2021 ANNUAL REPORT
TRENDS
TODAY’S REAL ESTATE ALONG FLORIDA’S EAST COAST
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TRENDS: TODAY’S REAL ESTATE ALONG FLORIDA’S EAST COAST I'm proud to share our annual market report for 2021, offering strategic perspectives on real estate. As heads turned to Florida's unprecedented growth as a primary residence destination, ONE Sotheby's International Realty expanded its local presence. In 2021 we welcomed over 300 new agents, increased our agent support staff by 30%, opened five new offices and executed inspiring partnerships including the Miami Dolphins, Miami Heat, Young Arts Foundation and the Sotheby’s auction house. We started 2022 with a renewed drive to innovate. We are now marketing our first property in the metaverse, and launched The New Luxury, our podcast series providing insights on the luxury marketplace, to name a few highlights. Keeping a close eye on our markets allows us better to advise our clients with timely and relevant knowledge. We'll continue our unmatched collaboration with Rosen Consulting Group to combine its analytical approach and global viewpoint with the local expertise of our real estate professionals. 2021 proved to be a time of transformative growth, leading the path to opportunities for immediate relocation, lifestyle changes, and long-term investments that will continue to surface as Florida keeps catching attention as a global reference in real estate. Here's to more impact in 2022!
ABOUT TRENDS: ONE Sotheby’s International Realty presents the only market report
With gratitude,
focused on Florida’s East Coast. From Miami to Cocoa Beach, data is presented from a macro perspective
Daniel de la Vega
down to city level.
President
Data is sourced from local Multiple
ONE Sotheby’s International Realty
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
2021 A N N UA L RE P O RT
A TRANSFORMATIVE YEAR FOR THE REGION AND THE REAL ESTATE INDUSTRY The last year was remarkable for the Florida East Coast
reached a new record of more than 130,000 homes and
housing market, with average pricing breaking records
condos, an increase of nearly 20% from the previous
throughout much of the region. Buyer activity surged in
year. Single-family home volume increased modestly,
2021 and could have been even higher, constrained only
by 5%, primarily due to limited inventory. In the condo
by low inventory levels. The regional economy continued
segment, where inventory was not a constraint for
to recover from the pandemic, with improved job
potential buyers, sales volume increased by 40%
prospects helping migration rebound and providing an
compared with 2020. Condo sales grew by double-digits
additional boost to homebuyer demand.
in all counties in the area, with Miami-Dade sales activity outpacing the region as sales increased by 66%.
In 2021, sales activity surged as migration from outside of the region and the desire for ownership from residents looking for larger living space increased. Total sales
AVERAGE SALES PRICE BY COUNTY FLORIDA’S EAST COAST
DEC 2020
DEC 2021
SINGLE-FAMILY HOMES
DEC 2020
DEC 2021
CONDOMINIUMS
THE LOWEST INVENTORY LEVELS IN RECENT HISTORY For-sale inventory decreased throughout most of the year
the heightened competition for trade-up homes.
as buyers absorbed new listings rapidly. By year-end, the
With elevated buyer demand throughout 2021 and little
number of available homes and condos fell to roughly
inventory, it is no surprise that competition for quality
17,300, the lowest level in recent history. At the end of
homes accelerated. The average time on the market for
2020, single-family home listings reached a five-year
single-family homes fell by 37% and 15% in the condo
low, yet the available count decreased even further in
segment. For some listings, sellers received multiple
2021. Inventory in the condo segment was on par with
offers from interested buyers. In 2021, more than 31%
historical averages at the start of 2021 but decreased by
of single-family homes and 15% of condos sold for
nearly 60% throughout the year. In Palm Beach County,
more than the list price. While competition accelerated
condo inventory fell by more than 70% compared with
in both segments, bidding in the condo market drove
the previous year to lead the region. The few listings
the share of sales above the asking price to the double-
available throughout the year did so at increasing prices.
digit territory for the first time since 2015. The intense
The median price of available condos increased by 28%
levels of competition in most neighborhoods occurred
from 2020 and 10% in the single-family home segment.
despite limited international buyer activity. As this
Even as competition for homes increased, many existing
demand component returns to the Florida East Coast,
homeowners were reluctant to capitalize on recent gains
competition may reach even greater heights.
in value by listing homes for sale as they would also face
MEDIAN SALES PRICE FLORIDA’S EAST COAST
$485,000 3%
THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
As buyer demand remained strong throughout the year and supply constraints funneled competition to a dwindling number of available homes, it was no surprise
2021 A N N UA L RE P O RT
2022 POISED TO BE ANOTHER RECORD-BREAKING YEAR
that home values reached records across the region.
