Miami Report Annual Report - 2023

Page 1

2023 ANNUAL REPORT

IN 2009, ISG WORLD CREATED THE MIAMI REPORT, A DATA AND RESEARCH PROGRAM THAT PROVIDES INDUSTRY LEADERS AND CONSUMERS AN INSIGHT INTO SOUTH FLORIDA REAL ESTATE. TO BETTER UNDERSTAND OUR RAPIDLY CHANGING MARKET CONDITIONS, ISG WORLD MAINTAINS A FULL-TIME RESEARCH OPERATIONS DEPARTMENT. ISG WORLD’S RESEARCH DEPARTMENT PROVIDES RESIDENTIAL REAL ESTATE MARKET INFORMATION, PRICING AND SALES TRENDS AND OTHER METRICS THAT ARE HEAVILY RELIED UPON AND UTILIZED BY THE ORGANIZATION, BROKERS, CLIENTS, INDUSTRY PROFESSIONALS AND THE MEDIA. THE DATA AND INFORMATION THE DEPARTMENT PROVIDES IS CONSOLIDATED IN THE MIAMI REPORT, A COMPREHENSIVE AND IN-DEPTH ANALYSIS OF MIAMI’S REAL ESTATE MARKET AND A LEADING INDUSTRY GUIDE DETAILING THE EVOLUTION OF THE MARKET.

IN THE PRESS

OVER 1 BILLION IMPRESSIONS SINCE 2009

THROUGH
THE YEARS

HEADLINES

2022 SAW MORE CALIFORNIA BUSINESSES RELOCATE TO FLORIDA...

DECE M B E R 2022

F L ORI D A’S WORKFORCE ENDED THE YEAR LARGER THAN NEW YORK’S FOR FIRST TIME EVER...

FEBRUARY 2023

GREATER MIAMI IS BUCKING THE U.S LUXURY-HOUSING SLOWDOWN...

MARCH 2023

NEW YORKERS ARE THE NO.1 MOVERS TO FLORIDA...

MARCH 2023

MIAMI HOUSING MARKET COOLS BUT IT’S STILL THE HOTTEST AROUND...

APRIL 2023

DEMAND

2022 STATES THAT GAINED THE MOST POPULATION

2

TEXAS

1

FLORIDA

1,217 PEOPLE PER DAY

1,108 PEOPLE PER DAY

NEW YORK -820 PEOPLE PER DAY CALIFORNIA -940 PEOPLE PER DAY 50 49
2022 STATES THAT LOST THE MOST POPULATION

SOUTH FLORIDA CONDO

BUYER PROFILE

IN MIAMI-DADE, BROWARD & PALM BEACH COUNTIES

U.S. MORE THAN DOUBLE IN 10 YEARS

2012 2022
LATIN AMERICA
U.S. / DOMESTIC 49% 21% 23% 49%

2022 BUYER PROFILE

MIAMI

RESALES

MIAMI-DADE, BROWARD & PALM BEACH COUNTIES

MLS

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

TOTAL ACTIVE LISTINGS
12,804 18,738 19,946 22,928 17,469 Q1 - 2022 Q2 - 2022 Q3 - 2022 Q4 - 2022 Q1 - 2023 Q1-2020 45,022 DECREASE24%
SOURCE: MLS

