MARKET REPORT MARCH 2022
TRENDS
TODAY’S REAL ESTATE ALONG FLORIDA’S EAST COAST
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LOCAL EXPERTISE WITH A GLOBAL PERSPECTIVE Excitement fulfills me as I share the March Edition of our market report, bringing the latest perspectives on real estate. The Florida East Coast economy and housing market are poised to accelerate into the remainder of the year. As the real estate market expands, we’ll continue to combine Rosen Consulting Group’s analytical approach and global viewpoint with the local expertise of our real estate professionals to advise our clients with timely and relevant knowledge. Our global network keeps opening doors to life-changing opportunities. 800 agents affiliated with Sotheby’s International Realty came together to connect like never before at ONE Summit 2022. We understand that collaboration leads the path to new doors, and our signature annual conference was the living proof that networking is the key to success. From Amelia Island, all the way to Miami, opportunities for immediate relocation, lifestyle changes, and long-term investments will continue to surface. Let’s keep turning heads to Florida East Coast! With gratitude,
Daniel de la Vega President ONE Sotheby’s International Realty
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 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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DANIEL DE LA VEGA
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ONE SOTHEBY’S INTERNATIONAL REALTY
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THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
M A RC H 202 2
The regional housing market remained strong in February with sales volume rebounding from the previous month. Alongside the recovery in sales, pricing increased in nearly all counties and a growing share of homes sold at a premium. Despite rising mortgage rates, inflation headwinds and the outbreak of war in Ukraine, the Florida East Coast economy and housing market are poised to accelerate into the remainder of the year.
CONDO SALES UP 11% FROM JANUARY While sales activity often slows at the beginning of the year, the number of closed sales accelerated from the previous month. In February, roughly 8,800 homes and condos were sold throughout the region, increasing nearly 9% from January. For the second consecutive month, condo sales outpaced single family homes, primarily due to the greater availability of condos for sale and the lower price points that keep units affordable for some buyers. The volume of condo sales increased by more than 11% from January. At the current sales pace, available condo inventory will last less than two months while single family home inventory will be absorbed within five weeks.
AVERAGE SALES PRICE BY COUNTY FLORIDA’S EAST COAST
FEB 2021
FEB 2022
SINGLE-FAMILY HOMES
JAN 2021
JAN 2022
CONDOMINIUMS
As in much of the last year, this lack of inventory constrained sales volume. Available inventory fell below the 15,000 home threshold for the first time, leaving potential buyers with few options in prime neighborhoods. With fierce competition for available homes, some existing owners are unwilling to list their condos or houses for sale in fear of being unable to find a suitable trade-up option. In most cases, a surge in pricing such as the one that occurred over the last year would spur many owners to tap into equity gains and sell their homes. With more owners choosing and able to age in place for more extended periods and existing owners unwilling to sell, inventory will remain low and potential buyers may not find much relief in the coming months.
BREVARD AND BROWARD: 40% OF HOMES SOLD AT PREMIUM Underscoring the strong competition for homes, 37% of single-family home sales and 23% of condo sales closed above the asking price in February. Both figures trended higher in recent months, more than doubling in the single family home segment and tripling in the condo market. By county, Broward, Indian River, Miami-Dade and Palm Beach reached cyclical highs in the share of condos sold greater than the list price. Martin and Palm Beach counties also reached peaks, in the single family home market. While Brevard and Broward counties did not reach peaks in February, more than 40% of single family home sales closed at a premium to the asking price.
MEDIAN SALES PRICE FLORIDA’S EAST COAST
$495,000 3%
THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
M A RC H 202 2
MARTIN COUNTY: CONDO PRICES 20% UP With heightened competition throughout the region, the median price for condos and single family homes increased by more than 3% from last month. As buyers submitted multiple offers for many of the most desirable listings, prices rose once more. Highlighting the relationship between low levels of inventory and pricing, in Martin County, one of the tightest markets in the region, the median condo price increased by 20% from the previous month. In Brevard County, where for sale listings have fallen in half during the past year, the median price increased by more than 9% in February alone. Despite growing headwinds, the housing market should remain on track for another record-setting year. Rising mortgage rates and higher pricing will reduce affordability for some households. Yet, overall the large volume of pent-up demand will easily absorb most of the homes listed on the market. The global upheaval may delay a return to normalcy of international buyer activity in the region. However, the relatively safe haven of U.S. real estate may prove to be attractive for some.
AVAILABLE INVENTORY FLORIDA’S EAST COAST SINGLE- FAMILY HOMES AND CONDOMINIUMS
↓11%
Jan 2022
Feb 2022
↓3% ↓6%
↓ 17% ↓
Dec 2021
15%
↑21%
SOLD ABOVE LISTED PRICE FLORIDA’S EAST COAST
FEB 2021
FEB 2022
FEB 2020
ABOVE LISTING PRICE
SINGLE-FAMILY HOMES
FOR SALE
MEDIAN SALES PRICE
FEB 2021
AT LISTING PRICE OR LOWER
AVG SALES PRICE
PRICE PER SF
CONDOMINIUMS
CLOSED TRANSACTIONS
HIGHEST SALES
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Future Residences Located 1809 Brickell Avenue Miami, Florida 33129 +1 786 713 3558 MiamiSRR.com 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.
