Insight -Mid Year 2020 Report S. Florida Real Estate Market - Berkshire Hathaway HomeServices Realty

Mid-Year Report

REAL ESTATE OUTLOOK MIAMI-DADE & BROWARD COUNTIES RESIDENTIAL MARKETS

INCLUDING A SPECIAL REPORT

Impacts How The Coronavirus Pandemic Has Affected The South Florida Real Estate Market

2 0 2 0 M I D -Y E A R R E P O R T

PRESIDENT & CEO, BERKSHIRE HATHAWAY HOMESERVICES EWM REALTY | RON SHUFFIELD SENIOR VICE PRESIDENT & GENERAL SALES MANAGER, BERKSHIRE HATHAWAY HOMESERVICES EWM REALTY | SHERRIE PORTER SENIOR VICE PRESIDENT, BUSINESS DEVELOPMENT, BERKSHIRE HATHAWAY HOMESERVICES EWM REALTY | PATRICK O’CONNELL

EDITORIAL KREPS DEMARIA PR & MARKETING | ISRAEL KREPS KREPS DEMARIA PR & MARKETING | CAROLINE UNDERWOOD

RESEARCH CHIEF FINANCIAL OFFICER, BERKSHIRE HATHAWAY HOMESERVICES EWM REALTY | HENA M. AGUIRRE, CPA FINANCIAL ANALYST, BERKSHIRE HATHAWAY HOMESERVICES EWM REALTY | SANJA SHANK, MBA TRENDGRAPHIX, INC.

DESIGN VICE PRESIDENT, MARKETING, BERKSHIRE HATHAWAY HOMESERVICES EWM REALTY | LEE CASEY, MBA

Vision In A Year of Change To our South Florida Friends…

We have reached the midway point of 2020, which due to COVID-19 will go down as one of the most extraordinary years that any of us has ever experienced. The rapid changes we’ve made are compelling. Our real estate industry is in the throes of re-imagining the future, and an increasing segment of our “new normal” has been the accelerated adoption of the virtual real estate experience.

This process, in no small part, was led by the digitally adept millennial generation, which moved ahead of the baby boomers in 2019 as the largest home buying group in America. Millennials are now responsible for 37% of all home purchases according to a National Association of Realtors analysis. This generation is of course totally comfortable in the virtual space, as will be the generations coming behind them. But don’t discount the baby boomers, who are fully online, as well!

The real estate community was already heavily embracing innovative products and offerings prior to the arrival of the pandemic, but COVID-19 set that process into overdrive! For example, a staple of the residential real estate industry, ‘open houses’, was replaced with ‘virtual’ showings during the lock-down weeks. While in-person open houses have returned, our homebuyers and commercial property investors have loudly “clicked” their desire to continue receiving available property information via their digital devices, a majority of which are mobile devices.

The negotiation process has also become increasingly virtual. Offers can be made and accepted online. The process to legally close a real estate transaction virtually has also evolved. In short, buying or selling real estate, from the initial search, to negotiations, to contracts, to final signings, are now mostly virtual.

While our state-of-the-art technology utilized by our BHHS EWM Realty Associates is what’s creating the “buzz” today, it’s their one-on-one delivery of personalized service to our buyers and sellers which provides for a seamless and satisfying experience – one that’s remembered long-after the transaction has closed.

In the midst of all that’s been swirling around us over these past five months, we’re the same exciting and growing global center that we were at the beginning of 2020. This pandemic has shined an even brighter light on our community for all the world to see why we are such a desirable place to live and work.

These months and years ahead are going to be exciting ones for us as we collectively continue to grow our communities and enhance our quality of living. The information within this report is designed to provide foundational information about the residential markets of Miami-Dade and Broward Counties, which will hopefully help you, your family and your business as you plan your future in South Florida.

Sincerely,

RON SHUFFIELD President & CEO, Berkshire Hathaway HomeServices EWM Realty I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

3

A SPECIAL

REPORT

How The Coronavirus Pandemic Has Affected The South Florida Real Estate Market

4

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

A Radical Shift It's hard to believe the changes the COVID-19 pandemic has caused worldwide.

Entire industries were forced to go virtual within a matter of weeks to ensure they could continue to provide for the safety of their employees. They were forced to innovate in ways that were several years ahead of their time.

The most radical, and quite possibly the most perplexing shifts caused by the pandemic, happened within the housing market. Many consumers were of the belief it would negatively impact home values. As you’ll see in this special report, what has happened during the second quarter of 2020 is astonishing.

Given the current conditions in the market, we can now see that COVID-19’s impact was not on home sales, but rather on home inventory. Sellers' hesitancy in listing their South Florida homes and condos for sale during the traditionally busy spring listing and home-selling season have left inventory levels at the lowest since 2004 for single-family homes in Miami-Dade and Broward Counties; and for condos in Miami-Dade, since 2015; and for condos in Broward, since 2017. Increasing inventory levels will be critical in the weeks and months ahead to ensure the continued health and vitality of the South Florida real estate market. There is no question that values will be affected, but if inventory levels continue to drop, prices will continue to rise.

COVID-19 is challenging the very definition of home. But will these changes survive the pandemic?

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

5

MIAMI-DADE COUNTY

Single-Family Homes | Over $1 Million DECEMBER 2019 TO JUNE 2020 1,856

1,806

1,750

1,798

1,712

1,681

1,642

HOMES FOR SA LE HOMES S OLD 84 106

97 80

120 69

JAN

DEC

70 96

FEB

122 69

57 61

MAR

APR

MAY

121 81

PE N DIN G SALE S

JUN

Single-Family Homes | Under $1 Million DECEMBER 2019 TO JUNE 2020 4,378

4,350

4,398

4,325

4,361 3,919 3,260

1,306 1,112

1,157

871

DEC

6

1,149 857

836

JAN

1,072

FEB

849

980

MAR

722

APR

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

685

1,685 921

HOMES FOR SA LE HOMES S OLD PE N DIN G SALE S

MAY

JUN

Condominiums | Over $1 Million DECEMBER 2019 TO JUNE 2020 2,943

2,920

2,955

2,897

2,777

2,856

2,782

CON DOMIN IUM S FOR SALE CON DOMIN IUM S SOLD 95 51

71 90 DEC

108 57

JAN

53 95

FEB

29 50

MAR

APR

37 29

74 39

MAY

PE N DIN G SALE S

JUN

Condominiums | Under $1 Million DECEMBER 2019 TO JUNE 2020 11,953

11,897

11,916

11,898

11,687

11,709

11,658

CON DOMIN IUM S FOR SALE CON DOMIN IUM S SOLD 1,237

1,210 953

964 DEC

1,288

JAN

981 FEB

1,205 867 MAR

700 468 APR

934 556 MAY

1,438 701

PE N DIN G SALE S

JUN

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

7

BROWARD COUNTY

Single-Family Homes | Over $1 Million DECEMBER 2019 TO JUNE 2020 1,032

1,033

1,039

989

962

957

912

HOMES FOR SA LE

70 77

71 62 JAN

DEC

95 60 FEB

58 85

91 39

37 55

MAR

APR

MAY

110 71

HOMES S OLD PE N DIN G SALE S

JUN

Single-Family Homes | Under $1 Million DECEMBER 2019 TO JUNE 2020 3,927

3,858

3,679

3,867

3,714

3,555 2,997

2,005 1,306 976

DEC

8

1,291

1,352

951

986

1,333 971

1,129

759

JAN

FEB

MAR

APR

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

1,486

1,171

794

HOMES FOR SA LE HOMES S OLD PE N DIN G SALE S

MAY

JUN

Condominiums | Over $1 Million DECEMBER 2019 TO JUNE 2020 516

499

515

498

486

478

485

CON DOMIN IUM S FOR SALE CON DOMIN IUM S SOLD 75 24

27 18

19

18

DEC

JAN

18 25

FEB

17 15

9 13

MAR

APR

MAY

32 14

PE N DIN G SALE S

JUN

Condominiums | Under $1 Million DECEMBER 2019 TO JUNE 2020 7,580

7,215

7,685

7,549

7,690

7,608

7,628

CON DOMIN IUM S FOR SALE 1,446 1,163 DEC

1,465 1,093

JAN

1,640

1,580 1,116

1,206 FEB

1,025 635

MAR

APR

1,168 729 MAY

1,698 967

CON DOMIN IUM S SOLD PE N DIN G SALE S

JUN

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

9

P H O T O : C O R A L G A B L E S E S T A T E S O L D B Y B H H S E W M R E A LT Y

10

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

Single-Family Home Sales Surpass Condo Sales for First Time in 18 Years.

It has been a very long time since the number of single-family home sales surpassed the number of condominiums sold in any one month – but it finally happened during the month of June 2020. An 18-year dominance of the number of condo sales over single-family sales in Miami-Dade County was overturned when the tally of single-family sales in June represented 57% of all sales, with condo sales representing 43% of total sales. Broward County statistics were similar over the 18-year comparison (2002 vs 2020), where single-family sales represented 56% of all sales, while condos represented 44%.

After 50% decreases in sales activity in most sectors in the heart of the shutdown during March and April, signs of an emerging market in May and into June began to reveal a ‘new normal’ for home buyers. This new normal included very strong demand for single-family homes.

In these first few weeks after the initial COVID-19 announcement, single-family homes have become the most in-demand-housing sector in South Florida. Buyers are looking for space for their home offices, enclosed outdoor spaces, exercise areas, makeshift classrooms, playrooms for kids, ‘quiet’ rooms for yoga/meditation and a burgeoning desire for ‘chef kitchens’.

The definition of ‘home’ is arguably broader than it has ever been. The increased demand, coupled with what was already a low level of inventory in many areas, has created a seller’s market in most single-family categories, especially those in the under $1 million category. We are seeing multiple offers for homes, even sight-unseen offers. At of the printing of this report, the inventory of single-family homes valued less than $1 million in Miami-Dade County was down 28% from one year ago and Broward was down 33% for the same price point and same period.

We definitely have demand, and individuals who were looking to sell but held back during the heart of the pandemic are now realizing that they have a unique opportunity. We expect to see increasing volumes of new listings as we move through the summer.

Interestingly, BHHS EWM Realty’s activity reports show that many of today’s transactions are move-up buyers, dominated by millennials (so much for millennials not interested in homeownership!). We are also seeing buyers from the Northeastern states, as well as buyers from other high-tax states across the country looking to capitalize on Florida’s no income tax advantage.

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

11

Home Redefined.

The COVID-19 pandemic has done many things, among them, re-defined our view of ‘home’. For a long time we’ve read about how traditional homeownership may be waning, or at least, how home was more of a commodity, an investment and nothing more. Well, I never thought that to be true for most homeowners and renters, but nonetheless it’s safe to say that COVID-19 has re-purposed our perspective on how we view our homes.

In no small part, due to the shutdown that we all lived through, and to some degree, are still living through, the definition of home is much broader. Home became a sanctuary…an office…a gym…a playground…a school…a cook’s kitchen…and so much more. Forced to retreat into our homes, we had to learn to live within a new reality to which we are all still adjusting.

And those ‘adjustments’ are radically altering the way today’s home buying consumer is evaluating and making purchasing decisions.

The reality of the new normal is that we are all learning to function from our homes in ways we never imagined. Entire organizations have gone virtual, with employees increasingly working from their homes.

