MarketReport - March 2023 - Alena Graff

MARKET REPORT MARCH 2023

TRENDS

TODAY’S REAL ESTATE SOUTH FLORIDA

LOCAL EXPERTISE WITH A GLOBAL PERSPECTIVE Alena Graff +1 (305) 775-5587 Hello@AlenaGraff.com www.alenagraff.com Global Real Estate Advisor ONE Sotheby's International Realty

MIAMI-DADE COUNTY

$

SINGLE-FAMILY HOMES | FEBRUARY PRICING GAINS

562K 64

The median price increased by 3% in February, driving much of the yearover-year gain of roughly 5%. The median price per square foot remained 10% higher than one year ago.

$

↑5% MEDIAN SALES PRICE

AVERAGE DAYS ↑36% ON MARKET

338

MEDIAN PPSF

3,607 701

↑10%

ACTIVE ↑78% LISTINGS

↓26% SOLD LISTINGS

*ALL PERCENTAGES REFLECT YEAR OVER YEAR CHANGE.

Neighborhood Snapshots MEDIAN SALES PRICE FEB 23

FEB 22

MEDIAN PRICE PER SF YOY% CHANGE

FEB 23

YOY% CHANGE

CLOSED SALES FEB 23

AVERAGE DAYS ON MARKET

YOY% CHANGE

FEB 23

AVENTURA

$1,175,000

N/A

N/A

$429

N/A

1

N/A

202

COCONUT GROVE

$3,588,000

$2,500,000

43.50%

$625

-21.05%

6

-60.00%

98

CORAL GABLES

$1,515,900

$1,700,000

-11%

$739

23%

28

-15%

86

KEY BISCAYNE

$2,400,000

$3,400,000

-29%

$1,444

55%

1

-80%

20

MIAMI

$560,000

$525,000

7%

$338

10%

374

-17%

60

MIAMI BEACH

$3,250,000

$2,775,000

17%

$981

-10%

16

-20%

141

MIAMI SHORES

$1,097,500

$1,250,000

-12%

$594

18%

10

-23%

50 102

PINECREST

$2,380,000

$2,375,000

0%

$768

16%

7

-50%

SOUTH MIAMI

$1,035,000

$1,200,000

-14%

$547

-12%

6

0%

52

SUNNY ISLES BEACH

$1,500,000

$1,240,000

21%

$852

30%

3

200%

163

SURFSIDE

$7,925,000

$1,125,000

604%

$3,546

375%

1

-75%

46

MIAMI-DADE COUNTY

$

CONDOMINIUMS | UNITS SELL QUICKER THAN 2022

395K 69

The average days on market for a condo unit was approximately 20% lower than last year.

$

↑3% MEDIAN SALES PRICE

AVERAGE DAYS ↓19% ON MARKET

370

MEDIAN PPSF

6,580 899

0%

ACTIVE ↑35% LISTINGS

↓47% SOLD LISTINGS

*ALL PERCENTAGES REFLECT YEAR OVER YEAR CHANGE.

Neighborhood Snapshots MEDIAN SALES PRICE FEB 23

FEB 22

MEDIAN PRICE PER SF YOY% CHANGE

FEB 23

CLOSED SALES

YOY% CHANGE

FEB 23

YOY% CHANGE

AVERAGE DAYS ON MARKET FEB 23

AVENTURA

$437,500

$383,500

14%

$366

14%

54

-63%

83

BAL HARBOUR

$2,500,000

$865,000

189%

$962

34%

5

-76%

100

BAY HARBOR ISLANDS

$520,000

$652,500

-20%

$473

19%

7

-65%

95

BRICKELL/DOWNTOWN MIAMI/EDGEWATER

$590,000

$580,000

2%

$625

13%

97

-56%

91

COCONUT GROVE

$2,225,000

$2,260,000

-1.55%

$659

45.55%

10

-52.40%

89

CORAL GABLES

$663,000

$541,668

22%

$563

20%

12

-72%

74

KEY BISCAYNE

$1,050,000

$1,320,000

-20%

$743

-13%

11

-39%

66 53

MIAMI

$375,000

$345,000

9%

$304

8%

293

-41%

MIAMI BEACH

$412,500

$432,500

-5%

$526

3%

136

-53%

91

MIAMI SHORES

$675,000

N/A

N/A

$391

N/A

1

N/A

22

NORTH BAY VILLAGE

$607,500

$315,000

93%

$415

34%

12

-29%

64

PINECREST

$360,000

$298,700

21%

$331

14%

1

-83%

25

SOUTH MIAMI

$207,500

$240,000

-14%

$392

-4%

3

0%

66

SUNNY ISLES BEACH

$660,000

$770,000

-14%

$578

7%

57

-42%

99

SURFSIDE

$802,500

$465,000

73%

$593

26%

4

-69%

81

$

BROWARD COUNTY SINGLE-FAMILY HOMES | BUYERS ABSORBED NEW LISTINGS

560K 58

While active listings remain more than double the level of one year ago, purchase activity reduced the number of homes for sale by 11% from last month.