Following a record-breaking year, sales activity and
The median price of a single-family home sold in 2021
home values should continue to increase into 2022.
increased to $451,000, a 19% raise, and $263,000 for
Buyer demand will remain elevated even as mortgage
condos, an increase of 22%. While price appreciation was
rates trend higher. Low for-sale inventory levels will
strong throughout the region, the most substantial gains
persist, particularly within the lower price ranges. As
in the single-family sector occurred in Martin, Miami-
tourism volume fully recovers and international visitors
Dade, and Palm Beach counties, where the median
rebound, buyer demand may increase further and lead
price increased by more than 23%. Miami-Dade County
to another record-breaking year for the Florida East
outpaced the region with a median price appreciation of
Coast housing market.
nearly 25% in the condo segment.
AVAILABLE INVENTORY FLORIDA’S EAST COAST SINGLE- FAMILY HOMES AND CONDOMINIUMS ↓10%
Oct 2021
Nov 2021
Dec 2021 ↓12% ↓6%
↓ 9%
↓ 7%
↓28%
SOLD ABOVE LISTED PRICE FLORIDA’S EAST COAST
DEC 2020
DEC 2021
DEC 2020
ABOVE LISTING PRICE
SINGLE-FAMILY HOMES
FOR SALE
MEDIAN SALES PRICE
DEC 2021
AT LISTING PRICE OR LOWER
AVG SALES PRICE
PRICE PER SF
CONDOMINIUMS
CLOSED TRANSACTIONS
HIGHEST SALES
2021 NEW DEVELOPMENT SUPPLY
In 2021 we saw signs of a new development cycle that
the units while visiting Florida and obtain rental income
included the launch of 29 luxury projects in the Tri-county
while not using their units. This product type created the
area (Miami-Dade, Broward, and Palm Beach). The vast
perfect conduit for capital shifted from Latin America,
majority of the inventory was concentrated in Miami-
as investors looked to diversity over concerns about the
Dade County with 21 Projects and 3,822 units.
political landscape. The product types in other areas covered in this analysis are heavily skewed towards end-
TRI-COUNTY NEW DEVELOPMENT INVENTORY
user domestic buyers with a strong focus on boutique condominiums.
10% Another important aspect to be considered is the high
73%
17%
concentration of branded residences entering the market, including but not limited to St. Regis Miami
Miami-Dade
Residences, Bentley Tower, Diesel Wynwood, The
Broward
Standard Midtown, The Ritz Carlton Pompano Beach,
Palm Beach
and Baccarat Brickell. Developers continue to compete through quality, instead of pricing, due to the low-price
The Brickell and Downtown areas represented the bulk
elasticity in the Florida market, which is possible due to
of the new supply hitting the market, with most projects
the wide array of UHNI global pool of Buyers, and high
offering smaller units that provide short-term rental
earners from other US domestic destinations, migrating
flexibility to buyers. International buyers have been
to Florida due to its favorable tax environment and lower
drawn to these types of projects as it allows them to use
cost of living in comparison to other main states.
NEW DEVELOPMENT INVENTORY & COMPLETION PROFILE LOCATION
PROJECTS
#UNITS
%
2023
2024
2025
2026
7
22
4050
76.72%
8
5
2
DOWNTOWN
7
1810
34.29%
2
4
1
BRICKELL
3
823
15.59%
3
TOTAL MIAMI-DADE
WYNWOOD
1
159
3.01%
MIAMI BEACH
4
577
10.93%
COCONUT GROVE
1
57
1.08%
MIDTOWN
1
228
4.32%
BAY HARBOR ISLANDS
4
180
3.41%
SUNNY ISLES BEACH
1
216
4.09%
BROWARD COUNTY
4
528
10.00%
PALM BEACH COUNTY
4
701
13.28%
30
5279
100.00%
GRAN TOTAL
1 3
1 1 1
4 1 1
1
2
4
8
13
SOURCE:
7
2
FERNANDO DE NUÑEZ, EVP & CHIEF ECONOMIST ONE SOTHEBY’S INTERNATIONAL
PROJECTS LAUNCHED IN 2021
REALTY DEVELOPMENT DIVISION
BAHA�MAR.._ RESIDENCES
Luxury Residential Living From the $726,000 Contact Us CJ
242.788.8866
181 info@bahamarsir.com � bahamarluxuryresidences.com
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 LOW INVENTORY CONSTRAINS SALES Limited inventory constrained sales volume, which increased by only 7% compared with the previous year. The median home price increased by 23% in 2021, reaching $500,000 for the first time.
