Market Report | June 2022

MARKET REPORT JUNE 2022

ARTIST’S CONCEPTUAL RENDERING; SURROUNDING BUILDINGS AND LANDMARK’S MODIFIED OR OMITTED. ST. REGIS RESIDENCES, MIAMI.

T R ENDS

TODAY’S REAL ESTATE ALONG FLORIDA’S EAST COAST

LOCAL EXPERTISE WITH A GLOBAL PERSPECTIVE I’m pleased to present our latest market report, which has a unique blend of excellent real estate insights and strategic viewpoints.

Over the last few months, we have seen the regional housing marketing continue to perform well, and May was no exception. We are beginning to see indicators that the market is experiencing a shift for short-term purchasing activity. However, in the longer term, the large number of stalled purchasers and migratory trends should stimulate demand, resulting in a strong housing market along Florida’s East Coast and exceptional results for ONE Sotheby’s International Realty.

We are honored to have 77 of our sales associates and teams ranked among the top 1.49% of more than 1.6 million licensed Realtors® nationwide by the America’s Best list for 2022. These agents are a testament to the strength of our brand and the caliber of talent that makes up our global network. Sotheby’s International Realty is once again the #1 real estate brand represented in the 2022 REAL Trends “TheThousand” rankings Individual Sales Volume category, comprising nearly 20% of the top agents in the United States.

Our unrivaled collaboration with Rosen Consulting Group to deliver this monthly market report continues to provide the most up-to-date data and guidance for our clients and those looking to keep a pulse on the real estate market.

ABOUT TRENDS: ONE Sotheby’s International Realty

Daniel de la Vega President 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.

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Contact a ONE Sotheby’s International Realty Advisor to learn more.

© 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.

To Live Exquisite is to Live Extraordinary.

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.

Future Residences Located 1809 Brickell Avenue Miami, Florida 33129 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. 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.

THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST INVENTORY LEVELS RECOVER

J UN E 202 2

Higher mortgage rates are impacting market segments, and foot traffic is lower in some neighborhoods,

The regional housing market improved in May, with

particularly for entry-level homes where buyers tend

pricing trending higher and buyer demand elevated.

to be more price sensitive. In the condo market, where

The Florida East Coast economy also strengthened,

potential buyers have searched for greater affordability

with the unemployment rate on par with early-2020.

in recent years, sales volume in the under-$1 million

With the economy at full employment, wages will

segment fell by 8% in May. Within the single-family

continue to increase, helping to drive up the prices

home segment, sales priced between $1 million and

of goods and services. The high rate of inflation and

$5 million accelerated, while entry-level home activity

rising mortgage rates will constrain some potential

remained stable.

homebuyers in the coming months. At the same time, more existing homeowners are likely to tap into builtup equity in their homes, leading to a rise in inventory levels. Demand for homes and condos remained elevated across the region.

AVERAGE SALES PRICE BY COUNTY FLORIDA’S EAST COAST

MAY 2021

MAY 2022

SINGLE-FAMILY HOMES

MAY 2021

MAY 2O22

CONDOMINIUMS

PRICES REACHING NEW HIGHS

buyers, these sellers will face the same tight inventory throughout much of the region, the surge in values

Prices trended higher in May, with the single family

has convinced more homeowners to list homes. In

and the condo segment setting pricing records. The

May, the volume of condo listings increased by 13%,

median single family price increased by more than 2%

while single family home listings increased by 25%.

and the median condo price increased by nearly 6%

The surge in available inventory in the last two months

from the previous month. Since the end of 2021, prices

was substantial and brought volume back to year-end

for both home types are up by roughly 13%.

2021 levels.

With pricing reaching new highs in many neighborhoods, many homeowners sought to tap into home equity and sell their homes. Though as

MEDIAN SALES PRICE FLORIDA’S EAST COAST

$552,000 2%

THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST

J UN E 202 2

STRONG HOUSING MARKET ALONG THE FLORIDA EAST COAST The housing market continues to perform well and pent-up demand for quality housing remains high, evidenced by single-family homes and condos selling at the fastest pace in more than a decade. While rising mortgage rates will be a factor in the months to come, Florida’s economy shows no signs of slowing down, and full employment will undoubtedly be a driving factor in our market. Over the longer term, the large number of stalled buyers and migration trends should fuel demand and lead to a stronger housing marketing along Florida’s East Coast.