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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 MEDIAN PRICE PER SQUARE FOOT HIGHEST IN THE REGION Although the median price was lower than neighboring Palm Beach and Martin counties, the median price per square foot was the highest in the region.
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
FEB 2021
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
FEB 2022 ↓ 9%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
CONDOMINIUMS
Miami-Dade County LUXURY SALES SOAR While most counties experienced a drop in sales, the condo market produced a 31% increase in sales. The luxury condo segment performed exceptionally well as sales of units priced more than $3 million increased by 85% since last year.
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
FEB 2020
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
FEB 2022
AT LISTING PRICE OR LOWER
↓12%
SINGLE-FAMILY HOMES
Broward County LOW INVENTORY DRIVES PRICING HIGHER For-sale inventory fell throughout the region and Broward County was not an exception, as active listings decreased by 35% from last year and a slight 1% drop from January. With fewer listings, sales volume decreased by 6% from last year. At the same time, the median price increased by 21%.
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
FEB 2021
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
FEB 2022
AT LISTING PRICE OR LOWER
↓ 1%
CONDOMINIUMS
Broward County INVENTORY CONSTRAINTS INCREASE COMPETITION Active listings decreased by more than 60% in the condominium market. Yet, sales were almost unchanged and the median price increased by 19% from last year. Not surprising that inventory shortage created more competition and the number of condos sold above the asking price rose more than three-fold from last year.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Broward County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
FEB 2021
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
FEB 2022 ↓5%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
SINGLE-FAMILY HOMES
Palm Beach County HIGHEST MEDIAN PRICE IN THE REGION The median price remained the highest in the region for the second month in a row. The price reached 21% more than last year. In addition, the highest priced home sold in the region for $55,000,000. At the same time, active listings dropped by 55% and sales decreased by 14% from last February.
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
FEB 2021
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
FEB 2022
AT LISTING PRICE OR LOWER
↓ 3%
CONDOMINIUMS
Palm Beach County CONDO INVENTORY CONTRACTS Condominium inventory fell, leading to higher competition among potential buyers. While sales decreased by a small amount, available inventory fell by 74% in the last year, concentrating buyers on a dwindling pool of available units. A total of 31% of entry level units sold at a premium, compared to only 10% of homes in the same range last year.
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
FEB 2021
PRICE PER SF
FEB 2022
AT LISTING PRICE OR LOWER
↓8%
SINGLE-FAMILY HOMES
Martin County ELEVATED BUYER COMPETITION Martin County has the fewest homes sold and available in the region, but the pricing remained strong with the median price increasing by 22%. The share of homes sold over the asking price increased by 140% from last year and the number of days on the market dropped by 68%, indicating a highly competitive market.
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
FEB 2021
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
FEB 2022 ↓
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
4%
CONDOMINIUMS
Martin County LOWEST DAYS ON THE MARKET The average number of days on the market fell by 80% from last year to 17 days, the lowest in the region. It took about 60 days to sell a condominium priced less than $500,000 last year, while this year it takes on average 18 days. Higher-priced condos sold even faster.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Martin County SALES BY NEIGHBORHOOD AVG SALES PRICE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
FEB 2021
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
FEB 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
54%
SINGLE-FAMILY HOMES
Indian River County MEDIAN PRICE INCREASES, HIGHER-PRICED HOMES SELL QUICKLY The median price increased by 20% to $377,250, a new record high, while total sales decreased by 35% from last year. The average days on the market decreased 25% for homes priced below $1 million and 68% for homes in the $1 million to $3 million range.
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
FEB 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
FEB 2021
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
14%
CONDOMINIUMS
Indian River County LOW INVENTORY CONTRIBUTES TO FEW SALES Condominium sales decreased by 34%, and with forsale listings down by 66% from last year, sales volume may remain low. The median price decreased by 8% from last month yet remains 33% higher than 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
FEB 2021
ABOVE LISTING PRICE
DAYS ON MARKET
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
FEB 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
15%
SINGLE-FAMILY HOMES
Brevard County LOWEST MONTHS OF SUPPLY IN THE REGION Months of supply dropped to the lowest level in the region, down 30% from last year to roughly two and a half weeks. The number of active listings also was down 33% from last year.
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
FEB 2021
PRICE PER SF
FEB 2022
AT LISTING PRICE OR LOWER
↓ 14%
CONDOMINIUMS
Brevard County AVERAGE DAYS ON MARKET FALLS The number of days on the market fell to one of the lowest in the region, at 23 days and roughly half the amount of time last year. With supply limited, the months of supply were down 46%, the median price surged in the previous 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
FEB 2021
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
FEB 2022 ↓ 27%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
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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.