2022 FLORIDA POPULATION: BY THE NUMBERS

SOUTH

FLORIDA

219,000

PEOPLE MOVED TO SOUTH FLORIDA IN 2022

50%

OF FLORIDA’S DAILY MIGRATION IS IN SOUTH FLORIDA

U.S. CENSUS
50%
SOURCE:
REST OF FLORIDA
1,200 PEOPLE PER DAY PEOPLE IN 2022 IN 2022 50
%
438,000

TOTAL ACTIVE SINGLE FAMILY HOMES & CONDO LISTINGS BY COUNTY

EST. 73,000 PEOPLE MOVED TO EACH COUNTY IN 2022

5,198

TOTAL ACTIVE LISTINGS
MIAMI-DADE BROWARD PALM BEACH 6,469
SOURCE: MLS
5,802

SINGLE

FAMILY HOME RESALES

MIAMI-DADE, BROWARD & PALM BEACH COUNTIES

MLS

BREAKDOWN OF SINGLE FAMILY HOMES ACTIVE LISTINGS IN MIAMI-DADE, BROWARD & PALM BEACH COUNTIES

TOTAL ACTIVE LISTINGS Q1 - 2022 Q2 - 2022 Q3 - 2022 Q4 - 2022 Q1 - 2023 5,301 9,394 9,778 10,981 8,972 3,027 MIAMI-DADE BROWARD 2,644 PALM BEACH 3,301
SOURCE: MLS DECREASE18%

SINGLE

FAMILY HOMES PRICE APPRECIATION VS ACTIVE LISTINGS IN MIAMI-DADE, BROWARD & PALM BEACH

COUNTIES

AVG. SALES PRICE $1,207,320 5,301 9,394 8,972 9,778 10,981 $1,213,659 $1,222,600 $1,233,500 $1,335,594
8%
ACTIVE LISTINGS SOURCE: MLS Q1 - 2022 Q2 - 2022 Q3 - 2022 Q4 - 2022 Q1 - 2023 PRICE INCREASE SINCE Q4-2022

SINGLE FAMILY HOMES ACTIVE LISTINGS COMPARISON IN MIAMI-DADE, BROWARD AND PALM BEACH COUNTIES

“A” HOUSES (WATERFRONT / PRIME LOCATIONS) “B” HOUSES (NON WATERFRONT / PRIME LOCATIONS) “C” HOUSES (EVERYTHING ELSE) 613 167 1,591 3,097 7,817 988 Q1 - 2022 Q1 - 2023 Q1 - 2023 Q1 - 2023 Q1 - 2022 Q1 - 2022 SOURCE: MLS

CONDO RESALES MLS

MIAMI-DADE, BROWARD & PALM BEACH COUNTIES

BREAKDOWN OF CONDOS ACTIVE LISTINGS IN MIAMI-DADE, BROWARD & PALM BEACH COUNTIES

TOTAL ACTIVE LISTINGS Q1 - 2022 Q2 - 2022 Q3 - 2022 Q4 - 2022 Q1 - 2023 7,503 9,344 10,168 11,947 8,497 3,442 MIAMI-DADE BROWARD 3,158 PALM BEACH 1,897
MLS DECREASE29%
SOURCE:

CONDOS PRICE APPRECIATION VS ACTIVE LISTINGS IN MIAMI-DADE, BROWARD & PALM BEACH COUNTIES

AVG. SALES PRICE $689,758 7,503 9,344 8,497 10,168 11,947 $709,650 $719,421 $726,553 $898,620
ACTIVE LISTINGS SOURCE: MLS Q1 - 2022 Q2 - 2022 Q3 - 2022 Q4 - 2022 Q1 - 2023 24% PRICE INCREASE SINCE Q4-2022

CONDOS: TOTAL ACTIVE LISTINGS BY UNIT TYPE IN MIAMI-DADE, BROWARD AND PALM BEACH COUNTIES

ONE BEDROOMS TWO BEDROOMS THREE BEDROOMS
2,891 3,160 756 288 Q1 - 2022 Q1 - 2023 Q1 - 2023 Q1 - 2023 Q1 - 2022 Q1 - 2022 SOURCE: MLS 3,856 5,049