AVAILABLE INVENTORY FLORIDA’S EAST COAST SINGLE- FAMILY HOMES AND CONDOMINIUMS

↓

Apr 2022

May 2022

↓ 25% ↓

↓

20%

53%

26%

↓

↓

Mar 2022

18%

13%

SOLD ABOVE LISTED PRICE FLORIDA’S EAST COAST

MAY 2021

MAY 2022

MAY 2021

ABOVE LISTING PRICE

SINGLE-FAMILY HOMES

FOR SALE

MEDIAN SALES PRICE

MAY 2022

AT LISTING PRICE OR LOWER

AVG SALES PRICE

PRICE PER SF

CONDOMINIUMS

CLOSED TRANSACTIONS

HIGHEST SALES

SINGLE-FAMILY HOMES

Miami-Dade County DEMAND FOR HIGHER-PRICED HOMES ACCELERATES While overall sales fell from the prior month, the bulk of the decline was in the entry-level home market. Sales of homes priced more than $3 million increased by nearly 29%.

AVERAGE SALES PRICE

DAYS ON MARKET

SINGLE-FAMILY HOMES

Miami-Dade County SALES BY NEIGHBORHOOD AVG SALES PRICE

PRICE RANGE

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

MAY 2021

PRICE PER SF

PRICE PER SF

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

MAY 2022 ↓

ABOVE LISTING PRICE

AT LISTING PRICE OR LOWER

23%

CONDOMINIUMS

Miami-Dade County FOR-SALE INVENTORY ON THE RISE Condo inventory increased in May by nearly 9%, with Miami-Dade remaining the county with the greatest number of for-sale units. Even as sales increased in recent months, it would take roughly two-and-a-half months to absorb current inventory.

AVERAGE SALES PRICE

DAYS ON MARKET

CONDOMINIUMS

Miami-Dade County SALES BY NEIGHBORHOOD AVG SALES PRICE

PRICE PER SF

CLOSED TRANSACTIONS

DAYS ON MARKET

-

PRICE RANGE

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

MAY 2021

ABOVE LISTING PRICE

PRICE PER SF

CLOSED TRANSACTIONS

DAYS ON MARKET

AVAILABLE LISTINGS

MAY 2022

AT LISTING PRICE OR LOWER

↑9%

SINGLE-FAMILY HOMES

Broward County COMPETITION LEADS TO LESS TIME ON MARKET Buyer competition remained elevated, with 57% of homes sold above the asking price, the highest share in the region. Homes also sold more quickly, with the average sale taking less than 26 days.

AVERAGE SALES PRICE

DAYS ON MARKET

SINGLE-FAMILY HOMES

Broward County SALES BY NEIGHBORHOOD AVG SALES PRICE

SOLD ABOVE LISTED PRICE

MAY 2021

ABOVE LISTING PRICE

PRICE PER SF

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

MAY 2022

AT LISTING PRICE OR LOWER

↓

PRICE RANGE

AVG SALES PRICE

PRICE PER SF

27%

CONDOMINIUMS

Broward County SALES PACE MIXED IN MAY Sales of units priced more than $1 million increased by 14% in May, while lower-priced sales dropped by 9%.

AVERAGE SALES PRICE

DAYS ON MARKET

CONDOMINIUMS

Broward County SALES BY NEIGHBORHOOD AVG SALES PRICE

PRICE RANGE

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

MAY 2021

ABOVE LISTING PRICE

PRICE PER SF

PRICE PER SF

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

MAY 2022

AT LISTING PRICE OR LOWER

↑11%

SINGLE-FAMILY HOMES

Palm Beach County STILL HIGHEST MEDIAN PRICE IN REGION The median price remained the highest in the region, though it plateaued from April. Potential buyers are becoming less aggressive as the share of homes sold for more than the list price decreased in May.

AVERAGE SALES PRICE

DAYS ON MARKET

SINGLE-FAMILY HOMES

Palm Beach County SALES BY NEIGHBORHOOD AVG SALES PRICE

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

MAY 2021

ABOVE LISTING PRICE

PRICE PER SF

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

MAY 2022

AT LISTING PRICE OR LOWER

↓

PRICE RANGE

PRICE PER SF

26%

CONDOMINIUMS

Palm Beach County HIGHER PRICED SALES ACCELERATE Sales slowed in May, particularly in the less than $1 million price range. For units priced between $1 million and $3 million, purchase activity increased.