Many schools will not be opening in time for fall classes (or opening on modified schedules), so the face of education is rapidly changing, too. These are but two examples, there are many more.

In short, every aspect of our day has been altered, with many tasks traditionally performed outside the home, now being performed in the home (try purchasing at-home gym equipment!).

12

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

13

14

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

Condos Are Seeing Price Adjustments.

While COVID-19 has impacted the sale of condominiums, a recent, pre-COVID-19 internal study by BHHS EWM Realty revealed that the final average sale price of a luxury condominium was 84% of its original listing price, reflecting a 16% reduction in the original price.

We anticipate that the process of ‘right pricing’, especially in the $1 million-plus price point, will continue as the market works through an over-supply within this condominium segment.

The positive news is that our anecdotal data reflects a significant number of buyers in the wings anticipating these adjustments. There are many buyers in today’s market seeking the benefits and lifestyle of condominium living, even during this COVID-19 period. What is moving these buyers from ‘looking’ to ‘buying’ is simply settling on a price that today’s buyer feels is appropriate.

Other pluses for the condominium market include the number of individuals coming from high-tax states. This has been a growing boon for Florida for the past 24 months; therefore, we believe that this momentum will return to its previous pace as soon as travel is no longer impacted due to COVID-19.

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

15

The Millennial Factor.

The impact of Millennials on the residential real estate market continues to evolve. Millennials, who are rapidly shifting from ‘renters’ to the chief ‘buyers’ of residential real estate, surpassed the Baby Boomers in 2019 as the #1 buying group in America.

Now entering their thirties, the Millennials are the chief consumers of residential real estate, ten years later than their boomer or gen X parents.

In short, they’ve arrived!

In 2019, there were approximately 73 million Millennials and 73 million Boomers in the United States. The chief difference … Millennials were buying and Boomers were selling.

This is all good news for Florida. The Boomers will eventually sell their homes, as has been the trend when they age, and the Millennials are here to make the purchase.

16

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

17

18

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

Renovate or Not? That Is The Question.

And the answer among buyers is increasingly… give me a home or condo ready to enjoy! While there was already a preference for move-in-ready across all price points, COVID-19 has made home remodeling a very unappealing proposition, so the less a buyer has to do to move-in quickly after closing, the more appealing the home.

Interestingly, this is a trend that is particularly true of the millennial market, which statistically comprises the majority of current buyers (expanded upon elsewhere in this report) and is responsible for many of today’s move-up sales.

Most buyers simply do not want to go through the challenges of a renovation because of time constraints, the uncertainty of renovation costs and the inability to conveniently wrap renovation costs into a 30-year fixed rate mortgage at the time of purchase.

That said, it has created opportunities for sellers. If a seller makes the effort to renovate in a fashion that is appealing to today’s buyer, there is little doubt that they will see a positive return on the cost of their renovation -- in addition to a shorter sale period. And to that end, programs like BHHS EWM Realty’s affiliation with Curbio, allow a home seller to contract with Curbio to design the renovations, handle the construction management, and finance the total cost – which is then paid at the time of closing to the new buyer. It is white-glove and hassle-free to a homeowner.

TOP RIGHT: CORAL GABLES SINGLE-FAMILY HOME SOLD BY BHHS EWM REALTY

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

19

20

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

Contemporary Vs. Traditional.

As designers and builders of our single-family homes and condominiums have created more expansive and functional exterior spaces over this past decade, outdoor living and entertaining is now a year-round activity.

We are continuing to witness an increased focus on the outside of the home in addition to the interior. While curb appeal is still very important, today’s buyers are more “experiential”! Outdoor summer kitchens and glass walls that fold open to the outside are gaining wide appeal—both in single-family homes and condominiums.

Styles are no longer the same for every buyer. While luxury contemporary architecture was just beginning to surface in South Florida in the mid-1980’s, it has exploded in the 2,000’s! Contemporary is the definitive winner among today’s multi-million-dollar buyers. Whites and grays win-out over darker shades, and clean straight lines have edged out heavier trims. The sellers of more traditional-looking homes, even very expensive homes and condominiums, are having to adjust their pricing accordingly, or, take on the task of renovating in order to expedite the sale of their residences. But, South Florida’s exquisite Mediterranean and mid-century properties are still highly sought after, too, due to their connection with our history. Many of these styles are being restored to their original grandeur—complete with more open interiors and smart home conveniences than originally designed.

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

21

Millennials on the move T H E N AT I O N ’ S L A R G E S T G E N E R AT I O N I S N O W F O C U S E D O N H O M E O W N E R S H I P

KEY INSIGHTS Millennials have entered a home buying phase with the number #1 reason for purchasing being a “desire to own a home.”

Millennials are now the majority home buyers (37% of the market).

Boomers and Gen X’ers combined now represent 68% of total sellers.

More than 9 out of 10 purchases by Millennials are previously-owned homes.

Online buyers-only? Not really! While online is the preferred process to search, ultimately Millennials use REALTORS® even more than their parents.

22

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

Projected Population Growth MI LLEN N IA L

AGE S 24 -3 9 (BORN : 1 98 1 TO 19 9 6 )

GEN X

AGE S 4 0 -5 5 ( BORN: 1965 TO 1980)

BOOMER

AGE S 5 6-74 ( BORN: 1946 TO 1964)

S ILEN T

AGE S 75 -92 ( BORN: 1928 TO 1945)

GREATEST

AGE S 93 -1 1 9 (BORN : 1 90 1 TO 1 9 2 7 )

I N T HE M I L L I O N S

71

Millennial

76

74 73 66

Gen X

65

Boomer 27

Silent

SOURCE: PEW RESEARCH CENTER

https://www.pewresearch.org/fact-tank/2018/03/01/millennials-overtake-baby-boomers/

Home Buying & Selling Activity In 2019

BY G ENERATION

Buying Activity

Selling Activity

MIL L E N N I A L ( 3 7% )

B O O M E R ( 43 % )

B OOME R ( 3 2 % )

GEN X (25%)

G E N X (24% )

M I LLE N N I A L ( 2 0%)

SIL E N T (7 % )

S I LE N T ( 1 2 % )

SOURCE: NATIONAL ASSOCIATION OF REALTORS®

INFORMATION DERIVED FROM 2019 HOME BUYERS AND SELLERS GENERATIONAL TRENDS REPORT

Home Types Purchased: New vs. Previously-Owned

BY G ENERATION NEW HOMES

P RE VIO US LY- OW NE D H O MES

91%

9% M IL L E N NIAL

85%

15%

GEN X

86%

82%

19%

BOOMER

14%

SILENT

SOURCE: NATIONAL ASSOCIATION OF REALTORS®

INFORMATION DERIVED FROM 2019 HOME BUYERS AND SELLERS GENERATIONAL TRENDS REPORT

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

23

The Millennial Mindset T H E FAC T S B E H I N D T H E P R I M A R Y M O T I VAT I O N S O F T H E M I L L E N N I A L G E N E R AT I O N

The Top Reasons For Purchasing WH AT M OTIVATING FAC TORS BRIN G MILLE N N IAL S I N TO T HE HO US I N G M A R K ET

No. 1

No. 2

No. 3

No. 4

D E SI RE A H OM E O F T H E I R OW N

DESIRE A L A R G E R HO M E

C HAN GES IN L IFE S ITUATIO N

R ELO CAT ING FO R A JOB

(M A RRIAGE, C HIL D REN, ETC .)

No. 5

No. 6

No. 7

No. 8

DE SI RE A H O M E IN A BETTER AREA

D E S I R E TO B E C LO S E R TO WO R K

WAN T TO C R EATE A HO US EHO L D

FIN ANCIA L S EC URITY

The Top Factors Not Considered When Purchasing WH AT M ILLENNIALS D ON ’T GIVE MU C H T H OU GHT TO WHEN C O N S I DER I N G HO M EOWN ER S HI P

No. 1

No. 2

No. 3

No. 4

TAX B E N E F I TS O F H OM E OW N E R S HI P

T HE N E E D /WAN T FO R A NEW HOME

L IVIN G C LO S E TO FAMILY/FR IEN D S

AFFO RDA BILIT Y O F HOME S

(N E W CON ST RU C TIO N)

SOURCE: NATIONAL ASSOCIATION OF REALTORS®

INFORMATION DERIVED FROM 2019 HOME BUYERS AND SELLERS GENERATIONAL TRENDS REPORT

24

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

(O FFERED O N T H E MA R K E T )

How Well Do They Negotiate?

CO MPARING WHAT M ILLE N N IALS T YP ICALLY PAY IN R EL AT I O N TO OT HER G EN ER AT I O N S PAY 1 0 1 % OR M ORE O F AS KING P RICE

PAY 9 5 % TO 10 0 % OF ASKING PR ICE

PAY LESS THAN 9 0 % OF ASKI N G PR I C E

66%

65%

63%

33% 20% 7% M IL L E N N IAL

8% GEN X

12%

11%

10%

7%

BOOMER

10% SILENT

SOURCE: NATIONAL ASSOCIATION OF REALTORS速

INFORMATION DERIVED FROM 2019 HOME BUYERS AND SELLERS GENERATIONAL TRENDS REPORT

The First Step Millennials Take H OW MILLENNIALS BE GIN T H E P ROC E S S OF FIN D IN G A HO M E

SE ARC H E D F O R PR O PE RT I E S O N LI N E ( 45 % ) SE ARC H E D O N LI N E F O R I N F O R M AT I O N O N T H E H O M E B U YI N G PROC E S S (1 6%) CON TAC T E D A R E A L E STAT E AG E N T ( 1 3 % ) TAL K E D TO F R I E N D S A N D R E LAT I V E S A B O U T T H E PR O C E S S ( 9 % ) CON TAC T E D A M O RTGAG E LE N DE R ( 8 % ) D ROVE BY N E I G H B O R H O O D S ( 4% ) VISITE D O PE N H O U S E S ( 3 % ) OTHE R ( 3 % ) RE SE A R C H E D N E I G H B O R H O O D S ( 1 % )

Leveraging of REALTORS速

Qualities Desired of Their REALTOR速

WH AT PERCENTAG E OF BU YE RS P U RC H AS E TH EI R HOM E U SING A RE AL E STAT E SALE S P E RS ON

WHAT DO M I L L EN N I A L S LO O K F O R M O ST WHEN C HO O S I N G A R EA L ESTAT E SA L ES PER S O N

MIL LEN N I A L G EN X BO OMER S IL E N T

90% 88% 86% 83%

H O N E ST Y & I N T E G R I T Y

96%

KN OW LE DG E O F T H E PR O C E S S

95%

R E S PO N S I V E N E S S

94%

KN OW LE DG E O F T H E M A R KE T

90%

SOURCE: NATIONAL ASSOCIATION OF REALTORS速

INFORMATION DERIVED FROM 2019 HOME BUYERS AND SELLERS GENERATIONAL TRENDS REPORT

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

25

The Tax Factor S TAT E S , T H E I R I N C O M E TA X E S & T H E P O T E N T I A L I M PA C T S O N T H E M A R K E T

KEY INSIGHTS The impact on Florida from the tax reform legislation (Tax Cuts and Jobs Act - TCJA), passed in December 2017 cannot be overstated, and has been a huge boost to Florida’s economy and the state’s overall competitive advantage.

Florida is one of seven states with no state income tax.

IRS Statistics reveal that people from high tax states such as New York, New Jersey and others are moving to Florida in significant numbers – a net gain to the state of $17 billion.

