T R ENDS SECOND QUARTER JULY 2022
TODAY’S REAL ESTATE ALONG FLORIDA’S EAST COAST
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LOCAL EXPERTISE WITH A GLOBAL PERSPECTIVE Our market report for the second quarter of the year provides you with superior data and insights on the real estate trends along Florida’s East Coast. Within single-family homes, the pace of sales accelerated in higher-priced tiers, with 33% more sales of homes priced over $3 million during the second quarter. The median price increased by 7% for condos and 10% for single-family homes and the median prices of both categories remained over 20% higher than one year ago. Economic conditions and demand for housing remained strong in our region. Despite reaching a turning point closer to a more balanced market, normalized inventory levels and price growth are positive for the longer-term health of the region. In the second quarter of 2022, our company reached higher as we strengthened our footprint along Florida’s East Coast by joining forces with SunCoast Real Estate Group in Brevard County, an acquisition that bolsters our leading brokerage’s presence. In the same quarter, 77 ONE Sotheby’s International Realty sales associates and teams were recognized by the 2022 Real Trends America’s Best Real Estate Professionals, honoring the power of our brand and the caliber of our talent. We are committed to cultivating a network of experts who can offer our clients world-class service and guidance. Keeping up with the market and working closely alongside Rosen Consulting Group gives us a bird’s eye view of market trends and the analytical approach needed to make informed real estate decisions. The real estate industry is evolving and so are we, always striving to reach new
ABOUT TRENDS: ONE Sotheby’s International Realty
levels of excellence.
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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© 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
Q 2 202 2
Along Florida’s East Coast, the sales volume closed
priced over $3 million during the second quarter. While
during the second quarter increased by 12% compared
sales increased within all price tiers, the number of
with the first quarter. Reduced purchasing power
sales in the less than $1 million segment grew at a
sidelined some potential buyers in recent months,
slower pace in the second quarter.
though buyers that remained in the market benefitted from increased inventory. Continued strong migration
The median price increased during the second quarter
of households from higher-cost states as well as some
by 7% for condos and 10% for single-family homes,
recovery by foreign buyers in the first half of the year
yet much of the increase occurred in April and May. In
added to sales volume.
June, pricing across both property types was steady. Though price growth slowed in June, the median prices
Second quarter sales increased more substantially in
of condos and single-family homes remain more than
the single-family home segment than condos. Within
20% higher than one year ago.
single-family homes, the pace of sales accelerated in higher-priced tiers, with 33% more sales of homes
AVERAGE SALES PRICE BY COUNTY ALONG FLORIDA’S EAST COAST
JUN 2021
JUN 2022
SINGLE-FAMILY HOMES
JUN 2021
JUN 2O22
CONDOMINIUMS
INVENTORY ON THE RISE For much of the last year and a half, the lack of for-sale inventory funneled potential buyers into a limited number of opportunities. The second quarter marked a turning point, with the number of active listings increasing in each month of the quarter. By June, condo listings were up by 20%, while single-family home inventory increased by 31% compared with May. The rapid price gains of recent quarters led to more owners seeking to take advantage of built-up equity in their homes. With more homes available and potential households affected by higher costs, the pricing of listings began to adjust. The median list price of condos fell by 3% in June, while the median list price of single-family homes decreased by nearly 6% on average along Florida’s East Coast.
MEDIAN SALES PRICE ALONG FLORIDA’S EAST COAST
$550,000 0%
THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
Q 2 202 2
With inventory on the rise and some buyers paused, competition for available homes began to moderate. In aggregate, the share of condos and single-family homes that sold for more than the list price increased to 39% from 30% in the first quarter. The share of sales closed at a premium peaked in May and leveled in June. While economic conditions and demand for housing remain strong, mortgage rates and higher costs have inhibited some buyer sentiment. Overall, market conditions strongly favored sellers in recent months, and a modest shift will only trend the housing market closer to normal. Normalized inventory levels and price growth are positive for the longer-term health of the region.
AVAILABLE INVENTORY ALONG FLORIDA’S EAST COAST SINGLE- FAMILY HOMES AND CONDOMINIUMS
↓
May 2022
Jun 2022
↓ 35% ↓
↓
42%
18%
31%
↓
↓
Apr 2022
24%
20%
SOLD ABOVE LISTED PRICE ALONG FLORIDA’S EAST COAST
JUN 2021
JUN 2022
JUN 2021
ABOVE LISTING PRICE
SINGLE-FAMILY HOMES
FOR SALE
MEDIAN SALES PRICE
JUN 2022
AT LISTING PRICE OR LOWER
AVG SALES PRICE
PRICE PER SF
CONDOMINIUMS
CLOSED TRANSACTIONS
HIGHEST SALES
SINGLE-FAMILY HOMES
Miami-Dade County INVENTORY INCREASED FURTHER After hovering near the 2,000 home level for much of the first quarter, active listings increased to nearly 3,300 homes by the end of the second quarter. Despite the greater availability, the median price per square foot reached a new record of $340, an increase of 7% from the first quarter.
