MARKET REPORT NOVEMBER 2021
TRENDS
TODAY’S REAL ESTATE ALONG FLORIDA’S EAST COAST
NEW YORK SPRING 2022
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TRENDS: TODAY’S REAL ESTATE ALONG FLORIDA’S EAST COAST I am proud to share our latest market report produced by ONE Sotheby’s International Realty in partnership with Rosen Consulting Group, the leading independent real estate economics consulting firm. With offices in Berkeley and New York, Rosen Consulting Group is a trusted advisor to top public and private real estate organizations. Their analytical approach and global viewpoint, aligned with the local expertise of our real estate professionals, creates an unmatched collaboration for this piece. Our goal is to provide high-quality and easy to use information to guide our clients with superior insights and a strategic perspective to real estate. By keeping a close eye on the market, we can better advise our clients with timely, important knowledge. Along Florida’s East Coast, opportunities continue to surface for smart real estate investors as well as savvy buyers and sellers. As the market continues to evolve, our global real estate advisors remain connected to opportunities for immediate relocation, a lifestyle change or long-term investment for our clients.
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.
THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
NOV 2021
Market conditions along the Florida East Coast continued
Sales activity stabilized in October, changing little from
to strengthen in October, with a rebound in sales volume
the previous month. In October, more than 9,700 single
and price gains throughout most neighborhoods.
family homes and condos sold along Florida’s East Coast.
The strong economic conditions, highlighted by a low
While closed sales fell by 13% compared with last year,
unemployment rate of 4.7%, and lifestyle continued to
sales velocity last fall was influenced by pandemic-
attract new residents to the region, adding to the demand
related purchases and migration. Compared to 2019,
for homes. The recovering tourism market, particularly
when market conditions could be considered more
from international travelers, will improve economic
normal, sales were up by 11%. By property type, condo
conditions and potentially return a missing demand
sales increased the most since October 2019, by 24%,
segment to the market.
with gains accelerating in the last few months.
AVERAGE SALES PRICE BY COUNTY FLORIDA’S EAST COAST
OCT 2020
OCT 2021
SINGLE-FAMILY HOMES
OCT 2020
OCT 2021
CONDOMINIUMS
ACTIVE LISTINGS DOWN 5%
PRICE GAINS LURING HOMEOWNERS TO LIST
Active listings fell for the third-consecutive month,
Though buyer demand absorbed much of the new
decreasing to approximately 20,500 homes and condos
inventory, price gains throughout the region continued to
in October. This was a decrease of nearly 5% from the
drive more existing owners to list homes for sale. These
previous month. Highlighting the strengthened condo
new listings came onto the market at ever-increasing
market in the last few months, listings decreased by more
prices. Year-to-date, the average price per square foot of
than 6%, outpacing the single family home segment.
newly listed condos increased by 28% while the average
At the current pace of sales, available condos would
price per square foot of single family homes increased by
be absorbed within roughly eleven weeks while single
24%. With few available homes in some neighborhoods,
family homes would be exhausted within seven weeks.
sellers firmly hold pricing leverage.
Compared with January, the months of supply for condos fell by more than 60%.
In many neighborhoods, competition for homes drove potential buyers to submit bids greater than the list price.
With buyer demand still elevated, homes average fewer
In October, approximately 26% of sales closed in excess
days on the market, particularly in prime neighborhoods
of the asking price. With limited inventory particularly
and for homes priced less than one million dollars. The
apparent in the single family segment, more than 32%
average number of days listings spent on the market fell
of homes sold for more than the list price. The greatest
to 44 days in October for all types of residences. This
share of homes sold for more than asking in Brevard
was roughly 40% fewer days than October 2020. Single
County while Miami-Dade, primarily a result of the
family homes, on average, spent less time on the market
substantial condo inventory, had the lowest share.
than condos, reaching approximately 32 days in October.
MEDIAN SALES PRICE FLORIDA’S EAST COAST
$460,000 +2%
THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
MARKET CONDITIONS CONDUCIVE TO FURTHER PRICE INCREASES Buyer demand should remain elevated through the remainder of the year, driven in part by migration into the region and low mortgage rates. The return of international travel may spur an increase in sales volume and cash sales in many neighborhoods in the coming months. As conditions improve in parts of Central and South America and visitor volume recovers, pent-up demand that was built up during the last year and a half may be released on the Florida East Coast housing market. Though for-sale inventory may increase, overall demand for homes should maintain tight market conditions leading to continued price gains into the near term.