According to media reports, U.S. Census Bureau numbers show that Florida received more movers than any other state, led by New Yorkers with a total of 63,772 people.

According to media reports, since the enactment of the tax reform, a couple filing jointly with an income of $1 million can save up to $65,000 compared to their counterparts in certain states in the Northeast.

26

HLOT TYO : N E W Y O R K , N E W Y O R K B E R K S H I R E H A T H A W A Y H O M E S E R V I C E S E W M R EP A

U.S. States and Their Income Tax Rates TOP STAT E MARGIN A L I N DI V I DUA L I N C O M E TA X R AT ES , 2 0 2 0

ME 7.15%

WA

MT 6.90%

MN 9.85%

ND 2.90%

OR 9.90%

WI 7.65%

SD

ID 6.925%

WY

IA 8.53%

NE 6.84%

NV

UT 4.95%

CO 4.63%

NY 8.82% MI* 4.25%

KS 5.70%

IN* IL 4.95% 3.23%

PA* 3.07%

OH 4.797%

KY 5.0%

MO 5.40%

CA 13.30%

TN** 1.0% AZ 4.50%

OK 5.0%

NM 4.90%

AL 5.0%

VA 5.75% NC 5.25%

SC 7.0%

AR 6.60% MS 5.0%

WV 6.5%

CT 6.99% DC 8.95% DE 6.60% MA* 5.00% MD 5.75% NH** 5.00% NJ 10.75% RI 5.99% VT 8.75%

GA 5.75%

TX

HI 11.0%

LA 6.0%

FL

AK

PERCENTAGE OF STATE INCOME TAX*** * State has a flat income tax. ** State only taxes interest and dividends income. *** Some cities may also impose an income tax, which is not reflected on this map.

Map shows top marginal rates: the maximum statutory rate in each state Source: TaxFoundation.org

8% & HIGHER

0% - 4%

4% - 8%

NO STATE INCOME TAX

Comparing Major Cities In The Most Populated States

LOS ANGELES CALIFORNIA

13.30%

STATE INCOME TAX

$669,028

MEDIAN HOME VALUE

39,747,267

STATE POPULATION

DALLAS

MIAMI

TEXAS

FLORIDA

NO

NO

STATE INCOME TAX

$251,455

STATE INCOME TAX

MEDIAN HOME VALUE

29,087,070

STATE POPULATION

$299,347

MEDIAN HOME VALUE

21,646,155

STATE POPULATION

NEW YORK NEW YORK

8.82%

STATE INCOME TAX

$478,643

MEDIAN HOME VALUE

19,491,339

STATE POPULATION

PHILADELPHIA

CHICAGO

PENNSYLVANIA

ILLINOIS

3.07%

4.95%

STATE INCOME TAX

$248,010

MEDIAN HOME VALUE

STATE INCOME TAX

$238,050

MEDIAN HOME VALUE

12,813,969

12,700,381

STATE POPULATION

STATE POPULATION

CINCINNATI OHIO

4.797%

STATE INCOME TAX

$183,646

MEDIAN HOME VALUE

11,718,568

STATE POPULATION

SOURCE: ZILLOW RESEARCH GROUP & WORLDPOPULATIONREVIEW.COM

MEDIAN HOME VALUES ARE AS OF DECEMBER 31, 2019 AS MEASURED BY DATA COLLECTED BY ZILLOW RESEARCH GROUP. Disclaimer: This information is not intended to be complete and is subject to changes, omissions, and inaccuracies.

Please consult your accounting and/or legal professional for full and complete information on this topic.

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

27

Internal Migrations S TAT E S E X P E R I E N C I N G P O S I T I V E P O P U L AT I O N G R O W T H

KEY INSIGHTS People of all income categories are moving to Florida, as noted by U-Haul in its latest moving survey, with Florida beating out Texas as the #1 moving destination in America.

Florida ranks second after Texas for the highest increase in population per day, with 640 net new residents every 24 hours.

The increased number of Boomers retiring and moving to Florida continues to dramatically impact the state.

28

SAN FRANCISCO, CALIFORNIA B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E WP MHROETAOL :T Y

U.S. “Net” Person Gains (Losses) Per Day By State P E R U.S . C E N S U S B UR EAU EST I M AT ES AS O F J ULY 1 , 2 0 1 9 ME +14

WA +249 MT +22

MN +91

ND +11

OR +98

NY -210

WI +41

SD +16

ID +100

MI +8

WY +3 NV +145

IA +18

NE +24 UT +144

CA +139

CO +185

IL -140 MO +43

KS +5

PA +3 OH +35

ID +101

WV -33

KY +18 TN +158

AZ +331

OK +46

NM +11

MS -13 TX +1,006

NC +292 SC +177

AR +22

HI -13

VA +94

AL +42 GA +291

LA -30

CT -17 DC +12 DE +23 MA +27 MD +27 NH +17 NJ -11 RI +3 VT -1

FL

+640

AK -10

NET GAINS (LOSSES) PER DAY IN PERSONS GAIN OF 800+

250-499

700-799

1-249

500-699

POPULATION LOSS

NO STATE INCOME TAX

The Top 5 States By Population Growth Per Day P E R U.S . C E N S U S B UR EAU EST I M AT ES AS O F J ULY 1 , 2 0 1 9

TEXAS

FLORIDA

ARIZONA

NORTH CAROLINA

GEORGIA

1,006 PER DAY

640 PER DAY

331 PER DAY

292 PER DAY

291 PER DAY

INCREASE IN POPULATION

INCREASE IN POPULATION

INCREASE IN POPULATION

INCREASE IN POPULATION

INCREASE IN POPULATION

SOURCE: U.S. CENSUS BUREAU

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

29

Estates & Inheritance H O W D E AT H & I N H E R I TA N C E E N T E R T H E C O N V E R S AT I O N

KEY INSIGHTS With the increasing number of Boomers and retirees as a whole moving to Florida, estates and inheritance issues will need to be an increased focus of personal and family long-term planning (individuals 65+ comprise an estimated 4.5% of the population in 2020 and will increase to 5.9% of the population by 2030).

Florida has no estate tax, furthering its appeal as a tax-friendly state, and increasing the appeal of seeking residence in the State.

According to the Census Bureau’s 2018 population estimates, there are approximately 52 million Americans that are 65 years or older, 25% of which live in one of three states – California, Florida and Texas.

30

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

U.S. States That Have An Estate or Inheritance Tax STAT E E STAT E & IN H E R I TA N C E TA X R AT ES & EX EM PT I O N S I N 2 0 1 9 ME

WA

$5.7 M 8%-12%

$2.2 M 10%-20%

MT

ND

MN

OR

NY

$2.7 M 13%-16%

$1 M 10%-16%

WI

SD

ID

$5.3 M 3.06%-16%

MI

WY IA 0%-15%

NE 1%-18%

NV

UT

CA

CO

IL

$4 M 0.8%-16%

OH

ID

WV KY 0%-16%

MO

KS

PA 0%-15%

NC

TN AZ HI

OK

NM

SC

AR MS

$5.5M 10%-15.7%

VA

CT $3.6 Million 7.2% - 12% DC $5.7 Million 12%-16% DE +23 MA $1 Million 0.8% - 12% MD

GA

AL

LA

TX

Estate Tax:

FL AK

$5 Million 0.8%-16% Inheritance Tax:

$0%-10% NH +17 NJ 0%-16% RI $1.5 Million 0.8% - 16% VT $2.8 Million 16% STATE HAS AN ESTATE TAX

(INCLUDING ESTATE EXEMPTION AMOUNT)

STATE HAS AN INHERITANCE TAX

SOURCE: TAXFOUNDATION.ORG

STATE HAS BOTH AN ESTATE & INHERITANCE TAX

What Is An Estate Tax? An estate tax is a levy on estates whose value exceeds an exclusion limit set by law. Only the amount that exceeds that minimum threshold is subject to tax. Assessed by the federal government and few state governments, these levies are calculated based on the estate’s fair market value, rather than what the deceased originally paid for its assets. The tax is levied by the state in which the deceased person was living at the time of their death.

Under what is known as the unlimited marital deduction, the estate tax does not apply to assets that will be transferred to a surviving spouse. However, when the surviving spouse who inherited an estate dies, the beneficiaries may then owe estate taxes if the estate exceeds the exclusion limit.

Source: Investopedia.com

What Is An Inheritance Tax? An inheritance tax is a tax imposed by certain states on those who inherit assets from the estate of a deceased person. Its tax rate depends on the state of residence, the value of the inheritance, and the beneficiary’s relationship to the decedent.

Source: Investopedia.com

Disclaimer: This information is not intended to be complete and is subject to changes, omissions, and inaccuracies.

Please consult your accounting and/or legal professional for full and complete information on this topic.

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

31

The Exchange Rate & Its Effects

KEY INSIGHTS Downward pressure on exchange rates have contributed to the slowdown in international buyers in South Florida – from 42% of all purchases in 2016 to 25% in 2019.

In June 2020, a significant number of key countries whose citizens have traditionally purchased South Florida real estate found it “more expensive” to buy than the same time period in 2019, including the European Union, Argentina, Brazil, Canada, Chile, Colombia and Peru.

In spite of the exchange rate challenges, the latest figures by the Greater Miami Convention and Visitors Bureau reveal growth in international travel to the region, providing evidence of South Florida’s continued appeal as an international destination.

Economic and geo-political challenges, coupled with Florida’s tax-friendly environment, continue to make South Florida a destination for international corporations.

32

B E R K S H I R E H A T H A W A Y H O M E S E R V I C E S E W M R PE H AO L TTYO : D O W N T O W N S H A N G H A I

Foreign Buyer Purchasing Power in US Dollars H O W M U C H M O R E O R L E S S E X P E N S I V E S O U T H F LO R I DA R E A L E S TAT E I S B A S E D O N C U R R E N C Y O F O R I G I N

JUN E 2020 VS. JUNE 2019

CHINA

ARGENTINA CANADA

65.7% MORE EXPENSIVE

4.2% MORE EXPENSIVE

UNITED KINGDOM

3.0% MORE EXPENSIVE

PERU JAPAN

3.0% MORE EXPENSIVE

0.19% LESS EXPENSIVE

8.0% MORE EXPENSIVE

COLOMBIA CHILE BRAZIL

41.1% MORE EXPENSIVE

21.2% MORE EXPENSIVE

16.5% MORE EXPENSIVE

RUSSIA

EUROPEAN UNION

1.2% MORE EXPENSIVE

MEXICO

20.0% MORE EXPENSIVE SOURCE: OANDA.COM | DATA ACCESSED JUNE 30, 2020

11.9% MORE EXPENSIVE I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

33

The Affordable Market KEY INSIGHTS The $300,000 and under market has seen a significant reduction in available supply over the past 12 months – a 43.3% drop in the supply of single-family homes, and a 4.5% drop in condominium inventory in Miami-Dade County.

The situation in Broward County is equally challenging for single-family homes, which inventory was down 39.4%, condominium inventory in that price point was up 4.8% year-over-year.

Single-family home inventory is extremely low, with less than two months of available supply in both Miami-Dade and Broward Counties (optimal levels of available supply at this price point is 6-9 months).

Condominiums at this price point account for 62% of total condominium sales in Miami-Dade and 80% in Broward, by far the largest percentage share of any price range.