CONDOS IN MIAMI-DADE, BROWARD AND PALM BEACH COUNTIES

2022 SALES BY UNIT TYPE ONE BEDROOMS 11%

50%

THREE BEDROOMS

39%

TWO BEDROOMS

SOURCE: MLS & TAX RECORDS

CONDOS IN MIAMI-DADE, BROWARD AND PALM BEACH COUNTIES

2022 SALES BY UNIT TYPE

ONE BEDROOMS 11%

TOTAL ACTIVE LISTINGS BY UNIT TYPE

THREE BEDROOMS 3%

THREE BEDROOMS 50%

ONE BEDROOMS 59%

TWO BEDROOMS 39%

TWO BEDROOMS 37%

SOURCE: MLS
TAX RECORDS
&

CONSTRUCTION

CONDOS FROM COCONUT GROVE – FORT LAUDERDALE BEACH, EAST OF I-95

PRE
6 C
O
TAL
R ESI
SUNNY ISLES BEACH AVENTURA
COND
(NO D AI L Y R EN TAL S ) C O C O N U T G R O V E - F O RT L A U D E R DALE - E AST OF I-9 5 1 2 2 2 7 1 8 HALLANDALE BEACH MIAMI BEACH / S OUTH BEACH COCONUT GROVE BRICKELL DOWNTOWN MIAMI BIS CAYNE CORRIDOR DESIGN DISTRIC T MIDTOWN NORTH BAY VILLAGE BAY HARBOR ISLANDS NORTH MIAMI BEACH FORT LAUDERDALE 1 1 SUR FSIDE BAL HARBOUR 6 2 5 2 4
4
O N D
S TO
I N G 6,67 2
D ENCE S
TRADITIONAL
OS

NEW CONSTRUCTION CONDO DEVELOPMENT

20 70 AVG. NO. STORIES AVG. NO. STORIES # CONDO DEVELOPMENTS 12 CONDOS / 1,176 TOTAL UNITS 34 CONDOS / 5,496 TOTAL UNITS
UNDER CONSTRUCTION & HAVE GONE VERTICAL AVG. NO. STORIES
/ BROKEN GROUND HAVE NOT GONE VERTICAL
GROVE - FORT LAUDERDALE - EAST OF I-95
TIMELINE FOR TRADITIONAL CONDOS
CONDOS
PRE-CONSTRUCTION
COCONUT

20 YEAR CONDO DELIVERY ANALYSIS FOR TRADITIONAL CONDOS

58,953 19,465 6,672 2001 - 2010 275 # OF BUILDING 123 46 2012 - 2020 2021 + PREVIOUS CYCLE LAST CYCLE CURRENT CYCLE

WHAT MAKES MIAMI A GLOBAL CITY?

MARCH 2023

THREE GLOBAL CITIES ARE PULLING AHEAD

SINCE THE 2020 PANDEMIC: MIAMI, DUBAI & SINGAPORE

IN THE NEWS

FLORIDA HAS MORE JOBS THAN NEW YORK, FOR THE FIRST

EVER! SOURCE: U.S. BUREAU OF LABOR STATISTICS 1992 2002 2012 2022 * All employees: Total Non-farm, commonly known as Total Non-farm Payroll, is a measure of the number of U.S. workers in the economy that excludes proprietors, private household employees, unpaid volunteers, farm employees, and the unincorporated self-employed. 7,696,000 8,437,000 7,200,000 7,473,000 8,873,000 9,554,000 9,563,000 5,420,000 FLORIDA EMPLOYEES NEW YORK EMPLOYEES
TIME

UNEMPLOYMENT RATE

NATIONAL FLORIDA MIAMI 2.6%

TECH NOLOGY

MIAMI IS GOING THROUGH A RENAISSANCE AT ALL LEVELS, BUT ESPECIALLY IN TERMS OF TECHNOLOGY.

“WE'RE NO.1 IN TECH JOB GROWTH IN THE NATION, WE'RE NO.1 IN TECH JOB MIGRATION, AND WE'RE NO.1 IN THE SOUTHEAST U.S. IN TERMS OF VENTURE CAPITAL DOLLARS INVESTED,"

EMERGING TECH CITIES IN THE U.S.

