MARKET REPORT FIRST QUARTER 2022
TRENDS
TODAY’S REAL ESTATE ALONG FLORIDA’S EAST COAST
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LOCAL EXPERTISE WITH A GLOBAL PERSPECTIVE I am excited to share our market report for the first quarter of the year, offering superior insights and the latest real estate trends along Florida’s East Coast. By reviewing this report, you will learn that the real estate market in the region accelerated during this first quarter. Opportunities for relocation, lifestyle changes, and long-term investments have and will continue to surface throughout 2022 for local and out-of-state buyers and sellers. Our collaboration with Rosen Consulting Group aims to provide the highlevel stats you need to make informed real estate decisions. Keeping a close eye on the market month-over-month allows us better to advise our clients with timely and relevant knowledge. This unmatched collaboration results from our partner’s analytical approach and global viewpoint combined with the local expertise of our real estate professionals. As the real estate market remains competitive, we strive to reach new levels of excellence. Today, I’m proud to announce that ONE Sotheby’s International Realty is the franchised brokerage nationwide with the largest increase in sales volume, up 121.3% from 2020 to 2021, according to T3 Sixty. We attribute this exceptional achievement to our talented real estate advisors and look forward to more outstanding results in the future. ONE Sotheby’s International Realty continues to move forward with innovation, inspiring partnerships and exciting initiatives. Here is to exceptional collaborations, our real estate advisors, and outstanding results!
ABOUT TRENDS: ONE Sotheby’s International Realty presents the only market report focused on Florida’s East Coast. From Miami to Cocoa Beach, data is
Daniel de la Vega President ONE Sotheby’s International Realty
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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THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
FI RST QUA RT E R 202 2
The regional housing market accelerated further during the first quarter, with prices increasing and homes selling rapidly compared to last year. Despite rising mortgage rates adding to the increased cost of ownership, demand for homes in most neighborhoods remained robust. The regional economy also accelerated, with the unemployment rate falling to 3.5%. The combination of moderate employment growth and migration of households to the Florida East Coast fueled the high demand for homes. For-sale inventory continued to decrease during the first quarter, with available homes decreasing each month. Compared with the fourth quarter of 2021, single family home listings were 14% lower while available condo units were 25% lower. As prices rise, a number of existing homeowners would typically list homes for sale in order to unlock home equity. However, strong buyer demand as well as inability by some potential sellers to find appropriate trade-up opportunities thus far has helped to drive listing volume lower. Budding signs that single family home listings may soon reach a trough highlight that potential buyers may see some relief in the coming months in the form of more buying options.
AVERAGE SALES PRICE BY COUNTY FLORIDA’S EAST COAST
MAR 2021
MAR 2022
SINGLE-FAMILY HOMES
MAR 2021
MAR 2022
CONDOMINIUMS
First quarter sales volume slowed by nearly 8% even as
In the first quarter, sales of higher priced homes
buyer demand remained high. With prospective buyers
accelerated as limited inventory continued to constrain
facing limited inventories, the number of closed sales fell
the entry-level market. Luxury condo sales surged
for the last three quarters. Activity in the single-family
with sales volume of units priced between $1 million
home segment slowed substantially, as inventory was
and $5 million, accelerating by 31% compared with the
much tighter. In contrast, transaction volume for condos
previous quarter.
decreased by only 1% from the fourth quarter of 2021 as the combination of greater availability of units and greater affordability buoyed sales.
MEDIAN SALES PRICE FLORIDA’S EAST COAST
$510,000 3%
THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
FI RST QUA RT E R 202 2
BUYER COMPETITION REACHES NEW HEIGHTS The tight market continued to drive buyer competition
by 6%, while the median condo price increased by 7%
to new heights. During the first quarter, 38% of single-
compared with the fourth quarter of 2021. The median
family home sales closed above the list price while
price surged by 40% for single family homes and 46%
24% of condos sold at a premium, both record highs.
for condos during the last two years. By county, the
In many cases, sellers received multiple offers above
Martin and Palm Beach single family segments and
the asking price as buyers competed for their desired
Martin and Brevard condo markets increased the most
homes. The low inventory levels, particularly in prime
since 2020.
neighborhoods, combined with strong buyer demand, will continue to drive a growing share of sales closing
Heading into the spring buying season, the regional
above the list price.
housing market is poised to accelerate further. The strengthening economy should overcome headwinds,
A product of solid demand, pricing continued to
including higher inflation and rising mortgage rates,
increase throughout most of Florida’s East Coast.
through the near term, further bolstering housing
The median price of single-family homes increased
demand. The rise in mortgage rates and pricing gains
AVAILABLE INVENTORY FLORIDA’S EAST COAST SINGLE- FAMILY HOMES AND CONDOMINIUMS
Jan 2022
Feb 2022
↓6%
Mar 2022
↓6% ↑5% ↓ 6%
↓ 6%
↑14%
of the past few years will constrain some potential buyers but is unlikely to dampen demand much through the end of the year. With inventory expected to remain lower than historical averages, buyers may continue to compete for a limited number of opportunities and drive pricing higher across much of the region.
