THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST

Following a record-setting pace in 2021, more than 148,000 single-family homes and condos sold across the east coast of Florida in 2022, a decline of roughly 22%. The drop in sales activity was consistent along the northeast and southeast coastlines. However, sales tallies held up better in some counties, with comparatively smaller declines in Brevard and Nassau counties.

By price range, transactions at the upper tiers generally slowed in comparison to most affordable homes in the past year. In 2022, 18% fewer single-family homes sold in the $3.5 million to $5 million range and 12% fewer in the $2 million to $3.5 million range. Conversely, sales of homes priced less than $1 million increased from 2021. In some counties, trends were reversed. Sales of higher-priced homes increased in Broward, Nassau and St. Johns counties.

Within the condo segment, sales totals were mixed. Sales of condo units priced above $3.5 million were on par with a strong 2021, while sales of units priced between $500,000 and $1 million increased by 7%. Sales of units priced between $1 million and $3.5 million fell by 11%. Trends varied by geography as well, with the highest-priced tiers recording more sales than the previous year in Broward and Palm Beach counties in southeast Florida and Duval and St. Johns counties in northeast Florida.