Developers in the affordable housing arena, coupled with developers, chiefly in the urban core, developing micro-units and shared units, are going to be an increasing component of housing affordability throughout all of South Florida.

P H OTO : A E R I A L V I E W O F W E ST E R N B R OWA R D C O U N T Y

34

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

The $300,000 & Under Market A S N A P S H OT O F T H E F I R S T 2 0 0 DAY S O F 2 0 2 0

Miami-Dade County

Broward County

SINGLE- FA M I LY H O M ES

SING LE - FAM ILY HO M E S

INVENTORY

23%

43.3%

OF TOTAL SINGLE FAMILY SALES IN MLS

# OF HOMES FOR SALE IN MLS

JANUARY 1 - JULY 18, 2020 (200 DAYS)

5.3%

25%

OF TOTAL SINGLE FAMILY SALES IN MLS JANUARY 1 - JULY 18, 2020 (200 DAYS)

387 ON JULY 18, 2020 VS. 682 ON JULY 18, 2019

AVERAGE # SALES 215 PER MONTH

INVENTORY

39.4%

# OF HOMES FOR SALE IN MLS 557 ON JULY 18, 2020 VS. 919 ON JULY 18, 2019

AVERAGE # SALES 293 PER MONTH

2.0%

9.7%

2.0%

1.8 MONTHS 2020 VS. 2019

$255,000 VS. $250,000 2020 VS. 2019

1.9 MONTHS 2020 VS. 2019

$250,000 VS. $245,000 2020 VS. 2019

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

CON D O M I N I U M S

INVENTORY

62%

4.5%

OF TOTAL CONDO SALES IN MLS

# OF CONDOS FOR SALE IN MLS

JANUARY 1 - JULY 18, 2020 (200 DAYS)

80%

OF TOTAL CONDO SALES IN MLS

4,502 ON JULY 18, 2020 VS. 4,720 ON JULY 18, 2019

AVERAGE # SALES 570 PER MONTH

34.1%

C O ND O M INIUM S

JANUARY 1 - JULY 18, 2020 (200 DAYS) AVERAGE # SALES 909 PER MONTH

5.3%

46.8%

INVENTORY

4.8%

# OF CONDOS FOR SALE IN MLS 5,091 ON JULY 18, 2020 VS. 4,858 ON JULY 18, 2019

3.4%

7.9 MONTHS 2020 VS. 2019

$200,000 VS. $190,000 2020 VS. 2019

5.6 MONTHS 2020 VS. 2019

$153,000 VS. $148,000 2020 VS. 2019

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

Months of Supply Indicator (Under $1 Million Markets) BELOW 6 MONTHS - SELLERS’ MARKET

6-9 MONTHS - OPTIMUM SUPPLY

OVER 9 MONTHS - BUYERS’ MARKET

The Core Market KEY INSIGHTS The Core Market includes homes and condos priced between $300,000 and $999,000.

It is 69% of the single-family home market in Miami-Dade, as well as in Broward, by far the largest share of the singlefamily home price range.

Single family homes in this price range are in great demand, with inventory levels at less than four months in MiamiDade and less than two months in Broward (remember, optimal inventory in this price range is 6-9 months of available inventory).

With demand high and a diminishing supply, the single-family home market in this price point is a “sellers’ market.”

Condominiums in this price point are more stable, and one can say there’s even an over-supply – chiefly attributable to unabsorbed inventory from the last new construction phase.

In Miami-Dade there are more than 23 months of condominium inventory at this price point, slightly more than 11 months in Broward County.

P H O T O : M E R R I C K M A N O R I N C O R A L G A B L E S | W W W. M E R R I C K- M A N O R . C O M

36

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

The $300,000 to $999,999 Market A S N A P S H OT O F T H E F I R S T 2 0 0 DAY S O F 2 0 2 0

Miami-Dade County

Broward County

SINGLE- FA M I LY H O M ES

SING LE - FAM ILY HO M E S

INVENTORY

69%

33.1%

OF TOTAL SINGLE FAMILY SALES IN MLS

# OF HOMES FOR SALE IN MLS

JANUARY 1 - JULY 18, 2020 (200 DAYS)

2,507 ON JULY 18, 2020 VS. 3,750 ON JULY 18, 2019

AVERAGE # SALES 678 PER MONTH

28.9%

INVENTORY

69%

OF TOTAL SINGLE FAMILY SALES IN MLS JANUARY 1 - JULY 18, 2020 (200 DAYS) AVERAGE # SALES 795 PER MONTH

2.5%

28.1%

36.1%

# OF HOMES FOR SALE IN MLS 2,226 ON JULY 18, 2020 VS. 3,486 ON JULY 18, 2019

2.4%

3.7 MONTHS 2020 VS. 2019

$405,000 VS. $395,000 2020 VS. 2019

2.8 MONTHS 2020 VS. 2019

$425,000 VS. $415,000 2020 VS. 2019

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

CON D O M I N I U M S

INVENTORY

32%

8.6%

OF TOTAL CONDO SALES IN MLS

# OF CONDOS FOR SALE IN MLS

JANUARY 1 - JULY 18, 2020 (200 DAYS)

19%

OF TOTAL CONDO SALES IN MLS

6,980 ON JULY 18, 2020 VS. 7,633 ON JULY 18, 2019

AVERAGE # SALES 298 PER MONTH

9.9%

C O ND O M INIUM S

JANUARY 1 - JULY 18, 2020 (200 DAYS) AVERAGE # SALES 212 PER MONTH

4.9%

10.9%

INVENTORY

2.3%

# OF CONDOS FOR SALE IN MLS 2,376 ON JULY 18, 2020 VS. 2,431 ON JULY 18, 2019

0.5%

23.4 MONTHS 2020 VS. 2019

$390,000 VS. $410,000 2020 VS. 2019

11.2 MONTHS 2020 VS. 2019

$378,000 VS. $380,000 2020 VS. 2019

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

Months of Supply Indicator (Under $1 Million Markets) BELOW 6 MONTHS - SELLERS’ MARKET

6-9 MONTHS - OPTIMUM SUPPLY

OVER 9 MONTHS - BUYERS’ MARKET

The Luxury Market KEY INSIGHTS The Luxury Market in South Florida is defined by homes and condos priced $1 million and higher.

The ‘entry level’ luxury market includes pricing from $1 million to $1.999 million.

While it captures much attention, it is actually a relatively small percentage of South Florida’s overall housing market – 5% of single-family home sales in Miami-Dade and 4% in Broward; and 4% of condominium sales in Miami-Dade, and 1% in Broward.

The optimum level of available monthly inventory at this price point is 12-18 months. Single-family home inventory in both Miami-Dade and Broward fall within that range – 14.1 months in Miami-Dade and 10.3 months in Broward.

It is in condominiums where inventory levels are high, and consequently great opportunities for buyers, with more than 46 months of available inventory in Miami-Dade and more than 25 months in Broward.

On July 31, 2010, there were 1,271 condominiums in the overall $1 million+ plus condo market available for sale in Miami-Dade County. Ten years later, in 2020, there were 2,836 condominiums for sale in that $1million+ price range due to new construction resale inventory coming onto the market.

P H O T O : 6 2 8 N E 5 9 S T R E E T, M I A M I | S O L D F O R $ 1 , 3 7 0 , 0 0 0

38

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

The $1 Million to $1.999 Million Market A S N A P S H OT O F T H E F I R S T 2 0 0 DAY S O F 2 0 2 0

Miami-Dade County

Broward County

SINGLE- FA M I LY H O M ES

SING LE - FAM ILY HO M E S

INVENTORY

5.0

%

19.3%

OF TOTAL SINGLE FAMILY SALES IN MLS

# OF HOMES FOR SALE IN MLS

JANUARY 1 - JULY 18, 2020 (200 DAYS)

741 ON JULY 18, 2020 VS. 918 ON JULY 18, 2019

AVERAGE # SALES 53 PER MONTH

16.1%

INVENTORY

4.0

%

OF TOTAL SINGLE FAMILY SALES IN MLS JANUARY 1 - JULY 18, 2020 (200 DAYS) AVERAGE # SALES 46 PER MONTH

20.8%

3.7%

22.5%

# OF HOMES FOR SALE IN MLS 472 ON JULY 18, 2020 VS. 609 ON JULY 18, 2019

0.5%

14.1 MONTHS 2020 VS. 2019

$1,313,000 VS. $1,363,000 2020 VS. 2019

10.3 MONTHS 2020 VS. 2019

$1,263,000 VS. $1,269,000 2020 VS. 2019

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

CON D O M I N I U M S

INVENTORY

4.0%

4.5%

OF TOTAL CONDO SALES IN MLS

# OF CONDOS FOR SALE IN MLS

JANUARY 1 - JULY 18, 2020 (200 DAYS)

1,593 ON JULY 18, 2020 VS. 1,658 ON JULY 18, 2019

AVERAGE # SALES 34 PER MONTH

33.3%

C O ND O M INIUM S

1.0%

OF TOTAL CONDO SALES IN MLS JANUARY 1 - JULY 18, 2020 (200 DAYS) AVERAGE # SALES 14 PER MONTH

1.6%

38.6%

INVENTORY

8.1%

# OF CONDOS FOR SALE IN MLS 348 ON JULY 18, 2020 VS. 322 ON JULY 18, 2019

1.6%

46.9 MONTHS 2020 VS. 2019

$1,300,000 VS. $1,280,000 2020 VS. 2019

25.5 MONTHS 2020 VS. 2019

$1,250,000 VS. $1,230,000 2020 VS. 2019

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

Months of Supply Indicator (Over $1 Million Markets) BELOW 12 MONTHS - SELLERS’ MARKET

12-18 MONTHS - OPTIMUM SUPPLY

OVER 18 MONTHS - BUYERS’ MARKET

The Middle Luxury Market KEY INSIGHTS The Middle Luxury Market is defined as homes and condos in the $2 million to $2.999 million price range.

As we go into these higher price points, they represent an increasingly smaller percentage of the overall market–1.4% of single-family home sales in Miami-Dade and 1.1% of condo sales, and 0.7% of single-family home sales in Broward and a minuscule 0.2% of condominium sales.

Inventory levels in the Middle Luxury Market are quite high, with over 22 months of inventory for single-family homes in Miami-Dade, and more than 21 months in Broward.

The remaining months of supply for condominiums at this price point are total 48.1 months in Miami-Dade and 23.7 months in Broward.

As with all luxury properties in the region, there is ample opportunity and BHHS EWM Realty data shows that there are buyers on the sidelines waiting for appropriately priced homes and condominiums.