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
DEC 2020
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
DEC 2021 ↓ 10%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
CONDOMINIUMS
Miami-Dade County BUYERS CAPITALIZE ON AVAILABLE INVENTORY At the start of the year, the large inventory presented opportunities for a range of prices, and buyers took advantage of the most extensive inventory in the region. Condo sales surged by 66%, surpassing 22,000 units sold in 2021.
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
DEC 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
DEC 2021
AT LISTING PRICE OR LOWER
↓9%
SINGLE-FAMILY HOMES
Broward County FIERCE COMPETITION FOR HOMES THROUGHOUT 2021 Broward County produced the most single-family homes sold above the asking price in 2021, with nearly 36% of all sales. Further highlighting the fierce competition for homes, the average time on the market fell to roughly five weeks, the second-lowest average in the region.
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
DEC 2020
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
DEC 2021
AT LISTING PRICE OR LOWER
↓ 15%
CONDOMINIUMS
Broward County SALES SURGE IN 2021 Condo sales surged by 32% in 2021 following a sluggish 2020 and the median price surpassed the $300,000 threshold for the first time. With purchase activity strengthening much of the year, available inventory plummeted by 62%.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Broward County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
DEC 2020
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
DEC 2021 ↓9%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
SINGLE-FAMILY HOMES
Palm Beach County UPPER PRICE RANGES DRIVE SALES As available homes dwindled, closing the year 58% lower than 2020, sales velocity slowed as the year progressed. However, sales in the $3 million and greater range accelerated in 2021. While annual sales totaled slightly more than 2020, the median price increased 24%.
AVERAGE SALES PRICE
DAYS ON MARKET
SINGLE-FAMILY HOMES
Palm Beach County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
DEC 2020
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
DEC 2021
AT LISTING PRICE OR LOWER
↓ 9%
CONDOMINIUMS
Palm Beach County SALES VOLUME SURGED IN 2021 Inventory absorption accelerated in the final months of the year, and by year-end, inventory decreased by nearly 72% from the previous year. Despite the limited inventory, strong demand drove an almost 29% increase in sales volume. Sales of units in the $1 million to $3 million range nearly doubled in 2021.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Palm Beach County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
SOLD ABOVE LISTED PRICE
DEC 2020
PRICE PER SF
DEC 2021 ↓3%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
SINGLE-FAMILY HOMES
Martin County FEWER SALES DUE TO LOW INVENTORY Sales volume decreased in 2021, the only county where this occurred, but was driven by a lack of purchase opportunities. Listing inventory fell by 65% in 2021, to less than 100 homes available by year-end. With few opportunities for potential buyers, closed sales fell by nearly 8%.
AVERAGE SALES PRICE
DAYS ON MARKET
SINGLE-FAMILY HOMES
Martin County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
DEC 2020
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
DEC 2021 ↓ 18%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
CONDOMINIUMS
Martin County LACK OF INVENTORY CONSTRAINS BUYERS The condo segment rebounded in 2021, with sales accelerating by more than 13%, and very few available units remain. While the bulk of sales was priced at less than $500,000, buyer demand accelerated for higherpriced condos.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Martin County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
PRICE PER SF
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
DEC 2020
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
DEC 2021 ↓ 47%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
SINGLE-FAMILY HOMES
Indian River County STRONG BUYER DEMAND, PARTICULARLY WITHIN LOWER PRICE RANGES The lower price ranges continued to perform well even as fewer homes qualified due to the recent surge in pricing as the median list price approached $500,000. Though fewer homes were in the less than $300,000 price range, these homes sold much quicker than higher-priced listings.
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
DEC 2020
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
DEC 2021
AT LISTING PRICE OR LOWER
↓ 8%
CONDOMINIUMS
Indian River County SALES ACTIVITY ACCELERATED Condo demand accelerated in 2021, with sales increasing by 25% even as the median price rose by roughly 23%. The months of supply fell to less than a month by year-end, highlighting the surge in demand.
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
DEC 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
DEC 2021
AT LISTING PRICE OR LOWER
↓ 5%
SINGLE-FAMILY HOMES
Brevard County HOMES SELLING QUICKLY Strong buyer competition helped absorb available homes at a rapid clip. For homes closed in 2021, the average time on the market was roughly 21 days, less than half the average time in 2020.
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
DEC 2020
PRICE PER SF
DEC 2021
AT LISTING PRICE OR LOWER
↓ 7%
CONDOMINIUMS
Brevard County BREVARD LEADS IN CONDO COMPETITION The share of condos sold above the asking price reached 20% in 2021, the highest share in the region. With such competition, it is no surprise that the average list price has also increased substantially, by 53% in the last year.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Brevard County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
DEC 2020
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
DEC 2021
AT LISTING PRICE OR LOWER
↓ 15%
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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.