Miami Report Q4 Update

Page 1

HEADLINES

- JANUARY 2023

WHAT HAPPENED TO THE HOMEBUYING RUSH? SOUTH FLORIDA'S HOME SALES PLUNGED IN 2022

- DECEMBER 2022

SOUTH FLORIDA HOME SALES DROP MORE THAN ONE-THIRD IN NOVEMBER

- DECEMBER 2022

IS THE REAL ESTATE MARKET SLOWING DOWN?

TOTAL ACTIVE SINGLE FAMILY HOMES & CONDO LISTINGS IN MIAMI-DADE, BROWARD AND PALM BEACH COUNTIES

JAN-19 JAN-20 JAN-21 JAN-22 JAN-23
MLS
SOURCE:
TOTAL ACTIVE LISTINGS 42,305 45,022 29,443 14,643 22,928

MLS

SINGLE FAMILY HOMES

(MIAMI-DADE, BROWARD AND PALM BEACH COUNTIES)

CONDOS

(MIAMI-DADE, BROWARD AND PALM BEACH COUNTIES)

MLS

OCEANFRONT, BAYFRONT & IN-LAND

NEW CONSTRUCTION

44 CONDOS TOTALING 6,621 RESIDENCES SUNNY ISLES BEACH AVENTURA TRADITIONAL CONDOS (NO DAILY RENTALS) COCONUT GROVE - FORT LAUDERDALE - EAST OF I-95 1 2 2 2 6 1 8 HALLANDALE BEACH MIAMI BEACH / SOUTH BEACH COCONUT GROVE BRICKELL DOWNTOWN MIAMI BISCAYNE CORRIDOR DESIGN DISTRICT MIDTOWN NORTH BAY VILLAGE BAY HARBOR ISLANDS NORTH MIAMI BEACH FORT LAUDERDALE 1 1 SURFSIDE BAL HARBOUR 5 2 5 2 4

20 YEAR CONDO DELIVERY ANALYSIS FOR TRADITIONAL

2001 - 2010 275 # OF BUILDINGS PREVIOUS CYCLE LAST CYCLE CURRENT CYCLE 2012 - 2020 123 58,953 19,465 2021+ 44 6,621

DEMAND

FLORIDA

1,217 PEOPLE PER DAY

TEXAS

1, 108

PEOPLE PER DAY

CALIFORNIA - 940 PEOPLE PER DAY

NEW YORK -8 20 PEOPLE PER DAY CALIFORNIA - 940 PEOPLE PER DAY

TAKEAWAYS

1.

SUPPLY SHOCK

2.

BUYER PROLE SHIFT

3.

MAYOR FRANCIS SUAREZ: APRIL

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