Miami Report Q2 Update 2022

Page 1

2022

Q2 UPDATE


Single Family Homes


Single Family Homes Total Active Listings in Miami-Dade, Broward and Palm Beach Counties TOTAL ACTIVE LISTINGS

9,344

5,301 4,839

Q4 2021

Q1 2022

Q2 2022


Single Family Homes Active Listings Comparison In Miami-Dade, Broward and Palm Beach Counties Q1 2022

Q2 2022

6,761

2,349

2,943

1,437 459

234

"A" HOUSES

"B" HOUSES

"C" HOUSES

(HIGH-END WATERFRONT)

(HIGH-END NON-WATERFRONT)

(EVERYTHING ELSE WEST OF I-95)


Pricing of Active Single Family Homes In Miami-Dade, Broward and Palm Beach Counties

UNDER $1M

$5,000,000 - $9,999,999

"A" HOUSES

$500,000 - $999,999 ABOVE $1M

$499,000 & UNDER

$1,000,000 - $4,999,999

ABOVE $10M

"B" HOUSES

"C" HOUSES

28% 93% 93%

2% 5%

68%

3%

74%

9%

1%

17%

PRICE RANGE $3,890,000 - $106,000,000

PRICE RANGE $890,000 - $29,000,000

PRICE RANGE $380,000 - $1,600,000


Condos


Condos Total Active Listings In Miami-Dade, Broward and Palm Beach Counties TOTAL ACTIVE LISTINGS

10,000

9,394

9,342

8,000

6,849

6,000

4,000

2,000

0

Q4 2021

Q1 2022

Q2 2022


Condos Total Active Listings Comparison In Miami-Dade, Broward and Palm Beach Counties TOTAL ACTIVE AS OF Q1 2022

TOTAL ACTIVE AS OF Q2 2022

5,394

3,629

3,373 2,467

753

ONE BEDROOM

TWO BEDROOMS

627

THREE BEDROOMS +


ONE BEDROOMS

TWO BEDROOMS

*2022 CONDO SALES BY UNIT TYPE

THREE BEDROOMS +

*ACTIVE LISTINGS BY UNIT TYPE

15% 13% 43% 43% 42% 44%

*NEW CONDOS BUILT SINCE 2012 | COCONUT GROVE - FORT LAUDERDALE, EAST OF I-95


*Active MLS Pricing Analysis AVG. LIST PRICE

AVG. $PSF

$9,150,000 $2,168

ALL TIME RECORD SALE FOUR SEASONS SURF CLUB

$1,422

SALES PRICE: $22,750,00 $1,161

*PRICE PSF: $5,762

$3,320,000

CLOSING DATE: MAY 2022

$1,491,000 $885 $733,000

ONE BEDROOMS

TWO BEDROOMS

THREE BEDROOMS

*NEW CONDOS BUILT SINCE 2012 | COCONUT GROVE - FORT LAUDERDALE, EAST OF I-95

FOUR BEDROOMS


Condo Resale Transactions Sold Under $1M From January - End Of Q2 | In Miami-Dade, Broward And Palm Beach Counties TOTAL TRANSACTIONS

AVG. SALES PRICE

29,081 28,554

17,890 13,330

$493,393

END OF Q2 2019

SALES DIFFERENCE -25% 2019-2020

$495,161

END OF Q2 2020

SALES DIFFERENCE +114% 2020-2021

$505,312

END OF Q2 2021

SALES DIFFERENCE +2% 2021-2022

$513,592

END OF Q2 2022


Condo Resale Transactions Sold Between $1,000,000-$4,999,999 From January - End Of Q2 | In Miami-Dade, Broward And Palm Beach Counties TOTAL TRANSACTIONS

AVG. SALES PRICE

2,533

2,168

725

$1,802,828

END OF Q2 2019

565

SALES DIFFERENCE -22% 2019-2020

$1,825,167

END OF Q2 2020

SALES DIFFERENCE +284% 2020-2021

$1,871,525

END OF Q2 2021

SALES DIFFERENCE +17% 2021-2022

$1,920,644

END OF Q2 2022


Condo Resale Transactions Sold Between $5,000,000-$9,999,999 From January - End Of Q2 | In Miami-Dade, Broward And Palm Beach Counties TOTAL TRANSACTIONS