P H OTO : 9 0 1 B R I C K E L L K E Y B O U L E VA R D # 3 5 0 8 | S O L D F O R $ 2 , 2 0 0, 0 0 0

40

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

The $2 Million to $2.999 Million Market A S N A P S H OT O F T H E F I R S T 2 0 0 DAY S O F 2 0 2 0

Miami-Dade County

Broward County

SINGLE- FA M I LY H O M ES

SING LE - FAM ILY HO M E S

INVENTORY

1.4%

6.7%

OF TOTAL SINGLE FAMILY SALES IN MLS

# OF HOMES FOR SALE IN MLS

JANUARY 1 - JULY 18, 2020 (200 DAYS)

305 ON JULY 18, 2020 VS. 327 ON JULY 18, 2019

AVERAGE # SALES 14 PER MONTH

3.5%

INVENTORY

0.7%

OF TOTAL SINGLE FAMILY SALES IN MLS JANUARY 1 - JULY 18, 2020 (200 DAYS) AVERAGE # SALES 9 PER MONTH

41.4%

2.2%

0%

# OF HOMES FOR SALE IN MLS 177 ON JULY 18, 2020 VS. 177 ON JULY 18, 2019

0.2%

22.4 MONTHS 2020 VS. 2019

$2,350,000 VS. $2,300,000 2020 VS. 2019

21.5 MONTHS 2020 VS. 2019

$2,300,000 VS. $2,295,000 2020 VS. 2019

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

CON D O M I N I U M S

INVENTORY

1.1

%

# OF CONDOS FOR SALE IN MLS

JANUARY 1 - JULY 18, 2020 (200 DAYS)

500 ON JULY 18, 2020 VS. 454 ON JULY 18, 2019

AVERAGE # SALES 10 PER MONTH

0.2

%

10.1%

OF TOTAL CONDO SALES IN MLS

70.7%

C O ND O M INIUM S

OF TOTAL CONDO SALES IN MLS JANUARY 1 - JULY 18, 2020 (200 DAYS) AVERAGE # SALES 1 PER MONTH

2.7%

18.3%

INVENTORY

18.5%

# OF CONDOS FOR SALE IN MLS 66 ON JULY 18, 2020 VS. 81 ON JULY 18, 2019

9.9%

48.1 MONTHS 2020 VS. 2019

$2,400,000 VS. $2,338,000 2020 VS. 2019

23.7 MONTHS 2020 VS. 2019

$2,500,000 VS. $2,275,000 2020 VS. 2019

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

Months of Supply Indicator (Over $1 Million Markets) BELOW 12 MONTHS - SELLERS’ MARKET

12-18 MONTHS - OPTIMUM SUPPLY

OVER 18 MONTHS - BUYERS’ MARKET

The Upper Luxury Market KEY INSIGHTS The Upper Luxury Market represents homes and condominiums priced from $3 million to $4.999 million It is a very small part of the overall market, less than 1% of single family and condominium sales in both Miami-Dade and Broward Counties.

But while the overall number of units is quite low, the impact of sales at this price point is compelling – less than 1% of total unit sales, but almost 5% of total dollar volume.

With this price point, particularly for condominiums, the property is generally oceanfront or at least having significant ocean views, a value-add which exponentially increases pricing.

Opportunities for buyers abound though, as inventory levels at this price point are significant – 28.5 months for singlefamily homes in Miami-Dade, and 21.6 months in Broward, but 70.5 months of available inventory for condominiums in Miami-Dade and 26.3 months in Broward County.

PHOTO: 3100 MUNROE DRIVE, COCONUT GROVE | SOLD FOR $4,400,000

42

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

The $3 Million to $4.999 Million Market A S N A P S H OT O F T H E F I R S T 2 0 0 DAY S O F 2 0 2 0

Miami-Dade County

Broward County

SINGLE- FA M I LY H O M ES

SING LE - FAM ILY HO M E S

INVENTORY

0.9

%

OF TOTAL SINGLE FAMILY SALES IN MLS

# OF HOMES FOR SALE IN MLS

JANUARY 1 - JULY 18, 2020 (200 DAYS)

JANUARY 1 - JULY 18, 2020 (200 DAYS)

256 ON JULY 18, 2020 VS. 252 ON JULY 18, 2019

AVERAGE # SALES 9 PER MONTH

5.3%

0.5

1.6%

OF TOTAL SINGLE FAMILY SALES IN MLS

INVENTORY

%

AVERAGE # SALES 5 PER MONTH

1.4%

25.5%

20.8%

# OF HOMES FOR SALE IN MLS 114 ON JULY 18, 2020 VS. 144 ON JULY 18, 2019

8.9%

28.5 MONTHS 2020 VS. 2019

$3,725,000 VS. $3,675,000 2020 VS. 2019

21.6 MONTHS 2020 VS. 2019

$3,500,000 VS. $3,842,000 2020 VS. 2019

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

CON D O M I N I U M S

INVENTORY

0.6%

11.6%

OF TOTAL CONDO SALES IN MLS

# OF CONDOS FOR SALE IN MLS

JANUARY 1 - JULY 18, 2020 (200 DAYS)

415 ON JULY 18, 2020 VS. 372 ON JULY 18, 2019

AVERAGE # SALES 6 PER MONTH

32.3%

C O ND O M INIUM S

0.2%

OF TOTAL CONDO SALES IN MLS JANUARY 1 - JULY 18, 2020 (200 DAYS) AVERAGE # SALES 2 PER MONTH

5.5%

12.6%

INVENTORY

12.5%

# OF CONDOS FOR SALE IN MLS 49 ON JULY 18, 2020 VS. 56 ON JULY 18, 2019

8.5%

70.5 MONTHS 2020 VS. 2019

$3,545,000 VS. $3,750,000 2020 VS. 2019

26.3 MONTHS 2020 VS. 2019

$3,294,000 VS. $3,600,000 2020 VS. 2019

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

Months of Supply Indicator (Over $1 Million Markets) BELOW 12 MONTHS - SELLERS’ MARKET

12-18 MONTHS - OPTIMUM SUPPLY

OVER 18 MONTHS - BUYERS’ MARKET

The Ultra-Luxury Market

KEY INSIGHTS The Ultra-Luxury Market category is the ‘unicorn’ category of residential real estate and is comprised of homes priced $5 million and higher.

While a tiny percentage of the overall market, generally 1/2 of 1% of sales, the pricing is often so staggering that the category often accounts for 10% of total dollar volume sales of single-family home and condominium sales in Miami-Dade.

Select areas of Miami Beach, such as North Bay Road in Miami-Dade, and Golden Isles in Broward, have become hotbeds for some of the highest-priced homes not only in South Florida, but in the nation. They are often upwards of $20 million to $30 million plus.

This category showcases the ‘experiential’ as much as the home design and location, as buyers in this price range are looking for something that truly sets these residences apart.

PHOTO: 500 W DILIDO DRIVE, MIAMI BEACH | SOLD FOR $12,500,000

44

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

The $5 Million & Higher Market A S N A P S H OT O F T H E F I R S T 2 0 0 DAY S O F 2 0 2 0

Miami-Dade County

Broward County

SINGLE- FA M I LY H O M ES

SING LE - FAM ILY HO M E S

INVENTORY

0.5

%

4.9%

OF TOTAL SINGLE FAMILY SALES IN MLS

# OF HOMES FOR SALE IN MLS

JANUARY 1 - JULY 18, 2020 (200 DAYS)

293 ON JULY 18, 2020 VS. 308 ON JULY 18, 2019

AVERAGE # SALES 5 PER MONTH

38.4%

INVENTORY

0.3

%

OF TOTAL SINGLE FAMILY SALES IN MLS JANUARY 1 - JULY 18, 2020 (200 DAYS)

0%

5.3%

# OF HOMES FOR SALE IN MLS

AVERAGE # SALES 4 PER MONTH

120 ON JULY 18, 2020 VS. 114 ON JULY 18, 2019

45%

10.1%

57.3 MONTHS 2020 VS. 2019

$7,499,000 VS. $7,500,000 2020 VS. 2019

33.7 MONTHS 2020 VS. 2019

$7,300,000 VS. $8,122,000 2020 VS. 2019

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

CON D O M I N I U M S

INVENTORY

0.4%

2.7%

OF TOTAL CONDO SALES IN MLS

# OF CONDOS FOR SALE IN MLS

JANUARY 1 - JULY 18, 2020 (200 DAYS)

342 ON JULY 18, 2020 VS. 333 ON JULY 18, 2019

AVERAGE # SALES 4 PER MONTH

58.1%

C O ND O M INIUM S

0%

OF TOTAL CONDO SALES IN MLS JANUARY 1 - JULY 18, 2020

NO SALES REPORTED JANUARY 1 - JULY 18, 2020

9.6%

0%

INVENTORY

42.9%

# OF CONDOS FOR SALE IN MLS 20 ON JULY 18, 2020 VS. 14 ON JULY 18, 2019

0%

84.9 MONTHS 2020 VS. 2019

$6,848,000 VS. $6,250,000 2020 VS. 2019

0 MONTHS 2020 VS. 2019

NO SALES REPORTED

JANUARY 1 - JULY 18 (200 DAYS)

JANUARY 1 - JULY 18 (200 DAYS)

NO SALES REPORTED JANUARY 1 - JULY 18, 2020

JANUARY 1 - JULY 18 (200 DAYS)

Months of Supply Indicator (Over $1 Million Markets) BELOW 12 MONTHS - SELLERS’ MARKET

12-18 MONTHS - OPTIMUM SUPPLY

OVER 18 MONTHS - BUYERS’ MARKET

SINGLE-FAMILY HOMES UNDER $1 MILLION MARKET BREAKDOWN BY CITY J A N U A R Y 1 T O J U LY 1 8 2 0 2 0 V S .

J A N U A R Y 1 T O J U LY 1 8 2 0 1 9

SALES SALES 2020 2019 JAN 1-JUL 18 JANSALES 1-JUL 18 SALES 2020 2019

14

11

Bal Harbour

0

0

N/A

$0

Bay Harbor Islands

4

1

300.00%

$918,000

Biscayne Gardens

0

1

-100.00%

$0

Biscayne Park

19

19

0.00%

$497,500

Coconut Grove

7

8

-12.50%

$792,000

114

128

-10.90%

$675,000

Cutler Bay

252

353

-28.60%

$360,000

Doral

119

$490,000

146

-18.50%

Eastern Shores

0

0

N/A

$0

El Portal

12

19

-36.80%

$497,500

Fisher Island

0

0

N/A

$0

Florida City

35

32

9.40%

$237,500

Golden Beach

0

0

N/A

$0

Goulds

7

2

250.00%

$250,000

Hialeah

389

436

-10.80%

$360,000

33

35

-5.70%

$335,000

Homestead

705

784

-10.10%

$305,000

Indian Creek

0

0

N/A

$0

Kendall

8

9

-11.10%

$437,250

Key Biscayne

1

0

N/A

$950,000

Medley

0

2

-100.00%

$0 $380,000

3,589

-21.30%

31

31

0.00%

$715,000

Miami Gardens

420

513

-18.10%

$285,000

Miami Lakes

89

83

7.20%

$528,000

Miami Shores

84

82

2.40%

$582,500

Miami Beach

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

2,824

Miami Springs

49

64

-23.40%

$415,000

Miramar

489

599

-18.40%

$390,000

Naranja

3

1

200.00%

$259,000

North Bay Village

6

10

-40.00%

$688,600

North Miami

108

147

-26.50%

$330,000

North Miami Beach

99

135

-26.70%

$300,000

Opa-Locka

40

53

-24.50%

$240,000

Palm Springs

52

63

-17.50%

$285,000

Palmetto Bay

156

159

-1.90%

$577,500

Perrine

46

$716,750

Coral Gables

Miami

THIS REPRESENTATION IS BASED ON HISTORICAL DAaTA SUPPLIED

BY THE MIAMI ASSOCIATION OF REALTORS®, THE GREATER FORT LAUDERDALE ASSOCIATION OF REALTORS®, AND THE SOUTHEAST FLORIDA MLS. DATA SHOWN REFLECTS STATISTICS AND FIGURES FOR THE PERIOD BEGINNING JANUARY 1, 2019 AND ENDING JULY 18, 2019, AND FOR THE PERIOD BEGINNING JANUARY 1, 2020 AND ENDING JULY 18, 2020 FOR SINGLE-FAMILY HOME SALES LESS THAN $1 MILLION WITHIN MIAMI-DADE COUNTY.