AVERAGE SALES PRICE

DAYS ON MARKET

CONDOMINIUMS

Palm Beach County SALES BY NEIGHBORHOOD AVG SALES PRICE

PRICE RANGE

AVG SALES PRICE

ABOVE LISTING PRICE

PRICE PER SF

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

SOLD ABOVE LISTED PRICE

MAY 2021

PRICE PER SF

MAY 2022

AT LISTING PRICE OR LOWER

↑25%

SINGLE-FAMILY HOMES

Martin County LARGEST INCREASE IN SALES The number of closed sales increased by 14% in May, the largest increase in the region. Sales of homes priced less than $1 million accelerated by 10%. The average time on the market for homes priced at more than $1 million improved in the last month.

AVERAGE SALES PRICE

DAYS ON MARKET

SINGLE-FAMILY HOMES

Martin County SALES BY NEIGHBORHOOD AVG SALES PRICE

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

MAY 2021

ABOVE LISTING PRICE

PRICE PER SF

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

MAY 2022

AT LISTING PRICE OR LOWER

↓

PRICE RANGE

PRICE PER SF

68%

CONDOMINIUMS

Martin County INCREASED INVENTORY YET TO PROVIDE RELIEF Inventory increased by the largest share in the region, yet the county still has the fewest number of units available for sale. With few options to purchase, 38% of buyers paid more than the list price.

AVERAGE SALES PRICE

DAYS ON MARKET

CONDOMINIUMS

Martin County SALES BY NEIGHBORHOOD AVG SALES PRICE

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

MAY 2021

ABOVE LISTING PRICE

PRICE PER SF

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

MAY 2022

AT LISTING PRICE OR LOWER

↓

PRICE RANGE

PRICE PER SF

33%

SINGLE-FAMILY HOMES

Indian River County LOWER PRICED SALES SLOW While overall sales declined from last month, the bulk of the decrease occurred in the less than $1 million price range.

Sales in the $1 million to $3 million range were on par with the previous month.

AVERAGE SALES PRICE

DAYS ON MARKET

SINGLE-FAMILY HOMES

Indian River County SALES BY NEIGHBORHOOD AVG SALES PRICE

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

MAY 2021

ABOVE LISTING PRICE

PRICE PER SF

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

MAY 2022

AT LISTING PRICE OR LOWER

↓

PRICE RANGE

PRICE PER SF

24%

CONDOMINIUMS

Indian River County AVAILABLE INVENTORY SURGES The surge in available condo units brought supply to the highest point in more than a year. With buyers finding multiple options available, competition tapered somewhat and the share of sellers receiving a premium to the asking price fell in May.

AVERAGE SALES PRICE

DAYS ON MARKET

CONDOMINIUMS

Indian River County SALES BY NEIGHBORHOOD AVG SALES PRICE

AVG SALES PRICE

PRICE PER SF

SOLD ABOVE LISTED PRICE

MAY 2021

ABOVE LISTING PRICE

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

MAY 2022

AT LISTING PRICE OR LOWER

↓

PRICE RANGE

PRICE PER SF

28%

SINGLE-FAMILY HOMES

Brevard County MONTHLY SALES ON THE RISE Sales volume increased in May, one of the few counties in the region to record an increase from April. Available listings increased for the second consecutive month, yet supply remains tight as available homes would be absorbed in less than a month at the current sales pace.

AVERAGE SALES PRICE

DAYS ON MARKET

SINGLE-FAMILY HOMES

Brevard County SALES BY NEIGHBORHOOD AVG SALES PRICE

AVG SALES PRICE

ABOVE LISTING PRICE

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

SOLD ABOVE LISTED PRICE

MAY 2021

PRICE PER SF

CLOSED TRANSACTIONS

MAY 2022

AT LISTING PRICE OR LOWER

↓

PRICE RANGE

PRICE PER SF

22%

CONDOMINIUMS

Brevard County BUYERS CONTINUE TO COMPETE Even as more units are made available for sale, buyer competition remained elevated, with roughly 43% of condo units purchased at a premium to the list price. Strong buyer demand has also helped push the average listing price higher for the second consecutive month.

AVERAGE SALES PRICE

DAYS ON MARKET

CONDOMINIUMS

Brevard County SALES BY NEIGHBORHOOD AVG SALES PRICE

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

MAY 2021

ABOVE LISTING PRICE

PRICE PER SF

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

MAY 2022

AT LISTING PRICE OR LOWER

↓

PRICE RANGE

PRICE PER SF

16%

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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.