The SoFlo Intel Report | Single Family Homes

SoFlo Intel Report GREAT BUYS IN SOUTH FLORIDA’S POPULAR NEIGHBORHOODS | SINGLE FAMILY HOMES EDITION

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Welcome to the SoFlo Intel Report: RelatedISG Realty’s submarket snapshot of the best buys in South Florida’s best neighborhoods. In each issue, we will dive into factors and projects that make these neighborhoods so popular.

In this edition, we will focus on South Florida’s Single Family Homes Market.

What is the Real Estate Rule of Thumb?

10% OR MORE OF INVENTORY = BUYER’S MARKET 10% OR LESS OF INVENTORY = SELLER’S MARKET

Miami-Dade, Broward & Palm Beach Counties Single Family Homes Residential Snapshot

Miami-Dade County

Broward County

Palm Beach County

Total Single Family Homes

Total Single Family Homes

Total Single Family Homes

2,794 / 678,860 available

2,149 / 495,877 available

1,838 / 609,446 available

for sale or rent MLS

for sale or rent MLS

for sale or rent MLS

99.59% (unavailable)

0.41% (available)

99.57% (unavailable)

0.43% (available)

99.70% (unavailable)

LOW INVENTORY

LOW INVENTORY

LOW INVENTORY

ONLY 0.41%

ONLY 0.43%

ONLY 0.30%

of Single Family Homes are available for sale or rent in Miami-Dade County

of Single Family Homes are available for sale or rent in Broward County

of Single Family Homes are available for sale or rent in Palm Beach County

0.30% (available)

Single Family Homes Market Breaks 5 Records in 5 Months

Miami-Dade, Broward & Palm Beach Counties Total Active Listing Analysis for Single Family Homes TOTAL ACTIVE MLS LISTINGS

10,000

20 Year Low 8,092

30 Year Low

Previous All Time Record Low

7,281

7,500

TOTAL ACTIVE LISTING

25 Year Low

New All Time Record Low

6,697

6,149 5,804

5,000

2,500

0

Jan. 2021

Feb. 2021

Mar. 2021

Apr. 2021

May. 2021

Total Active Listings & 2021 Velocity Analysis

by County for Single Family Homes TOTAL ACTIVE LISTINGS

Miami-Dade County

TOTAL SOLD (JAN-APRIL)

7,542

2,445

Broward County

1,685

Palm Beach County

1,682

6,068 6,438

2,500

5,000

7,500

10,000

Miami-Dade 5 Year Pricing Analysis for Single Family Homes Closed Sales

$1,000,000

MIAMI-DADE COUNTY AVG. SALES PRICES

$809,000 $750,000

$672,000 $480,000

$524,000

$538,000

2018

2019

$500,000

$250,000

$0

2017

2020

2021

Broward County 5 Year Pricing Analysis for Single Family Homes Closed Sales

$800,000

BROWARD COUNTY AVG. SALES PRICES

$637,000 $600,000

$522,000 $413,000

$438,000

$453,000

2018

2019

$400,000

$200,000

$0

2017

2020

2021

Palm Beach 5 Year Pricing Analysis for Single Family Homes Closed Sales

$984,000

PALM BEACH COUNTY AVG. SALES PRICES

$1,000,000

$703,000

$750,000

$522,000

$568,000

$570,000

2018

2019

$500,000

$250,000

$0

2017

2020

2021

Average Days On The Market for Single Family Homes in 2021 (Based on Closed Sales)

Miami-Dade

Broward County

Palm Beach

48

AVG. DAYS ON THE MARKET

31 33

10

20

30

40

50

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