MARKET REPORT MAY 2022
TRENDS
TODAY’S REAL ESTATE ALONG FLORIDA’S EAST COAST
LOCAL EXPERTISE WITH A GLOBAL PERSPECTIVE The May edition of our TRENDS Market Report is here! From a regional perspective, buyer demand and higher sales prices continued throughout the month of April with the average buyer paying 5% over the asking price. The pent-up demand for housing combined with income gains shows signs of another positive year for the regional housing market. As we look ahead, our collaboration with Rosen Consulting Group continues to be your top source for the latest real estate perspectives, combining an analytical approach with a global and local viewpoint. With superior insights into these markets and local expertise, our real estate professionals are consistently prepared to better advise clients with timely and relevant knowledge. From Miami to Amelia Island, ONE Sotheby’s International Realty continues its exceptional performance, creating opportunities for immediate relocation, lifestyle changes, and long-term investments supported by innovation, expansion, and partnerships. The best is yet to come!
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.
BY When it comes to the luxury marketplace, factors like globalization, technology, and emerging cultural trends are rapidly redefining what luxury means and how brands and companies go to market. We created this podcast to invite some of the world’s leading brands and companies to talk about the innovative ways in which they are navigating this ever-evolving landscape.
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The official real estate partner of the
THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
MAY 2022
The Florida East Coast single family home and
buyers tend to be the most price sensitive, with
condominium market continued to accelerate in April,
rising mortgage rates and diminished affordability
countering the headwinds of rising mortgage rates and
placing homeownership out of reach of some
decreased affordability. Overall, the demand for housing
households. Activity plateaued in the last month for
remained elevated through April. The strong economy,
homes priced at less than $1 million. Buyer activity
reflected by the regional unemployment rate falling
accelerated in the higher price tiers as households
below the 3% mark for the first time since early 2020,
were able to tap into wealth created during the last
continued to fuel demand for homes and attract new
few years and take advantage of the built-up equity
households to the area.
in existing homes. In the $1 million to $3 million range, sales volume increased by 10%, while sales
Regional sales volume increased slightly in April from
of homes priced between $3 million and $5 million
the previous month, pushing the two-month trailing
accelerated by 19%.
average to the highest pace since mid-2021. Entry level
AVERAGE SALES PRICE BY COUNTY FLORIDA’S EAST COAST
APR 2021
APR 2022
SINGLE-FAMILY HOMES
APR 2021
APR 2022
CONDOMINIUMS
Though buyer demand continues to absorb most
The sustained demand, as well as price gains,
listed homes, overall sales are down from last year
continued to draw more existing homeowners
due to constrained inventory. Compared with one
to list homes as well as builders to deliver more
year ago, sales volume was lower in every county
condo and single family home product. In April,
in the region for condos and single family homes.
there were roughly 14,500 homes available
While sales volume slowed, buyer demand remained
throughout the region, 16% lower than one
high and potential buyers focused on fewer available
year ago. However, available listings increased
homes and condos for sale. For transactions closed in
modestly from March, a positive sign that
April, 32% of condos and 48% of single family homes
buyers may have some relief in sight. While
sold for more than the list price, both recent high
some may see an increase in available homes as
marks. Many listings also received multiple offers
a sign of slowing demand, the fact that listings
with reduced contingencies, with potential buyers
spend less time on the market underscores that
competing for available homes. The average premium
demand still outweighs supply. In April, condos’
paid by buyers over the asking price was 5% in April.
average time on market fell by 16% while single family homes spent 21% less time listed than the previous month.
MEDIAN SALES PRICE FLORIDA’S EAST COAST
$540,000 +6%
THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
MAY 2022
The growing regional economy, producing jobs
housing market will face stronger headwinds
and higher wages, as well as solid migration into
in 2022, including elevated inflation that has
the Florida East Coast, should continue to drive
already dampened consumer confidence and
the housing market to new heights. As the Federal
weakness in the stock market that could curb
Reserve attempts to fight the high pace of inflation,
demand for homes. The pent-up demand for
higher interest rates will lead to additional increases
housing combined with income gains driven
in purchase mortgage rates, constraining purchase
by a labor shortage should break through any
power, particularly in the entry-level market. However,
headwinds and lead to another positive year
the decrease in refinance activity will lead to fewer
for the regional housing market.
renovations, likely driving some households to the trade-up market rather than remodel their current homes. After a record-breaking 2021, the regional
AVAILABLE INVENTORY FLORIDA’S EAST COAST SINGLE- FAMILY HOMES AND CONDOMINIUMS
↓36%
Mar 2022
Apr 2022
↑30% 1%
↓
↓
Feb 2022
3%
↑15%
↓19%
SOLD ABOVE LISTED PRICE FLORIDA’S EAST COAST ABOVE LISTING PRICE
SINGLE-FAMILY HOMES
APR 2022
APR 2021
FOR SALE
-
AT LISTING PRICE OR LOWER
MEDIAN SALES PRICE
APR 2021
AVG SALES PRICE
PRICE PER SF
CONDOMINIUMS
APR 2022
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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© 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.
