVE LISTED PRICE PRICE RANGE 2021JUL 2022JUL ↓ Martin County SINGLE-FAMILY HOMES
AVERAGE SALES PRICE DAYS ON MARKET With the smallest inventory in the region, demand pushed pricing higher. In the last year, the median price increased by 43%. Martin County HIGHEST PRICE APPRECIATION IN THE REGION CONDOMINIUMS
ABOVE LISTING PRICE AT LISTING PRICE OR LOWER AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS ↑13% SALES BY NEIGHBORHOOD AVAILABLE LISTINGSSOLD ABOVE LISTED PRICE PRICE RANGE 2021JUL 2022JUL Martin County CONDOMINIUMS
DAYS ON THE MARKET REMAIN STEADY SINGLE-FAMILY HOMES
AVERAGE SALES PRICE DAYS ON MARKET Compared to the entire Southeast region, price growth for Indian River single-family homes appreciated the least. Additionally, the average number of days on the market was the highest in the region.
Indian River County
AVAILABLE LISTINGSSOLD ABOVE LISTED PRICE ABOVE LISTING PRICE AT LISTING PRICE OR LOWER SALES BY NEIGHBORHOOD PRICE RANGE AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS 19%2021JUL 2022JUL ↓ Indian River County SINGLE-FAMILY HOMES
AVERAGE SALES PRICE DAYS ON MARKET The average days units spent on the market before selling approached 60; a level often considered equilibrium between buyers and sellers. Indian River County SELLING TIME REACHES EQUILIBRIUM CONDOMINIUMS
ABOVE LISTING PRICE AT LISTING PRICE OR LOWER AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS 13% AVAILABLE LISTINGSSOLD ABOVE LISTED PRICE SALES BY NEIGHBORHOOD PRICE RANGE 2021JUL 2022JUL Indian River County CONDOMINIUMS ↓
AVERAGE SALES PRICE DAYS ON MARKET For sale inventory increased further in July, up by 80% from last year. Despite a median price increase of 13% in the previous year, Brevard County is the region’s most affordable single-family housing market. Brevard County INVENTORY SURGES SINGLE-FAMILY HOMES
ABOVE LISTING PRICE AT LISTING PRICE OR LOWERAVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS 34% AVAILABLE LISTINGSSOLD ABOVE LISTED PRICE SALES BY NEIGHBORHOOD PRICE RANGE 2021JUL 2022JUL ↓ Brevard County SINGLE-FAMILY HOMES
AVERAGE SALES PRICE DAYS ON MARKET The median condominium price increased by 34%, bringing the county to one of the highest median prices in the region, second only to Miami-Dade. The total number of sales decreased and fewer homes sold at a premium. Brevard County STRONG PRICE APPRECIATION CONDOMINIUMS
ABOVE LISTING PRICE AT LISTING PRICE OR LOWER AVAILABLE LISTINGSSOLD ABOVE LISTED PRICE SALES BY NEIGHBORHOOD PRICE RANGE AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS 19%2021JUL 2022JUL ↓ Brevard County CONDOMINIUMS
AVERAGE SALES PRICE DAYS ON MARKET St. Johns County had the highest median and median prices per square foot in the region. The median price was 30% above the regional median. St. Johns County HIGHEST MEDIAN PRICE IN THE NORTHEAST RESIDENTIAL
ABOVE LISTING PRICE AT LISTING PRICE OR LOWER AVAILABLE LISTINGSSOLD ABOVE LISTED PRICE SALES BY NEIGHBORHOOD PRICE RANGE AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS 4%2021JUL 2022JUL ↓ St. Johns County RESIDENTIAL
AVERAGE SALES PRICE DAYS ON MARKET The median price per square foot for all residential types exceeded $200 for the first time on record. Duval County PRICE PER SQUARE FOOT REACHES RECORD RESIDENTIAL
ABOVE LISTING PRICE AT LISTING PRICE OR LOWER AVAILABLE LISTINGSSOLD ABOVE LISTED PRICE SALES BY NEIGHBORHOOD PRICE RANGE AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS 8%2021JUL 2022JUL ↓ Duval County RESIDENTIAL
AVERAGE SALES PRICE DAYS ON MARKET Though sales decreased across the board, homes priced greater than $500,000 slowed modestly compared to the sales of homes priced less than $500,000. Clay County HIGHER-PRICED HOMES OUTPERFORM RESIDENTIAL
ABOVE LISTING PRICE AT LISTING PRICE OR LOWER AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS 1% AVAILABLE LISTINGSSOLD ABOVE LISTED PRICE SALES BY NEIGHBORHOOD PRICE RANGE 2021JUL 2022JUL ↓ Clay County RESIDENTIAL AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS
AVERAGE SALES PRICE DAYS ON MARKET The median price increased by nearly 8% in July, a rare regional gain. The number of homes sold in the upper pricing tiers has also risen in recent months. Nassau County PRICE GAINS LEAD REGION RESIDENTIAL
ABOVE LISTING PRICE AT LISTING PRICE OR LOWER AVAILABLE LISTINGSSOLD ABOVE LISTED PRICE SALES BY NEIGHBORHOOD PRICE RANGE AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS 9%2021JUL 2022JUL ↓ Nassau County RESIDENTIAL AVG SALES PRICE PRICE PER SF DAYS ON MARKETCLOSED TRANSACTIONS
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© 2022 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.