MARKET REPORT OCT 2021
TRENDS
TODAY’S REAL ESTATE ALONG FLORIDA’S EAST COAST
Happening at Sotheby’s
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TRENDS: TODAY’S REAL ESTATE ALONG FLORIDA’S EAST COAST I am proud to share the October 2021 issue of TRENDS, our monthly market report. Our goal is to provide high-quality and easy-to-use information to guide our clients with a strategic perspective to real estate. This has been a landmark year for real estate when we benefited from an increase in interest in our markets. At ONE Sotheby’s International Realty, we have helped our sales associates harness this dynamic environment, while strengthening the foundation for each agent's long-term business growth. And a key part of that is opening doors to referral opportunities among the 24,000 sales associates affiliated with the Sotheby's International Realty brand, in Florida and around the world. That’s why we were excited to announce the recent acquisition of top real estate brokerage National Realty of Brevard County, FL. In September, we welcomed its CEO Gale S. Bray and her 76 associates to our unrivaled global network. National Realty has a 50+ year heritage with a pristine reputation for excellence, and we are proud to welcome them to the ONE SIR family. I am confident this talented team of agents will continue to lead the market For unmatched real estate services from Miami to Cocoa Village, nothing compares to ONE Sotheby’s International Realty.
ABOUT TRENDS:
Enjoy the report!
ONE Sotheby’s International Realty presents the only market report focused on Florida’s East Coast.
Daniel de la Vega
From Miami to Cocoa Beach, data is
President
down to city level.
ONE Sotheby’s International Realty
presented from a macro perspective
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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THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
Through much of the year, the Florida East Coast housing market improved on all fronts, with strong buyer demand leading to elevated sales activity and record-level pricing.
OCT 2021
FLORIDA, TOP CHOICE FOR INTERNATIONAL BUYERS
The resilient housing market improved even as one key
Florida, and in particular the Florida East Coast, is
source of demand was missing for much of the year. With
typically a prime market for international buyers,
travel restrictions as well as surging COVID-19 cases in
particularly those from Canada, Latin America and
many other countries, few international buyers were able
Europe. According to the National Association of
or willing to purchase homes and condos in Florida. While
REALTORS, Florida is the top destination for international
some international buyers were willing to buy properties
buyers, with 22% of respondents to a recent survey
sight unseen, the majority of potential buyers delayed
indicating interest or investment activity in Florida,
purchase plans, leading to a potential pent-up demand
outpacing California and Texas by a fairly wide margin.
once travel reopens.
Though travel restrictions remain in place for some countries and visitor volume has not returned to pre-pandemic levels, international arrivals at Miami International Airport increased by 13% in July, the
AVERAGE SALES PRICE BY COUNTY FLORIDA’S EAST COAST
SEP 2020
SEP 2021
SINGLE-FAMILY HOMES
SEP 2020
SEP 2021
CONDOMINIUMS
latest month available. With the eminent reopening of international arrivals from most countries if the traveler is vaccinated, increased tourism will provide a boost to the local economy as well as bring potential buyers to the housing market.
MARKET SHIFTING FROM PANDEMIC-MODE
INVENTORY DOWN 44% SINCE END OF 2020 Price gains during the last year spurred some homeowners to list their houses and condos for sale in September, yet not enough to offset buyer demand. The number of active listings at month-end fell to roughly 21,500, a nearly 3% decrease from August. Since the end of 2020, for-sale inventory has fallen by approximately
The number of homes sold in September slowed,
44%. New listings continued to come onto the market
a product of seasonal patterns as well as limited
at higher prices in recent months. The average price of
inventory discouraging some potential buyers. In
single family homes on the market reached $1.8 million,
September, more than 9,600 single family homes and
an increase of 2% since August. The average asking price
condos sold in the region. This was 7% fewer homes
for condos reached a record level in September of nearly
sold than in September 2020, the first year-over-year
$920,000, an increase of more than 3% from last month.
decline since the early months of the pandemic.
The average asking price per square foot also reached
The median sales price also decreased once again
a record, highlighting the rapid recovery of the condo
in September, falling by slightly more than 3% for
segment during the last few months.
single family homes and less than 1% for condos. The
Even as list prices increased, the combination of elevated
slowing pace of sales and pricing highlights the return
buyer demand and limited availability continued to
to seasonal patterns and organic buyer demand.
concentrate competition throughout parts of the region.
MEDIAN SALES PRICE FLORIDA’S EAST COAST
$450,000 -3%
OCT 2021
THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
Roughly 26% of sales closed at greater than the list price, slightly down from the peak in July and August. Competition was elevated in the single family segment relative to condos,
BOOST IN DEMAND TO CONTINUE INTO NEXT YEAR
with approximately 33% of single family homes sold above
At the current sales pace, single family inventory
asking price while 19% of condos sold for more than the
would be absorbed within roughly seven weeks while
list price. While the share of condos closing greater than
available condos would be absorbed in just under three
the asking price was much lower than single family homes,
months. In Brevard County, single family supply was
since 2020 that share has tripled, highlighting the rapid
much tighter, and inventory could disappear in under
recovery of the condo market in many neighborhoods.
a month with no new listings. With condo inventory concentrated in Miami-Dade County, available supply would be absorbed in under two months in most of the surrounding counties.
AVAILABLE INVENTORY FLORIDA’S EAST COAST SINGLE- FAMILY HOMES AND CONDOMINIUMS
Aug 2021
Sep 2021 ↓3% ↓2%
↓ 4%
↓
Jul 2021
↓3%
7%
↓10%
Through the remainder of the year, buyer demand should remain elevated as international buyers return to the Florida East Coast housing market. Limited for-sale inventory will continue to drive buyers to compete for quality listings, leading to an increased share of homes sold above list prices. Migration trends should also begin to normalize, leading to more households relocating to the region. The housing market should benefit from the boost in demand into next year, potentially leading to strong price gains throughout much of the region.