SINGLE-FAMILY HOMES
Miami-Dade County MID-PRICED MARKET REMAINS STRONG Like most counties in the region, sales slowed from the previous month. In Miami-Dade County, sales in the $1 million to $3 million range held stable while the pace of homes priced between $3 million and $10 million declined.
AVERAGE SALES PRICE
DAYS ON MARKET
SINGLE-FAMILY HOMES
Miami-Dade County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
-
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
APR 2021
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
APR 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
8%
CONDOMINIUMS
Miami-Dade County PRICE PER SQUARE FOOT HIGHEST IN THE REGION Prices increased, with the condo segment the highest priced in the region per square foot. Even as buyer demand strengthened, the months of supply remained above two months - much improved from last year and still the highest 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
APR 2021
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
APR 2022
AT LISTING PRICE OR LOWER
↓3%
SINGLE-FAMILY HOMES
Broward County INCREASED INVENTORY FALLS SHORT OF DEMAND Available inventory increased in April by roughly 16%. At the same time, the average days on the market decreased by 22%, highlighting that buyers are competing to purchase homes soon after listing.
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
APR 2021
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
APR 2022
AT LISTING PRICE OR LOWER
↓ 3%
CONDOMINIUMS
Broward County SALES AND INVENTORY DECREASE Condo inventory decreased by 4% in April and was less than half the level of one year ago. With fewer opportunities to purchase, sales volume decreased from the previous year even as the county is the most affordable condo market in the region.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Broward County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
APR 2021
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
APR 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 rose to the highest in the region in April, reaching nearly $650,000. In the last year, the median price increased by 30%.
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
APR 2021
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
APR 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
10%
CONDOMINIUMS
Palm Beach County INVENTORY UP WHILE TIME ON MARKET DROPS The average days on the market decreased by 56%, even as active inventory increased by 11% in April. Though inventory was on the rise, buyer competition remains the norm, with more than 34% of sales closed above the list price, one of the highest shares 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
APR 2021
PRICE PER SF
APR 2022
AT LISTING PRICE OR LOWER
↓1%
SINGLE-FAMILY HOMES
Martin County LIMITED ACTIVITY, PRICING REMAINS HIGH Martin County had the lowest activity level in the region, with only 75 homes listed for sale and 77 homes sold in April. The small sales pool leads to more volatility in the average price, which declined by 5%. Despite the drop in pricing, the county remained one of the more expensive in the region.
AVERAGE SALES PRICE
DAYS ON MARKET
SINGLE-FAMILY HOMES
Martin County SALES BY NEIGHBORHOOD AVG SALES PRICE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
APR 2021
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
APR 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
23%
CONDOMINIUMS
Martin County COMPETITIVE BIDDING BECOMING MORE COMMON Until recently, condominiums selling above the asking price were relatively rare, as competition pushes buyers to offer a premium to the list price in the tight market.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Martin County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
APR 2021
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
APR 2022
AT LISTING PRICE OR LOWER
↑42%
SINGLE-FAMILY HOMES
Indian River County INVENTORY UP BUT STILL A SELLER’S MARKET Though inventory increased in April, the average time on the market plummeted by 25%. The pace of sales was most pronounced by price range, with homes priced lower than $1 million selling within an average of 44 days, while homes in the $1 million to $3 million range took 61 days on average to sell.
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
APR 2021
ABOVE LISTING PRICE
CLOSED TRANSACTIONS
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
APR 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
13%
CONDOMINIUMS
Indian River County INCREASED SALES MOMENTUM Active listings increased, providing the inventory needed to satisfy some pent-up buyer demand. More buying opportunities helped improve sales velocity by 40% from last month.
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
APR 2021
ABOVE LISTING PRICE
DAYS ON MARKET
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
APR 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
37%
SINGLE-FAMILY HOMES
Brevard County INVENTORY INCREASES AFTER RECORD LOW Following the trend in March, available listings increased by 46% to more than 600 houses in April. Driven partly by strong price gains, available inventory was also higher than one year ago, the only county in the region where listings increased.
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
APR 2021
PRICE PER SF
CLOSED TRANSACTIONS
APR 2022
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
45%
CONDOMINIUMS
Brevard County CONDOMINIUM INVENTORY REMAINS TIGHT Compared to last year, condominium inventory was 22% lower in April. Not surprisingly, competition for condos increased significantly. Roughly 40% of buyers paid a premium to the list price compared to only 18% during the same time 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
APR 2021
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
APR 2022 ↓
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
9%
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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.