AVERAGE SALES PRICE
DAYS ON MARKET
SINGLE-FAMILY HOMES
Miami-Dade County SALES BY NEIGHBORHOOD AVG SALES PRICE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
JUN 2021
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
JUN 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
24%
CONDOMINIUMS
Miami-Dade County SHORTER TIME SPENT ON THE MARKET The average time on the market for condos sold fell to roughly two months, the shortest time in nearly a decade. Units sold more quickly despite the increase in for-sale listings, and the county continued to have the highest inventory level in the region.
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
JUN 2021
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
JUN 2022
AT LISTING PRICE OR LOWER
↑18%
SINGLE-FAMILY HOMES
Broward County BUYER COMPETITION SLOWS YET REMAINS ABOVE REGION Following a first quarter filled with buyer competition, the share of homes sold at a premium to list price fell below half for the first time in several months by June. Despite this drop in competition, Broward County had the largest share of sales above the asking price in the region.
AVERAGE SALES PRICE
DAYS ON MARKET
SINGLE-FAMILY HOMES
Broward County SALES BY NEIGHBORHOOD AVG SALES PRICE
SOLD ABOVE LISTED PRICE
JUN 2021
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
JUN 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
30%
CONDOMINIUMS
Broward County LISTINGS RISE WHILE UNITS STILL SELL QUICKLY The number of active listings increased by 27% from the end of the first quarter, one of the smallest increases in the region. The smaller increase in inventory allowed the average number of days on the market to continue to trend lower.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Broward County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
JUN 2021
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
JUN 2022
AT LISTING PRICE OR LOWER
↑19%
SINGLE-FAMILY HOMES
Palm Beach County GROWING INVENTORY SLOWS COMPETITION Available inventory doubled in the second quarter, easing the tight market conditions. With more options, buyers competed less for homes and the share of homes sold above the list price decreased to 38% by June.
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
JUN 2021
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
JUN 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
35%
CONDOMINIUMS
Palm Beach County PREMIUM SALES ARE UP While sales volume increased by 7% in the second quarter, monthly totals have decreased since April. Despite the downward trend, the share of homes sold above the list price was the second highest in the region.
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
JUN 2021
PRICE PER SF
JUN 2022
AT LISTING PRICE OR LOWER
↑27%
SINGLE-FAMILY HOMES
Martin County SECOND QUARTER SALES JUMP Sales increased by nearly 30% in the second quarter, helped by greater availability of homes for sale. Early in the year, potential buyers faced scarce supply in most neighborhoods, which constrained sales activity.
AVERAGE SALES PRICE
DAYS ON MARKET
SINGLE-FAMILY HOMES
Martin County SALES BY NEIGHBORHOOD AVG SALES PRICE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
JUN 2021
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
JUN 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
22%
CONDOMINIUMS
Martin County UNITS SELL QUICKLY DESPITE MORE INVENTORY Martin County still boasts the lowest inventory in the region, but for-sale listings increased in May and June. Though fewer than 80 units are available at the end of the month, it is clear why the average number of days spent on the market is the lowest in the region.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Martin County SALES BY NEIGHBORHOOD AVG SALES PRICE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
JUN 2021
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
JUN 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
10%
SINGLE-FAMILY HOMES
Indian River County BUYER COMPETITION REMAINS IN PLACE Buyer competition persisted throughout much of the county during the second quarter. During June, 41% of homes sold for more than the list price, on par with April and May.
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
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
↓
JUN 2021
ABOVE LISTING PRICE
JUN 2022
AT LISTING PRICE OR LOWER
39%
CONDOMINIUMS
Indian River County SALES CONTINUED TO REBOUND Sales volume rebounded from the lows at the beginning of the year as more than 750 units were sold in the county. Persistent demand continued to push pricing higher, and the median price per square foot increased by nearly 23% in the last year.
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
JUN 2021
ABOVE LISTING PRICE
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
JUN 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
27%
SINGLE-FAMILY HOMES
Brevard County INVENTORY SHORTAGE EASES The number of homes placed on the market in June surged by more than 150% from the end of the first quarter, the most significant increase in the region. Though buyer demand persists, for-sale inventory is now at levels unseen since 2020.
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
JUN 2021
PRICE PER SF
CLOSED TRANSACTIONS
JUN 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
46%
CONDOMINIUMS
Brevard County CONDO SALES UP COMPARED WITH Q1 Even as more condo units were marketed for sale in June, the months of supply remained the lowest in the region. During the second quarter, condo sales were up by 25% compared with the opening quarter of the year.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Brevard County SALES BY NEIGHBORHOOD AVG SALES PRICE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
JUN 2021
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
JUN 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
28%
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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.