27.30%

MEDIAN PRICE 2020

Aventura

Hialeah Gardens

DISCLAIMER

% % CHANGE CHANGE

1

0.00%

$328,000

Pinecrest

55

1

42

31.00%

$780,000

South Miami

51

58

-12.10%

$575,000

Sunny Isles Beach

3

5

-40.00%

$625,000

Surfside

18

15

20.00%

$625,500

Sweetwater

9

8

12.50%

$325,000

Unincorporated Dade County

8

6

33.30%

$434,795

Virginia Gardens

5

10

-50.00%

$352,500

West Miami

22

23

-4.30%

$399,950

Williams Island

0

0

N/A

$0

Miami-Dade County | Under $1 Million MEDIAN PRICE 2019

$660,000

% CHANGE

CURRENT INVENTORY 2020

CURRENT INVENTORY 2019

8.60%

19

23

% CHANGE

-17.40%

PENDING SALES 2020

PENDING SALES 2019

11

10

% CHANGE

10.00%

MONTHS OF SUPPLY 2020

MONTHS OF SUPPLY 2019

8.9

13.8

% CHANGE

-35.50%

$0

N/A

1

-

N/A

-

-

N/A

0

0

N/A

$870,000

5.50%

-

-

N/A

1

1

0.00%

0

0

N/A

$330,000

-100.00%

1

-

N/A

-

1

-100.00%

0

0

N/A

$540,000

-7.90%

21

21

0.00%

24

19

26.30%

7.3

7.3

0.00%

$666,250

18.90%

6

18

-66.70%

6

7

-14.30%

5.6

14.8

-62.20%

$675,000

0.00%

93

135

-31.10%

156

153

2.00%

5.4

6.9

-21.70%

$340,000

5.90%

66

137

-51.80%

365

398

-8.30%

1.7

2.6

-34.60%

$460,000

6.50%

189

248

-23.80%

5.50%

10.5

11.2

-6.30%

$0

N/A

-

-

-

-

$435,000

14.40%

15

18

8.2

6.2

$0

N/A

$184,500

28.70%

174

165

N/A

-

-

-16.70%

11

20

-

-

N/A

26

14

85.70%

N/A -45.00%

-

-

N/A

46

41

12.20%

0

0

4.9

2.9

$0

N/A

-

-

N/A

-

-

N/A

0

0

$180,106

38.80%

1

5

-80.00%

7

3

133.30%

0.9

16.5

N/A 32.30% N/A 69.00% N/A -94.50%

$345,000

4.30%

138

248

-44.40%

523

527

-0.80%

2.3

3.7

-37.80%

$325,000

3.10%

8

16

-50.00%

40

39

2.60%

1.6

3

-46.70%

$280,000

8.90%

262

480

-45.40%

996

950

4.80%

2.4

4

-40.00%

$0

N/A

-

-

N/A

-

-

N/A

$405,000

8.00%

3

3

0.00%

8

9

-11.10%

0

0

2.5

2.2

N/A 13.60%

$0

N/A

-

-

N/A

-

-

N/A

0

0

$442,500

-100.00%

1

3

-66.70%

-

2

-100.00%

0

9.9

-100.00%

N/A -17.90%

$360,000

5.60%

1,367

2,152

-36.50%

3,697

4,227

-12.50%

3.2

3.9

$715,000

0.00%

62

54

14.80%

35

34

2.90%

13.2

11.5

$270,000

5.60%

103

159

-35.20%

574

607

-5.40%

1.6

2

$500,000

5.60%

44

82

-46.30%

105

104

1.00%

3.3

6.5

-49.20%

$531,500

9.60%

40

81

-50.60%

109

92

18.50%

3.1

6.5

-52.30%

$415,000

0.00%

25

44

-43.20%

62

69

-10.10%

3.4

4.5

-24.40%

$374,900

4.00%

117

270

-56.70%

658

742

-11.30%

1.6

3

-46.70%

14.80% -20.00%

$225,000

15.10%

1

-

N/A

3

1

200.00%

2.2

0

$512,500

34.40%

9

11

-18.20%

8

13

-38.50%

9.9

7.2

37.50%

N/A -11.90%

$273,500

20.70%

61

94

-35.10%

161

173

-6.90%

3.7

4.2

$280,000

7.10%

70

90

-22.20%

138

161

-14.30%

4.7

4.4

6.80%

$212,000

13.20%

23

26

-11.50%

54

64

-15.60%

3.8

3.2

18.80%

$260,000

9.60%

18

20

-10.00%

61

69

-11.60%

2.3

2.1

9.50%

$587,000

-1.60%

70

155

-54.80%

210

182

15.40%

3

6.4

-53.10%

$175,000

87.40%

-

3

-100.00%

1

4

-75.00%

0

19.7

-100.00%

$812,500

-4.00%

20

50

-60.00%

64

45

42.20%

2.4

7.8

-69.20% -19.00%

$559,250

2.80%

26

37

-29.70%

64

64

0.00%

3.4

4.2

$675,000

-7.40%

12

13

-7.70%

3

4

-25.00%

26.3

17.1

53.80%

$645,000

-3.00%

27

36

-25.00%

20

19

5.30%

9.9

15.8

-37.30%

$325,000

0.00%

5

6

-16.70%

14

9

55.60%

3.7

4.9

-24.50%

$398,500

9.10%

7

10

-30.00%

9

9

0.00%

5.8

11

-47.30%

$354,000

-0.40%

2

4

-50.00%

4

11

-63.60%

2.6

2.6

0.00%

$375,000

6.70%

6

10

-40.00%

34

26

30.80%

1.8

2.9

-37.90%

$0

N/A

-

-

-

-

N/A

0

0

N/A

N/A

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

47

CONDOMINIUMS UNDER $1 MILLION MARKET BREAKDOWN BY CITY J A N U A R Y 1 T O J U LY 1 8 2 0 2 0 V S .

J A N U A R Y 1 T O J U LY 1 8 2 0 1 9

SALES SALES 2020 2019 JAN 1-JUL 18 JANSALES 1-JUL 18 SALES 2020 2019

Aventura

510

-23.10%

$284,000

Bal Harbour

21

35

-40.00%

$430,000

Bay Harbor Islands

40

41

-2.40%

$311,250

Biscayne Gardens

0

0

N/A

$0

Biscayne Park

0

0

N/A

$0

Coconut Grove

22

24

-8.30%

$617,500

Coral Gables

93

142

-34.50%

$340,000

Cutler Bay

110

119

-7.60%

$206,000

Doral

281

348

-19.30%

$308,000

Eastern Shores

1

1

0.00%

$500,000

El Portal

0

0

N/A

$0

Fisher Island

0

0

N/A

$0

Florida City

2

14

-85.70%

$162,250

Golden Beach

0

0

N/A

$0

Goulds

0

0

N/A

$0

Hialeah

343

502

-31.70%

$195,000

Hialeah Gardens

25

39

-35.90%

$195,000

Homestead

359

464

-22.60%

$190,000

Indian Creek

0

0

N/A

$0

Kendall

6

6

0.00%

$237,000

Key Biscayne

41

63

-34.90%

$565,000

Medley

2

4

-50.00%

$405,000

3,409

-24.80%

$259,000

Miami Beach

623

899

-30.70%

$290,000

Miami Gardens

93

118

-21.20%

$195,000

Miami Lakes

64

60

6.70%

$275,000

Miami Shores

10

14

-28.60%

$167,000

Miami Springs Miramar

THIS REPRESENTATION IS BASED ON HISTORICAL DAaTA SUPPLIED

BY THE MIAMI ASSOCIATION OF REALTORS®, THE GREATER FORT LAUDERDALE ASSOCIATION OF REALTORS®, AND THE SOUTHEAST FLORIDA MLS. DATA SHOWN REFLECTS STATISTICS AND FIGURES FOR THE PERIOD BEGINNING JANUARY 1, 2019 AND ENDING JULY 18, 2019, AND FOR THE PERIOD BEGINNING JANUARY 1, 2020 AND ENDING JULY 18, 2020 FOR CONDOMINIUM SALES LESS THAN $1 MILLION WITHIN MAMI-DADE COUNTY.