$

↑7% MEDIAN SALES PRICE

AVERAGE DAYS ON MARKET

318

MEDIAN PPSF

2,961 801

↑66%

↑8%

ACTIVE ↑119% LISTINGS

↓29% SOLD LISTINGS

*ALL PERCENTAGES REFLECT YEAR OVER YEAR CHANGE.

Neighborhood Snapshots MEDIAN SALES PRICE FEB 23

MEDIAN PRICE PER SF

FEB 22

YOY% CHANGE

FEB 23

YOY% CHANGE

CLOSED SALES FEB 23

YOY% CHANGE

AVERAGE DAYS ON MARKET FEB 23

COOPER CITY

$613,000

$611,250

0%

$327

2%

14

-46%

79

CORAL SPRINGS

$625,400

$610,000

3%

$286

6%

56

-34%

56

DAVIE

$685,000

$600,000

14%

$352

10%

44

-15%

59

DEERFIELD BEACH

$436,500

$449,500

-3%

$268

2%

36

0%

55

FORT LAUDERDALE

$685,450

$647,500

6%

$429

7%

104

-40%

71

HALLANDALE

$485,000

$365,000

33%

$330

-8%

10

43%

56

HOLLYWOOD

$585,000

$480,000

22%

$364

17%

61

-35%

56

LAUDERDALE-BY-THE-SEA

$1,100,000

$1,300,000

-15%

$658

-4%

2

-60%

57

LIGHTHOUSE POINT

$1,950,000

$809,450

141%

$649

71%

9

-25%

72

MIRAMAR

$605,050

$520,000

16%

$290

8%

44

-32%

44

PARKLAND

$1,200,000

$1,015,000

18%

$330

0%

23

-41%

67

PEMBROKE PINES

$580,000

$519,500

12%

$302

7%

61

-29%

52

PLANTATION

$560,000

$626,500

-11%

$288

2%

32

-36%

84 59

POMPANO BEACH

$450,000

$398,000

13%

$349

15%

44

-31%

SOUTHWEST RANCHES

$1,650,000

$1,345,000

23%

$427

6%

13

30%

67

SUNRISE

$415,000

$427,500

-3%

$305

10%

33

-21%

49

WESTON

$835,000

$900,000

-7%

$338

-3%

30

-14%

57

WILTON MANORS

$825,000

$689,500

20%

$439

-12%

14

-18%

32

$

BROWARD COUNTY CONDOMINIUMS | TIME ON MARKET LOWEST IN REGION

270K 51

Broward County generated the highest number of condo sales in February, helping to drive the average time on market to the lowest in the region.

$

↑15% MEDIAN SALES PRICE

AVERAGE DAYS ON MARKET

239

MEDIAN ↑12% PPSF

4,381 943

↓6%

ACTIVE ↑88% LISTINGS

SOLD LISTINGS

↓32%

*ALL PERCENTAGES REFLECT YEAR OVER YEAR CHANGE.

Neighborhood Snapshots MEDIAN SALES PRICE FEB 23

FEB 22

MEDIAN PRICE PER SF YOY% CHANGE

FEB 23

YOY% CHANGE

CLOSED SALES FEB 23

YOY% CHANGE

AVERAGE DAYS ON MARKET FEB 23

COOPER CITY

$420,000

$385,000

9%

$303

15%

8

33%

38

CORAL SPRINGS

$210,000

$172,450

22%

$225

30%

38

6%

40

DAVIE

$285,000

$235,000

21%

$228

19%

26

-42%

24

DEERFIELD BEACH

$181,500

$167,500

8%

$192

8%

69

-18%

50

FORT LAUDERDALE

$399,500

$417,500

-4%

$379

6%

122

-46%

80

HALLANDALE

$332,500

$290,000

15%

$299

14%

68

-35%

73

HILLSBORO BEACH

$432,500

$540,000

-20%

$387

-18%

6

-33%

56

HOLLYWOOD

$260,000

$350,000

-26%

$258

-20%

71

-41%

58

LAUDERDALE-BY-THE-SEA

$475,000

$525,000

-10%

$393

-7%

13

-32%

87

LIGHTHOUSE POINT

$200,000

$120,000

67%

$194

-7%

8

-32%

48

MIRAMAR

$420,000

$320,000

31%

$253

6%

19

-42%

36

PARKLAND

$586,500

$425,000

38%

$319

20%

1

-80%

125

PEMBROKE PINES

$232,000

$195,000

19%

$211

20%

69

-20%

44

PLANTATION

$329,000

$206,000

60%

$255

40%

39

18%

28

POMPANO BEACH

$310,000

$247,500

25%

$262

14%

81

-34%

50

N/A

N/A

N/A

N/A

N/A

-

N/A

N/A

SOUTHWEST RANCHES SUNRISE

$183,500

$160,000

15%

$192

30%

56

-35%

50

WESTON

$367,500

$275,500

33%

$283

25%

12

-43%

50

WILTON MANORS

$435,000

$206,750

110%

$305

9%

13

-7%

22

$

PALM BEACH COUNTY SINGLE-FAMILY HOMES | SALES REBOUND

575K 60

Home sales increased by 21% in February from the previous month, though activity remained lower compared to one year ago. In February, more homes sold in Palm Beach County than in any other county in the region.