SOLD ABOVE LISTED PRICE FLORIDA’S EAST COAST ABOVE LISTING PRICE
SINGLE-FAMILY HOMES
MAR 2021
AT LISTING PRICE OR LOWER
MAR 2022
FOR SALE
MAR 2021
MEDIAN SALES PRICE
AVG SALES PRICE
PRICE PER SF
CONDOMINIUMS
MAR 2022
CLOSED TRANSACTIONS
HIGHEST SALES
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ONE Sotheby's INTERNATIONAL REALTY
© 2021 ONE Solheby'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 Solheby's International Realty Affiliates LLC nor any of its affiliated companies. The information contained herein is deemed accurate but not guaranteed. Oral representations cannot be relied upon as correctly staling 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 wtthout notice.
SINGLE-FAMILY HOMES
Miami-Dade County AVERAGE TIME TO SELL INCREASES Compared to last quarter, the average days on the market for closed sales increased for the secondconsecutive quarter. Available listings hovered near 2,000, and with so few homes on the market the median list price increased by nearly 8%.
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
MAR 2021
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
MAR 2022
AT LISTING PRICE OR LOWER
↓ 1%
CONDOMINIUMS
Miami-Dade County TRANSACTIONS HIGHEST IN THE REGION With more listings than any other county, it is not surprising that Miami-Dade produced 37% of all condo sales in the first quarter. Sales volume increased by 20% from last year, the only county in the region where sales increased.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Miami-Dade County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
MAR 2021
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
MAR 2022
AT LISTING PRICE OR LOWER
↓8%
SINGLE-FAMILY HOMES
Broward County LEADS THE REGION IN PRICE COMPETITION Most single-family homes sold above list price were in Broward County. Higher priced sales accelerated, with the number of homes sold between $3 million and $5 million increasing by 44% from the previous quarter.
AVERAGE SALES PRICE
DAYS ON MARKET
SINGLE-FAMILY HOMES
Broward County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
MAR 2021
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
MAR 2022
AT LISTING PRICE OR LOWER
↓ 3%
CONDOMINIUMS
Broward County SALES RISE, BUCKING REGIONAL TRENDS Sales volume increased by 2%, the only county in the region where activity increased from the fourth quarter. The median price increased by 3% during the quarter yet remained among the region’s lowest.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Broward County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
MAR 2021
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
MAR 2022 ↓7%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
SINGLE-FAMILY HOMES
Palm Beach County MOST LUXURY HOMES SOLD IN FIRST QUARTER Palm Beach County produced the most closed sales above the $5 million mark in the first quarter. Most homes in this price range sold at or slightly below the list price, while 42% of homes priced less than $1 million sold for more than the asking price.
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
MAR 2021
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
MAR 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
10%
CONDOMINIUMS
Palm Beach County CONDO INVENTORY STABILIZES Available inventory stabilized compared with the previous quarter yet remained 61% below the level last year. Sales of condos priced greater than $1 million accelerated throughout much of the first quarter.
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
MAR 2021
PRICE PER SF
MAR 2022
AT LISTING PRICE OR LOWER
↓1%
SINGLE-FAMILY HOMES
Martin County HIGHEST MEDIAN PRICE IN THE REGION Martin County produced the highest median home price in the first quarter, up 23% from last year and 20% higher than the regional median home price. Though demand remains elevated, pricing decreased slightly from the fourth quarter.
AVERAGE SALES PRICE
DAYS ON MARKET
SINGLE-FAMILY HOMES
Martin County SALES BY NEIGHBORHOOD AVG SALES PRICE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
MAR 2021
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
MAR 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
22%
CONDOMINIUMS
Martin County HIGHEST MEDIAN LIST PRICE INCREASE With the lowest available inventory in the region, Martin County also generates the fewest condo sales and the first quarter was no exception. The median list price increased by nearly 20% during the first quarter, the strongest in the region.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Martin County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
MAR 2021
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
MAR 2022
AT LISTING PRICE OR LOWER
↑3%
SINGLE-FAMILY HOMES
Indian River County COMPETITIVE BIDDING DOUBLES Roughly 30% of homes sold above the asking price compared to only 15% last year. The growing competition led to a 9% increase in the median price during the first quarter.
AVERAGE SALES PRICE
DAYS ON MARKET
SINGLE-FAMILY HOMES
Indian River County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
MAR 2021
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
MAR 2022
AT LISTING PRICE OR LOWER
↓ 7%
CONDOMINIUMS
Indian River County LOW INVENTORY CONTRIBUTES TO FASTER SALES The average days on the market in the first quarter of 2022 decreased to 51 days, down by 53% from last year. This could be explained by one of the lowest inventory levels in the region, as active listings dropped by 56% from last year.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Indian River County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
SOLD ABOVE LISTED PRICE
MAR 2021
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
MAR 2022
AT LISTING PRICE OR LOWER
↓ 4%
SINGLE-FAMILY HOMES
Brevard County INVENTORY SHORTAGE DRIVES COMPETITION With the total number of homes listed for sale 25% lower than a year ago, the share of homes sold above the asking price increased by 63% from last year, reflecting elevated competition. More than 40% of homes sold in the county were sold at a price premium during the first quarter.
AVERAGE SALES PRICE
DAYS ON MARKET
SINGLE-FAMILY HOMES
Brevard 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
MAR 2021
PRICE PER SF
MAR 2022
AT LISTING PRICE OR LOWER
↓ 12%
CONDOMINIUMS
Brevard County STEADY PRICE INCREASE AS BUYERS PAY PREMIUM The median condo price increased by 21% in the first quarter as the share of condos sold at a premium to list price increase by 97%. However, with limited inventory, the total number of sales fell by 17%.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Brevard County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
MAR 2021
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
MAR 2022 ↓
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
15%
For unmatched real estate expertise
© 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.