48

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

MEDIAN PRICE 2020

392

Miami

DISCLAIMER

% % CHANGE CHANGE

2,564

5 199

8

-37.50%

$170,000

296

-32.80%

$250,000

Naranja

0

2

-100.00%

$0

North Bay Village

52

99

-47.50%

$257,000

North Miami

107

132

-18.90%

$136,000

North Miami Beach

71

117

-39.30%

$155,000

Opa-Locka

3

9

-66.70%

$148,000

Palm Springs

85

112

-24.10%

$85,000

Palmetto Bay

10

18

-44.40%

$220,000

Perrine

0

0

N/A

$0

Pinecrest

24

21

14.30%

$205,000

South Miami

17

-29.40%

$241,250

230

297

-22.60%

$300,000

Surfside

24

28

-14.30%

$375,000

Sweetwater

11

20

-45.00%

$225,000

Virginia Gardens

0

0

N/A

$0

Sunny Isles Beach

12

West Miami

1

3

-66.70%

$235,000

Williams Island

0

0

N/A

$0

Miami-Dade County | Under $1 Million MEDIAN PRICE 2019

$283,750

% CHANGE

0.10%

CURRENT INVENTORY 2020

1,264

CURRENT INVENTORY 2019

% CHANGE

PENDING SALES 2020

PENDING SALES 2019

569

1,333

-5.20%

441

% CHANGE

-22.50%

MONTHS OF SUPPLY 2020

MONTHS OF SUPPLY 2019

% CHANGE

21.2

17.2

23.30%

$615,000

-30.10%

130

130

0.00%

26

37

-29.70%

40.7

24.4

66.80%

$235,000

32.40%

162

159

1.90%

40

53

-24.50%

26.7

25.5

4.70%

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$502,500

22.90%

26

33

-21.20%

19

32

-40.60%

7.8

9

-13.30%

$335,000

1.50%

162

208

-22.10%

113

151

-25.20%

11.5

9.6

19.80%

$192,000

7.30%

25

49

-49.00%

145

139

4.30%

1.5

2.7

-44.40%

-18.30%

1.60%

$279,750

10.10%

479

586

392

386

11.2

11.1

0.90%

$350,000

42.90%

0

3

-100.00%

2

1

100.00%

0

19.7

-100.00%

$0

N/A

0

0

N/A

0

0

N/A

0

0

$0

N/A

1

3

-66.70%

0

0

N/A

$138,000

17.60%

10

14

-28.60%

5

11

-54.50%

$0

N/A

0

0

N/A

0

0

$0

N/A

0

0

N/A

0

0

N/A

0

0

32.9

6.6

N/A

N/A

0

0

N/A

N/A

0

0

N/A

398.50%

$175,000

11.40%

200

244

-18.00%

447

596

-25.00%

3.8

3.2

$161,500

20.70%

12

21

-42.90%

37

43

-14.00%

3.2

3.5

18.80% -8.60%

$167,000

13.80%

211

281

-24.90%

491

564

-12.90%

3.9

4

-2.50%

$0

N/A

0

0

N/A

0

0

N/A

0

0

$278,500

-14.90%

6

11

-45.50%

7

11

-36.40%

6.6

12.1

-45.50%

$570,000

-0.90%

157

143

50

62

-19.40%

25.2

14.9

69.10%

$389,375

4.00%

2

4

-50.00%

2

3

-33.30%

6.6

6.6

0.00%

9.80%

N/A

$245,000

5.70%

4,476

5,085

-12.00%

3,190

3,873

-17.60%

11.5

9.8

17.30%

$289,000

0.30%

2,244

2,200

2.00%

683

991

-31.10%

23.7

16.1

47.20%

$149,950

30.00%

42

61

-31.10%

111

137

-19.00%

3

3.4

-11.80%

$230,000

19.60%

22

32

-31.30%

69

68

1.50%

2.3

3.5

-34.30%

$182,500

-8.50%

12

18

-33.30%

11

16

-31.30%

7.9

8.5

-7.10%

$142,500

19.30%

1

2

-50.00%

6

6

0.00%

1.3

1.6

-18.80%

$240,000

4.20%

98

115

-14.80%

259

334

-22.50%

3.2

2.6

23.10%

$141,500

-100.00%

$235,000

9.40%

0

1

-100.00%

0

2

-100.00%

0

3.3

-100.00%

195

223

-12.60%

76

106

-28.30%

24.7

14.8

66.90%

$135,000

0.70%

244

195

25.10%

122

163

-25.20%

15

9.7

54.60%

$139,000

11.50%

290

252

15.10%

87

134

-35.10%

26.9

14.2

89.40%

$160,000

-7.50%

2

5

-60.00%

3

13

-76.90%

4.4

3.7

18.90%

$104,000

-18.30%

49

64

-23.40%

91

117

-22.20%

3.8

3.8

0.00%

$174,600

26.00%

5

11

-54.50%

13

25

-48.00%

3.3

4

-17.50%

$0

N/A

0

0

N/A

0

0

N/A

0

0

$205,000

0.00%

26

31

-16.10%

27

19

42.10%

7.1

9.7

-26.80%

N/A

$216,720

11.30%

14

13

7.70%

11

15

-26.70%

7.7

5

54.00%

$300,000

0.00%

1,032

1,001

3.10%

258

348

-25.90%

29.5

22.2

32.90%

$358,500

4.60%

76

86

-11.60%

23

29

-20.70%

20.8

20.2

3.00%

$185,500

21.30%

15

11

36.40%

7

24

-70.80%

9

3.6

$0

N/A

0

0

N/A

0

0

N/A

0

0

$255,000

-7.80%

6

2

200.00%

1

4

-75.00%

39.5

4.4

$0

N/A

-

-

N/A

-

-

N/A

0

0

150.00% N/A 797.70% N/A

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

49

SINGLE-FAMILY HOMES OVER $1 MILLION MARKET BREAKDOWN BY CITY J A N U A R Y 1 T O J U LY 1 8 2 0 2 0 V S .

J A N U A R Y 1 T O J U LY 1 8 2 0 1 9

SALES SALES 2020 2019 JAN 1-JUL 18 JANSALES 1-JUL 18 SALES 2020 2019

Aventura

THIS REPRESENTATION IS BASED ON HISTORICAL DAaTA SUPPLIED

BY THE MIAMI ASSOCIATION OF REALTORS®, THE GREATER FORT LAUDERDALE ASSOCIATION OF REALTORS®, AND THE SOUTHEAST FLORIDA MLS. DATA SHOWN REFLECTS STATISTICS AND FIGURES FOR THE PERIOD BEGINNING JANUARY 1, 2019 AND ENDING JULY 18, 2019, AND FOR THE PERIOD BEGINNING JANUARY 1, 2020 AND ENDING JULY 18, 2020 FOR SINGLE-FAMILY HOME SALES IN EXCESS OF $1 MILLION WITHIN MIAMI-DADE COUNTY.

50

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

MEDIAN PRICE 2020

2

4

-50.00%

$3,037,500

Bal Harbour

2

6

-66.70%

$12,575,000

Bay Harbor Islands

6

4

50.00%

$1,967,500

Biscayne Gardens

0

0

N/A

$0

Biscayne Park

0

0

N/A

$0

Coconut Grove

17

21

-19.00%

$1,580,000

Coral Gables

101

103

-1.90%

$1,600,500

0

0

N/A

$0

Doral

4

4

0.00%

$1,245,000

Eastern Shores

0

1

-100.00%

$0

El Portal

0

0

N/A

$0

Fisher Island

0

0

N/A

$0

Florida City

0

0

N/A

$0

Cutler Bay

DISCLAIMER

% % CHANGE CHANGE

Golden Beach

8

5

60.00%

$4,142,500

Goulds

0

0

N/A

$0

Hialeah

0

0

N/A

$0

Hialeah Gardens

1

1

0.00%

$1,375,000

Homestead

0

2

-100.00%

$0

Indian Creek

1

0

N/A

$17,027,500

Kendall

0

0

N/A

$0

Key Biscayne

35

26

34.60%

$2,315,000

Medley

0

0

N/A

$0

Miami

132

132

0.00%

$1,457,500

Miami Beach

72

94

-23.40%

$1,817,500

Miami Gardens

0

0

N/A

$0

Miami Lakes

2

2

0.00%

$1,260,000

Miami Shores

9

10

-10.00%

$1,278,000

Miami Springs

0

0

N/A

$0

Miramar

0

0

N/A

$0

Naranja

0

0

N/A

$0

North Bay Village

2

3

-33.30%

$1,323,282

North Miami

19

19

0.00%

$1,300,000

North Miami Beach

4

6

-33.30%

$2,187,500

Opa-Locka

0

0

N/A

$0

Palm Springs

0

0

N/A

$0

Palmetto Bay

4

7

-42.90%

$1,112,500

Perrine

0

0

N/A

$0

Pinecrest

69

70

-1.40%

$1,750,000

South Miami

11

16

-31.30%

$1,675,000

Sunny Isles Beach

2

5

-60.00%

$2,050,000

Surfside

3

8

-62.50%

$1,129,500

Sweetwater

0

0

N/A

$0

Unincorporated Dade County

0

0

N/A

$0

Virginia Gardens

0

0

N/A

$0

West Miami

0

0

N/A

$0

Williams Island

0

N/A

$0

0

Miami-Dade County | Over $1 Million MEDIAN PRICE 2019

% CHANGE

CURRENT INVENTORY 2020

CURRENT INVENTORY 2019

13

% CHANGE

15.40%

PENDING SALES 2020

PENDING SALES 2019

8

6

% CHANGE

MONTHS OF SUPPLY 2020

MONTHS OF SUPPLY 2019

% CHANGE

33.30%

49.4

21.4

130.80%

$1,480,000

105.20%

15

$4,650,000

170.40%

13

12

8.30%

2

6

-66.70%

42.8

13.2

224.20%

$1,380,000

42.60%

17

20

-15.00%

12

5

140.00%

18.6

32.9

-43.50%

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

1

1

0.00%

2

1

100.00%

0

0

N/A

$1,620,000

-2.50%

23

28

-17.90%

19

16

18.80%

8.9

8.8

1.10%

$1,650,000

-3.00%

246

290

-15.20%

142

128

10.90%

16

18.5

-13.50%

$0

N/A

0

0

0

0

N/A

0

0

N/A

N/A

$1,350,000

-7.80%

53

61

-13.10%

7

8

-12.50%

87.2

100.4

$1,200,000

-100.00%

0

1

-100.00%

0

1

-100.00%

0

6.6

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$5,400,000

-23.30%

35

44

-20.50%

10

5

100.00%

28.8

57.9

$0

N/A

0

0

N/A

0

0

N/A

0

0

$0

N/A

1

2

-50.00%

0

0

N/A

$1,010,000

36.10%

3

2

50.00%

1

1

0.00%

$1,077,500

-100.00%

16

18

-11.10%

4

2

$0

N/A

0

1

-100.00%

1

$0

N/A

0

0

N/A

0

$2,600,000

-11.00%

90

123

-26.80%

$0

N/A

0

0

N/A

-13.10% -100.00%

-50.30% N/A

0

0

19.7

13.2

49.20%

N/A

100.00%

0

59.2

-100.00%

0

N/A

0

0

N/A

0

N/A

0

0

N/A

38

25

52.00%

16.9

31.1

0

0

N/A

0

0

-45.70% N/A

$1,462,500

-0.30%

376

447

-15.90%

168

162

3.70%

18.7

22.3

-16.10%

$2,037,500

-10.80%

340

375

-9.30%

111

108

2.80%

31.1

26.3

18.30%

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$1,147,500

9.80%

5

9

-44.40%

2

5

-60.00%

16.5

29.6

-44.30%

$1,447,500

-11.70%

14

24

-41.70%

18

13

38.50%

10.2

15.8

-35.40%

$0

N/A

2

4

-50.00%

0

1

-100.00%

0

0

N/A

$0

N/A

5

1

400.00%

2

1

100.00%

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

$1,950,000

-32.10%

6

4

50.00%

3

4

-25.00%

19.7

8.8

123.90%

$1,509,000

-13.90%

39

42

-7.10%

24

23

4.30%

13.5

14.5

-6.90%

$1,230,000

77.80%

29

37

-21.60%

7

8

-12.50%

47.7

40.6

17.50%

$0

N/A

0

0

N/A

0

0

N/A

0

0

$0

N/A

0

0

N/A

0

0

N/A

$1,325,000

-16.00%

10

13

-23.10%

8

11

-27.30%

$0

N/A

$1,737,500

0.70%

0

0

0

0

N/A

143

177

-19.20%

N/A

100

94

6.40%

0

0

16.5

12.2

0

0

13.6

16.6

N/A

N/A N/A 35.20% N/A -18.10%

$1,679,900

-0.30%

23

25

-8.00%

15

19

-21.10%

13.8

10.3

34.00%

$1,500,000

36.70%

25

27

-7.40%

3

5

-40.00%

82.3

35.5

131.80%

$1,762,500

-35.90%

12

11

9.10%

8

7

14.30%

26.3

9

192.20%

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

1

-100.00%

2

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

51

CONDOMINIUMS OVER $1 MILLION MARKET BREAKDOWN BY CITY J A N U A R Y 1 T O J U LY 1 8 2 0 2 0 V S .

J A N U A R Y 1 T O J U LY 1 8 2 0 1 9

DISCLAIMER THIS REPRESENTATION IS BASED ON HISTORICAL DAaTA SUPPLIED

BY THE MIAMI ASSOCIATION OF REALTORS®, THE GREATER FORT LAUDERDALE ASSOCIATION OF REALTORS®, AND THE SOUTHEAST FLORIDA MLS. DATA SHOWN REFLECTS STATISTICS AND FIGURES FOR THE PERIOD BEGINNING JANUARY 1, 2019 AND ENDING JULY 18, 2019, AND FOR THE PERIOD BEGINNING JANUARY 1, 2020 AND ENDING JULY 18, 2020 FOR CONDOMINIUM SALES IN EXCESS OF $1 MILLION WITHIN MIAMI-DADE COUNTY.