$

0% MEDIAN SALES PRICE

AVERAGE DAYS ↑76% ON MARKET

297

MEDIAN ↑3% PPSF

3,544 840

ACTIVE ↑164% LISTINGS

SOLD LISTINGS

↓21%

*ALL PERCENTAGES REFLECT YEAR OVER YEAR CHANGE.

Neighborhood Snapshots MEDIAN SALES PRICE FEB 23

MEDIAN PRICE PER SF

FEB 22

YOY% CHANGE

FEB 23

YOY% CHANGE

CLOSED SALES

AVERAGE DAYS ON MARKET

FEB 23

YOY% CHANGE

FEB 23 67

BOCA RATON

$822,500

$732,500

12%

$376

10%

136

-23%

BOYNTON BEACH

$495,000

$495,000

0%

$273

6%

128

54%

51

DELRAY BEACH

$583,750

$617,500

-5%

$310

-2%

80

-23%

59

HIGHLAND BEACH

$2,750,000

$13,875,000

-84%

$789

-56%

1

-75%

13

JUNO BEACH

$2,125,000

$1,325,000

60%

$1,042

122%

1

0%

63

JUPITER

$890,000

$720,000

24%

$402

7%

49

-18%

58

JUPITER INLET COLONY

$4,500,000

N/A

N/A

$1,184

N/A

1

N/A

100

LAKE PARK

$432,000

$375,000

15%

$247

-14%

5

400%

29

LAKE WORTH

$495,000

$461,250

7%

$261

2%

74

-29%

60

LANTANA

$427,000

$330,000

29%

$308

52%

5

-29%

82

NORTH PALM BEACH

$610,000

$3,050,000

-80%

$374

-42%

9

29%

59

$15,000,000

$9,900,000

52%

$2,750

9%

1

-91%

290

PALM BEACH GARDENS

PALM BEACH

$775,000

$860,000

-10%

$376

-2%

40

-31%

50

SINGER ISLAND

$2,875,000

$2,200,000

31%

$1,106

31%

2

100%

7

TEQUESTA

$1,402,500

$1,372,000

2%

$567

4%

4

0%

49

WELLINGTON

$700,000

$625,000

12%

$283

5%

45

-21%

66

WEST PALM BEACH

$460,000

$460,000

0%

$283

8%

130

-16%

61

$

PALM BEACH COUNTY CONDOMINIUMS | PRICING MOVES HIGHER

300K 54

The median price remained roughly 9% higher than one year ago. In February alone, the median price per square foot increased by nearly 2%.

$

↑9% MEDIAN SALES PRICE

AVERAGE DAYS ON MARKET

223

MEDIAN ↑10% PPSF

3,759 785

↑54%

ACTIVE ↑199% LISTINGS

SOLD LISTINGS

↓36%

*ALL PERCENTAGES REFLECT YEAR OVER YEAR CHANGE.

Neighborhood Snapshots MEDIAN SALES PRICE

MEDIAN PRICE PER SF

FEB 23

FEB 22

YOY% CHANGE

FEB 23

CLOSED SALES

AVERAGE DAYS ON MARKET

YOY% CHANGE

FEB 23

YOY% CHANGE

FEB 23

BOCA RATON

$336,000

$340,000

-1%

$336,000

6%

128

-40%

50

BOYNTON BEACH

$265,000

$250,000

6%

$196

17%

75

-46%

45

DELRAY BEACH

$230,000

$216,250

6%

$193

16%

119

-41%

57

HIGHLAND BEACH

$878,750

$635,000

38%

$621

30%

10

-57%

68

JUNO BEACH

$1,162,500

$776,000

50%

$623

22%

10

150%

81

JUPITER

$573,500

$485,000

18%

$349

14%

52

-2%

56

LAKE PARK

$317,000

$247,500

28%

$34

-76%

3

-25%

36

LAKE WORTH

$197,000

$157,000

25%

$156

27%

40

-42%

65

LANTANA

$247,500

$279,314

-11%

$229

-6%

4

-71%

43

NORTH PALM BEACH

$280,000

$418,750

-33%

$245

-18%

23

5%

68

MANALAPAN

N/A

N/A

N/A

N/A

N/A

-

N/A

N/A

PALM BEACH

$1,550,000

$920,000

68%

$768

47%

14

-66%

84

PALM BEACH GARDENS

$424,500

$367,500

16%

$281

13%

44

-24%

58

SINGER ISLAND

$937,500

$915,000

2%

$664

30%

8

-65%

83

TEQUESTA

$509,900

$350,000

46%

$404

57%

5

-44%

67

WELLINGTON

$330,000

$322,500

2%

$212

-9%

9

-18%

31

WEST PALM BEACH

$208,000

$185,000

12%

$128

-11%

139

-29%

50

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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.