AVG. SALES PRICE

190

158

33

$6,540,485

END OF Q2 2019

28 SALES DIFFERENCE -5% 2019-2020

$6,602,986

END OF Q2 2020

SALES DIFFERENCE +464% 2020-2021

$6,801,421

END OF Q2 2021

SALES DIFFERENCE +20% 2021-2022

$7,082,734

END OF Q2 2022


Condo Resale Transactions Sold Above $10m From January - End Of Q2 | In Miami-Dade, Broward And Palm Beach Counties TOTAL TRANSACTIONS

AVG. SALES PRICE

85

66

12

$11,440,000

END OF Q2 2019

12 SALES DIFFERENCE 0% 2019-2020

$12,900,000

END OF Q2 2020

SALES DIFFERENCE +450% 2020-2021

$15,157,308

END OF Q2 2021

SALES DIFFERENCE +29% 2021-2022

$15,945,096

END OF Q2 2022


Condos New Construction (current cycle)


Traditional Condos (NO SHORT TERM RENTALS)

6

FORT LAUDERDALE

5

BAY HARBOR ISLANDS

2

3

3

BRICKELL

MIAMI BEACH / SOUTH BEACH

1

DOWNTOWN MIAMI

SUNNY ISLES BEACH

2

COCONUT GROVE

2

BISCAYNE CORRIDOR DESIGN DISTRICT MIDTOWN WYNWOOD

24 CONDOS TOTALING 3,693 RESIDENCES


CURRENT CYCLE (COCONUT GROVE - FORT LAUDERDALE, EAST OF I-95)

New Construction Groundbreakings For Traditional Condos

UNDER CONSTRUCTION 160 Marina Bay - 5 Stories Casa Murano - 5 Stories Onda Residences - 7 Stories La Baia - 8 Stories Selene Oceanfront Residences - 26 Stories Five Park - 48 Stories Aria Reserve - 62 Stories

SAMPLE OF DEVELOPMENTS Bentley Residences - 60 Stories Baccarat Residences - 75 Stories Cipriani Residences - 80 Stories Waldorf Astoria - 100 Stories

17

7

2021 - 2022

2023+


Aston Martin Residences Break Ground In Miami October 2017

391 Residences | 66 Stories


Demand


South Florida's 4 Feeder Markets 1.

CLIMATE (SECOND HOME/ PERMANENT RESIDENCES)

2.

LATIN AMERICA

3.

2017 TAX REFORM RELOCATION

4.

CORPORATE RELOCATIONS


Latin America ANDRÉS LÓPEZ OBRADOR President of Mexico

NICOLÁS MADURO President of Venezuela GUSTAVO PETRO President of Colombia

GUILLERMO LASSO President of Ecuador

PEDRO CASTILLO President of Peru LUIS ARCE President of Bolivia LUIZ INACIO LULA DA SILVA Brazil - Projected Winner (Presidential Election Oct. 2022)

ALBERTO FERNÁNDEZ President of Argentina GABRIEL BORIC President of Chile


South Florida's Corporate Relocations

In The News

May 2022

In the past 19 months, 122 companies have either expanded or opened main or regional headquarters within city limits, according to figures released by Venture Miami, an economic initiative affiliated with the office of Mayor Francis Suarez.


122 Corporate Relocations 27 HEADQUARTER RELOCATIONS

95 REGIONAL RELOCATIONS


In The News

July 2022

The United Nations estimates that the world's population will reach 8 billion on Nov. 15 and that India will replace China as the world's most populous nation next year, with the United States remaining 3rd.

World Population | 1920 - 1.5 Billion People | 2022 - 8 Billion People


United States Population Growth 400,000,000

333,000,000 300,000,000

200,000,000 100,000,000

1914

SOURCE: WORLDPOPULATION.COM *PROJECTED

1967

2006

2022

*2050


In The News

June 2022

Based on Realtor.com's calculations, we are short 5.8 million new single-family homes across the country which will sustain demand and prices.

Average Total Sales In The U.S. - 5.6 Million U.S. Population to Add Another 2.4 Million People Per Year Through 2050


Takeaways 1. 2. 3.

POPULARITY OF SOUTH FLORIDA SUPPLY SHOCK PERSISTS REAL ESTATE REMAINS THE BLUE CHIP INVESTMENT


2022

Q2 UPDATE


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