SOLD ABOVE LISTED PRICE FLORIDA’S EAST COAST
SEP 2020
SEP 2020
SEP 2021
ABOVE LISTING PRICE
SINGLE-FAMILY HOMES
FOR SALE
MEDIAN SALES PRICE
SEP 2021
AT LISTING PRICE OR LOWER
AVG SALES PRICE
PRICE PER SF
CONDOMINIUMS
CLOSED TRANSACTIONS
HIGHEST SALES
SINGLE-FAMILY HOMES
Miami-Dade County COMPETITION FOR ENTRY LEVEL HOMES Though approximately 29% of sales closed above asking, the vast majority were priced less than $1 million. Within higher price ranges, most homes closed at or below the list price. Overall, sales volume remained elevated compared with earlier in the year, fueled by activity in the lower price ranges.
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
SEP 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
SEP 2021
AT LISTING PRICE OR LOWER
↓ 2%
CONDOMINIUMS
Miami-Dade County WIDE RANGE OF OPTIONS FOR BUYERS LESSENS COMPETITION With closed sales slowing and a relatively large number of units available, buyers maintained leveraged in many neighborhoods and only 13% of units sold at greater than list price, the lowest share 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
SEP 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
SEP 2021
AT LISTING PRICE OR LOWER
↓3%
SINGLE-FAMILY HOMES
Broward County ELEVATED COMPETITION PERSISTS Broward County once again produced the most home sales above the list price in September. The average price per square foot of available homes reached a new high during the month.
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
SEP 2020
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
SEP 2021
AT LISTING PRICE OR LOWER
↓ 4%
CONDOMINIUMS
Broward County LIST PRICES REACH NEW HIGH Though the average sales price decreased from last month, the average price of units currently for sale reached a new record. With roughly 20% of condos selling at greater than list price, expectations for a rebound in pricing next month are high.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Broward County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
SEP 2020
PRICE PER SF
CLOSED TRANSACTIONS
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
SEP 2021 ↓3%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
SINGLE-FAMILY HOMES
Palm Beach County SALES ACTIVITY SLOWS AS SUMMER CLOSES Active listings stabilized from last month, one of the few counties in the region where listings did not decrease. Sales volume fell from last month by the greatest amount in the region. Much of this decrease can be attributed to slower activity in the $1-$3 million and $5-$10 million price range.
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
SEP 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
SEP 2021
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
1%
CONDOMINIUMS
Palm Beach County LOWER PRICED UNITS SHOW SLOWING PACE Seasonal trends also slowed sales of condos in Palm Beach County, particularly in the less than $1 million price range. Sales slowed in this price range even though roughly 23% of closed units sold for more than the list price, Activity in the $1-$3 million range increased slightly during September.
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
SEP 2020
PRICE PER SF
SEP 2021 ↓10%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
SINGLE-FAMILY HOMES
Martin County SALES SLOWDOWN DRIVEN BY $1-$3 MILLION PRICE RANGE Closed sales accelerated by 13% in June, driven by a surge of sales in the $1 million range. Recent price gains have pulled more homes onto the market as inventory increased for the second consecutive month.
AVERAGE SALES PRICE
DAYS ON MARKET
SINGLE-FAMILY HOMES
Martin County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
PRICE PER SF
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
SEP 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
SEP 2021
AT LISTING PRICE OR LOWER
↓ 6%
CONDOMINIUMS
Martin County LIMITED SUPPLY AND LARGE PRICE GAINS With the fewest for-sale units in the region, the months of supply also remained low despite sales activity falling from the peak earlier in the year. The median condo price increased by nearly 18% in September.
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
SEP 2020
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
SEP 2021 ↓18%
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
SINGLE-FAMILY HOMES
Indian River County FOR-SALE LISTINGS ON THE RISE The number of active listings increased following the slight decrease last month. This increase in for-sale inventory and a slowdown in sales activity drove the months of supply higher for the fourth-consecutive month.
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
SEP 2020
ABOVE LISTING PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
SEP 2021
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
4%
CONDOMINIUMS
Indian River County CLOSED SALES REBOUND Sales activity rebounded from last month and the average time on market fell by 18%. Even with the recovery in sales volume, buyers remain hamperedby limited for-sale options and nearly 33% of sales closed at greater than the asking price.
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
SEP 2020
ABOVE LISTING PRICE
DAYS ON MARKET
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
AVAILABLE LISTINGS
SEP 2021
AT LISTING PRICE OR LOWER
↓
PRICE RANGE
PRICE PER SF
14%
SINGLE-FAMILY HOMES
Brevard County HOMES FOR SALE REMAIN LIMITED With elevated sales and few homes on the market, for-sale inventory would be absorbed in less than a month at the current pace of sales, the tightest level of supply in the region.
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
SEP 2020
PRICE PER SF
SEP 2021
AT LISTING PRICE OR LOWER
↓ 5%
CONDOMINIUMS
Brevard County AVERAGE PRICE BREAKS RECORD The average price increased by 2% in September. Even as sales fell to the second-lowest monthly total of the year, the average price reached a new record.
AVERAGE SALES PRICE
DAYS ON MARKET
CONDOMINIUMS
Brevard County SALES BY NEIGHBORHOOD AVG SALES PRICE
PRICE RANGE
AVG SALES PRICE
SOLD ABOVE LISTED PRICE
SEP 2020
ABOVE LISTING PRICE
PRICE PER SF
PRICE PER SF
CLOSED TRANSACTIONS
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
AVAILABLE LISTINGS
SEP 2021
AT LISTING PRICE OR LOWER
↓ 1%
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