AVAILABLE INVENTORY FLORIDA’S EAST COAST SINGLE- FAMILY HOMES AND CONDOMINIUMS ↓5%
Aug 2021
Sep 2021
Oct 2021 ↓5% ↓6%
↓ 1%
↓ 3%
↓9%
NOV 2021
SOLD ABOVE LISTED PRICE FLORIDA’S EAST COAST
OCT 2020
OCT 2020
OCT 2021
ABOVE LISTING PRICE
SINGLE-FAMILY HOMES
FOR SALE
MEDIAN SALES PRICE
OCT 2021
AT LISTING PRICE OR LOWER
AVG SALES PRICE
PRICE PER SF
CONDOMINIUMS
CLOSED TRANSACTIONS
HIGHEST SALES
SINGLE-FAMILY HOMES
Miami-Dade County BUYER DEMAND REMAINS STRONG The median price of a single family home rebounded from the slowdown in August and September. Strong buyer demand, particularly in the $1 to $5 million range, drove the average time on market lower.
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
-
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
OCT 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
OCT 2021
AT LISTING PRICE OR LOWER
↓ 1%
CONDOMINIUMS
Miami-Dade County LARGE SUPPLY POOL LEADS TO GAINS Sales activity increased by 8% in October, the largest increase of any county, as accelerating buyer demand was able to take advantage of sufficient supply. The average price per square foot increased by 23%, tied for the largest increase 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
OCT 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
OCT 2021
AT LISTING PRICE OR LOWER
↓6%
SINGLE-FAMILY HOMES
Broward County BUYERS COMPETE EVEN AS SALES SLOW The number of home sales slipped slightly, the fourth consecutive months of lower sales. Despite this slowdown, the greatest share of homes sold above the list price was in Broward County.
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
OCT 2020
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
OCT 2021
AT LISTING PRICE OR LOWER
↓ 2%
CONDOMINIUMS
Broward County FOR-SALE LISTINGS FALL FURTHER The number of active listings fell by more than 55% since the end of 2020, one of the largest decreases in the region. With less inventory, the median price of new listings accelerated in recent months.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Broward County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
OCT 2020
PRICE PER SF
CLOSED TRANSACTIONS
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
OCT 2021 ↓6%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
SINGLE-FAMILY HOMES
Palm Beach County SALES ACTIVITY REBOUNDS FROM PRIOR MONTH Monthly sales increased, one of two counties in the region where single family home sales improved in October, after a drop in September. The increase was driven primarily by the less than $1 million price range.
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
OCT 2020
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
OCT 2021
AT LISTING PRICE OR LOWER
↓ 5%
CONDOMINIUMS
Palm Beach County LOWER PRICED UNITS SHOW SLOWING PACE For-sale listings fell by 7% in October and, since the end of 2020, nearly 70% lower. The dwindling supply of condos heightened competition within some communities, leading to roughly one-fourth of sales closed above the list price. The average time on market also decreased, particularly within the $1 to $3 million range.
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
OCT 2020
PRICE PER SF
OCT 2021 ↓7%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
SINGLE-FAMILY HOMES
Martin County INVENTORY CONTINUED TO FALL Active listings fell below 100 homes for the first time and the median price of listed homes increased to a record high in October. For homes priced less than $1 million, listings spent on average less than one month on the 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
OCT 2020
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
OCT 2021
AT LISTING PRICE OR LOWER
↓ 4%
CONDOMINIUMS
Martin County BUYER COMPETITION ACCELERATES The share of condos sold above list price surged to more than 30% in October, nearly double the share just two months ago.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Martin County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
OCT 2020
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
OCT 2021 ↓21%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
SINGLE-FAMILY HOMES
Indian River County MONTHLY SALES DECREASE Sales volume fell by nearly 20% in October, the largest decline in the region. Despite the drop, the average price per square foot increased, driven primarily by homes sold for less than $2.5 million.
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
OCT 2020
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
OCT 2021
AT LISTING PRICE OR LOWER
↓ 1%
CONDOMINIUMS
Indian River County POTENTIAL BUYERS FUNNELED TO FEWER LISTINGS Active listings fell further in October, concentrating potential buyers on fewer opportunities and leading to more than 20% of condos selling above the asking price. Since the end of 2020, the average price per square foot of new listings increased by nearly 75%.
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
OCT 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
OCT 2021
AT LISTING PRICE OR LOWER
↓ 8%
SINGLE-FAMILY HOMES
Brevard County LOWEST MONTHS OF SUPPLY IN REGION Available supply fell once again, reaching slightly more than three weeks in October as the pace of sales accelerated. The housing market is the tightest in the region, and nearly 35% of houses sold for more than the asking price.
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
OCT 2020
PRICE PER SF
OCT 2021
AT LISTING PRICE OR LOWER
↓ 1%
CONDOMINIUMS
Brevard County SALES ACTIVITY SURGED IN OCTOBER Following the September slowdown, condo sales rebounded strongly in October. Though one of the smaller condo markets in the region, the monthly increase outpaced many of the larger counties.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Brevard County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
OCT 2020
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
OCT 2021 ↓ 1%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
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