2022 NET TECH EMPLOYMENT GROWTH 4.1%

SOURCE: FORBES 2022

SOURCE: COMPTIA’S ANNUAL REPORT

1. TAMPA 2. MIAMI 3. NEW YORK 4. AUSTIN 5. SAN FRANCISCO
M I A M I
3.2 % NATIONAL AVERAGE

INTERNATIONAL AIRPORT

AFTER SEVEN YEARS IN SECOND PLACE, MIAMI INTERNATIONAL AIRPORT HAS PASSED

ORLANDO AS THE BUSIEST AIRPORT IN FLORIDA

10
INTERNATIONAL
#2
1
MIAMI
TOTAL PASSENGERS #2 LAX, #5 JFK
ANNUAL ECONOMIC IMPACT $33B
PASSENGERS #3 LAX,
JFK

PORT MIAMI

KNOWN AROUND THE WORLD AS THE CRUISE CAPITAL OF THE WORLD

$43 BILLIONS 2022 ECONOMIC IMPACT

WORLD’S BUSIEST CRUISE PORTS

ARE IN FLORIDA

1. PortMiami - 4.0M Passengers

Por t Canaveral - 4.1M Passengers

2.

3.

Por t Everglades - 3.8M Passengers

4. Puer ta Maya, Cozumel, Mexico - 3.6M Passengers

5. Shanghai International Port - 2.8M Passengers

BRIGHT LINE

MIAMI CENTRAL OPENED MAY 2019

FORT LAUDERDALE OPENED JAN. 2018

WEST PALM BEACH OPENED JAN. 2018

35 MIN 25 MIN 1.5 HOURS EST. COMPLETION
SUMMER 2023 ORLANDO
M IAMI BEACH, UNITED STATES HONG KONG, CHINA BASEL, SWITZER LAND ART BASEL RECORD-BREAKING ATTENDANCE S OU R C E: M IAMI HE R ALD 60,000 2021 76,000 2022 283 Galleries in 2022 (253 in 2021)
ARTS & CULTURE ART BASEL RECENTLY CELEBRATED 20 YEARS IN MIAMI BEACH

JUNE 2022

MIAMI NAMED 2026 WORLD CUP

HOST CITY

IN THE NEWS

SPORTS & RECREATION

MIAMI’S PROFESSIONAL SPORTS TEAMS

FLORIDA PANTHERS

MIAMI IS THE YOUNGEST CITY TO HAVE ALL SIX MAJOR PROFESSIONAL

SPORTS LEAGUES.

MIAMI MLS FORMULA 1 MIAMI DOLPHINS MIAMI HEAT MIAMI MARLINS

BEST OF THE BEST BOAT SHOWS

WO RL D ’S LA R GES T B O AT S H OW S

#1

FORT LAUDERDALE INTL.

BOAT SHOW

#2

THE DUSSELDORF INTL.

BOAT SHOW

#3

MIAMI INTL. BOAT SHOW

HOTELS

MIAMI #4

CITIES IN THE U.S. AND WOR LD

FOR TOTAL NUMBER OF LUXUR Y HOTELS

#1 NEW YORK, #2 LOS ANGELES & #3 ORLANDO

S OURCE: MASTERCARD DESTINATION CITIES I NDEX

MIAMI #2

TOP DESTINATION IN NOR TH AMER ICA

(AF TER NEW YOR K)

S OURCE: M ASTERCARD DESTINATION CITIES I NDEX

CULINARY SCENE

2022 BEST FOODIE CITIES IN AMERICA

TOP OVERALL RANKINGS

MOST RESTAURANTS PER

1. POR TLAND, OR 2. ORLANDO, FL 3. MIAMI, FL 4. SAN FRANCISCO, CA 5. AUSTIN, TX CAPITAL 1. ORLANDO, FL 2. M IAMI, FL 3. LAS VEGAS, NV 4. SAN FRANCISCO, CA 5. CHICAGO, IL SOURCE: WALLETHUB
3. THE M I A M I M I R AC L E SUS T A I NAB ILI T Y O F THE N E W M I A M I 2. C O NT I N U E D SUPP LY SH O C K
TAKEAWAYS 1.
2023 ANNUAL REPORT
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