52

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

SALES SALES 2020 2019 JAN 1-JUL 18 JAN 1-JUL 18 SALES SALES 2020 2019

Aventura

29

35

Bal Harbour

27

Bay Harbor Islands

0

Biscayne Gardens

% CHANGE

MEDIAN MEDIAN PRICE PRICE 2020 2020

-17.10%

$1,275,000

35

-22.90%

$2,400,000

2

-100.00%

$0

0

0

N/A

$0

Biscayne Park

0

0

N/A

$0

Coconut Grove

11

4

175.00%

$2,350,000

Coral Gables

18

19

-5.30%

$1,375,000

Cutler Bay

0

0

N/A

$0

Doral

0

0

N/A

$0

Eastern Shores

0

0

N/A

$0

El Portal

0

0

N/A

$0

Fisher Island

2

8

-75.00%

$6,372,500

Florida City

0

0

N/A

$0

Golden Beach

0

0

N/A

$0

Goulds

0

0

N/A

$0

Hialeah

0

0

N/A

$0

Hialeah Gardens

0

0

N/A

$0

Homestead

0

0

N/A

$0

Indian Creek

0

0

N/A

$0

Kendall

0

0

N/A

$0

Key Biscayne

27

38

-28.90%

$2,000,000

Medley

0

0

N/A

$0

Miami

73

97

-24.70%

$1,390,000

Miami Beach

99

150

-34.00%

$1,700,000

Miami Gardens

0

0

N/A

$0

Miami Lakes

0

0

N/A

$0

Miami Shores

0

0

N/A

$0

Miami Springs

0

0

N/A

$0

Miramar

0

0

N/A

$0

Naranja

0

0

N/A

$0

North Bay Village

0

0

N/A

$0

North Miami

0

0

N/A

$0

North Miami Beach

4

8

-50.00%

$1,338,500

Opa-Locka

0

0

N/A

$0

Palm Springs

0

0

N/A

$0

Palmetto Bay

0

1

-100.00%

$0

Perrine

0

0

N/A

$0

Pinecrest

0

0

N/A

$0

South Miami

0

0

N/A

$0

Sunny Isles Beach

50

82

-39.00%

$1,475,000

Surfside

12

18

-33.30%

$5,500,000

Sweetwater

0

0

N/A

$0

Virginia Gardens

0

0

N/A

$0

West Miami

0

0

N/A

$0

Williams Island

0

0

N/A

$0

Miami-Dade County | Over $1 Million MEDIAN PRICE 2019

% CHANGE

CURRENT INVENTORY 2020

CURRENT INVENTORY 2019

-1.90%

224

259

$2,500,000

-4.00%

137

$1,324,000

-100.00%

24

$0

N/A

0

$1,300,000

% CHANGE

PENDING SALES 2020

PENDING SALES 2019

-13.50%

31

45

155

-11.60%

30

37

-35.10%

2

0

N/A

% CHANGE

MONTHS OF SUPPLY 2020

MONTHS OF SUPPLY 2019

% CHANGE

-31.10%

50.8

48.7

36

-16.70%

33.4

29.1

14.80%

2

0.00%

0

121.7

-100.00%

0

0

N/A

0

0

4.30%

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

$1,284,000

83.00%

39

53

-26.40%

8

6

33.30%

23.3

87.2

-73.30%

N/A

$1,450,000

-5.20%

60

60

0.00%

10

23

-56.50%

21.9

20.8

5.30%

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

1

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$6,775,000

-5.90%

26

27

-3.70%

4

9

-55.60%

85.5

22.2

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$1,862,500

7.40%

149

149

0.00%

39

51

-23.50%

36.3

25.8

$0

N/A

0

0

N/A

0

0

N/A

0

0

285.10%

40.70% N/A

$1,360,000

2.20%

742

754

-1.60%

99

145

-31.70%

66.9

51.2

30.70%

$1,787,500

-4.90%

670

647

3.60%

126

165

-23.60%

44.5

28.4

56.70%

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

4

5

-20.00%

1

0

N/A

0

0

N/A

$0

N/A

2

4

-50.00%

0

0

N/A

$1,510,000

-11.40%

47

50

-6.00%

7

7

0.00%

0

0

77.3

41.1

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A 88.10% N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

$1,075,000

-100.00%

4

1

300.00%

0

1

-100.00%

0

6.6

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

1

2

-50.00%

0

0

N/A

0

0

N/A

$0

N/A

$1,757,500

-16.10%

$1,372,447

N/A -100.00%

1

2

-50.00%

0

0

N/A

0

0

696

604

15.20%

67

88

-23.90%

91.6

48.5

88.90%

N/A

300.70%

44

42

4.80%

9

16

-43.80%

24.1

15.4

56.50%

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

53

SINGLE-FAMILY HOMES UNDER $1 MILLION MARKET BREAKDOWN BY CITY

SALES SALES 2020 2019 JAN 1-JUL 18 JANSALES 1-JUL 18 SALES 2020 2019

Coconut Creek

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

$365,000 $460,000

139

198

-29.80%

748

-21.90%

$430,000

111

-28.80%

$365,000

79

Davie

314

372

-15.60%

$448,250

Deerfield Beach

226

237

-4.60%

$343,250

Fort Lauderdale

706

892

-20.90%

$347,750

47

-42.60%

$275,000

Hollywood

54

-19.60%

584

Hillsboro Beach

THIS REPRESENTATION IS BASED ON HISTORICAL DAaTA SUPPLIED

BY THE MIAMI ASSOCIATION OF REALTORS®, THE GREATER FORT LAUDERDALE ASSOCIATION OF REALTORS®, AND THE SOUTHEAST FLORIDA MLS. DATA SHOWN REFLECTS STATISTICS AND FIGURES FOR THE PERIOD BEGINNING JANUARY 1, 2019 AND ENDING JULY 18, 2019, AND FOR THE PERIOD BEGINNING JANUARY 1, 2020 AND ENDING JULY 18, 2020 FOR SINGLE-FAMILY HOME SALES LESS THAN $1 MILLION WITHIN BROWARD COUNTY.

209

Coral Springs

Hallandale

DISCLAIMER

MEDIAN PRICE 2020

Cooper City Dania

J A N U A R Y 1 T O J U LY 1 8 2 0 2 0 V S .

J A N U A R Y 1 T O J U LY 1 8 2 0 1 9

168

% % CHANGE CHANGE

27 0 562

0

N/A

$0

754

-25.50%

$330,000 $629,000

Lauderdale By The Sea

19

24

-20.80%

Lauderdale Lakes

53

65

-18.50%

$259,000

Lauderhill

145

187

-22.50%

$280,000

Lighthouse Point

68

46

47.80%

$544,950

Margate

221

314

-29.60%

$303,000

Miramar

489

599

-18.40%

$390,000

North Lauderdale

110

168

-34.50%

$262,200

Oakland Park

201

236

-14.80%

$325,000

Parkland

274

266

3.00%

$645,000

Pembroke Park

0

1

-100.00%

$0

Pembroke Pines

635

750

-15.30%

$397,000

Plantation

386

438

-11.90%

$420,000

Pompano Beach

380

440

-13.60%

$285,000

Sea Ranch Lakes

0

1

-100.00%

$0

Southwest Ranches

31

45

-31.10%

$730,000

Sunrise

287

423

-32.20%

$335,000

Tamarac

$253,673

338

415

-18.60%

West Park

74

106

-30.20%

$251,250

Weston

331

434

-23.70%

$541,000

Wilton Manors

95

101

-5.90%

$489,000

Broward County | Under $1 Million MEDIAN PRICE 2019

$365,000

% CHANGE

0.00%

CURRENT INVENTORY 2020

CURRENT INVENTORY 2019

% CHANGE

56

109

-48.60%

PENDING SALES 2020

PENDING SALES 2019

218

242

% CHANGE

MONTHS OF SUPPLY 2020

MONTHS OF SUPPLY 2019

-9.90%

2.2

3.4

% CHANGE

-35.30%

$425,000

8.20%

39

82

-52.40%

188

237

-20.70%

1.8

2.7

-33.30%

$405,000

6.20%

123

348

-64.70%

774

869

-10.90%

1.4

3.1

-54.80%

$300,000

21.70%

56

70

-20.00%

97

136

-28.70%

4.7

4.1

14.60%

$438,450

2.20%

102

197

-48.20%

375

439

-14.60%

2.1

3.5

-40.00%

$309,000

11.10%

98

124

-21.00%

280

260

7.70%

2.9

3.4

-14.70%

$325,000

7.00%

442

543

-18.60%

904

1046

-13.60%

4.1

4

2.50%

$260,000

5.80%

20

27

-25.90%

29

50

-42.00%

4.9

3.8

28.90%

$0

N/A

$305,000

8.20%

0

0

324

417

N/A -22.30%

0

0

751

887

N/A -15.30%

0

0

3.8

3.6

5.60%

N/A

$586,000

7.30%

11

21

-47.60%

19

28

-32.10%

3.8

5.8

-34.50%

$255,000

1.60%

18

28

-35.70%

70

90

-22.20%

2.2

2.8

-21.40%

$260,000

7.70%

61

66

-7.60%

208

228

-8.80%

2.8

2.3

21.70%

$559,500

-2.60%

43

69

-37.70%

77

53

45.30%

4.2

9.9

-57.60%

$295,000

2.70%

87

117

-25.60%

307

374

-17.90%

2.6

2.5

4.00%

$374,900

4.00%

117

270

-56.70%

658

742

-11.30%

1.6

3

-46.70%

$245,500

6.80%

32

55

-41.80%

142

194

-26.80%

1.9

2.2

-13.60%

$305,000

6.60%

97

139

-30.20%

245

259

-5.40%

3.2

3.9

-17.90%

$630,000

2.40%

156

248

-37.10%

354

325

8.90%

3.7

6.1

-39.30%

$287,000

-100.00%

0

1

-100.00%

0

1

-100.00%

0

6.6

-100.00%

$380,000

4.50%

135

247

-45.30%

816

865

-5.70%

1.4

2.2

-36.40%

$417,450

0.60%

117

251

-53.40%

493

491

0.40%

2

3.8

-47.40%

173

245

-29.40%

450

493

0

1

-100.00%

0

1

$254,500

12.00%

$900,000

-100.00%

$625,000

16.80%

10

28

-64.30%

42

45

$315,000

6.30%

78

123

-36.60%

381

480

$245,000

3.50%

137

195

-29.70%

435

$233,500

7.60%

24

43

-44.20%

90

$535,000

1.10%

163

294

-44.60%

$485,000

0.80%

58

64

-9.40%

-8.70%

3

3.7

-18.90%

-100.00%

0

6.6

-100.00%

-6.70%

2.1

4.1

-48.80%

-20.60%

1.8

1.9

-5.30%

483

-9.90%

2.7

3.1

-12.90%

116

-22.40%

2.1

2.7

-22.20%

431

471

-8.50%

3.2

4.5

-28.90%

108

108

0.00%

4

4.2

-4.80%

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

55

CONDOMINIUMS UNDER $1 MILLION MARKET BREAKDOWN BY CITY J A N U A R Y 1 T O J U LY 1 8 2 0 2 0 V S .

J A N U A R Y 1 T O J U LY 1 8 2 0 1 9

SALES SALES 2020 2019 JAN 1-JUL 18 JANSALES 1-JUL 18 SALES 2020 2019

Coconut Creek Cooper City

THIS REPRESENTATION IS BASED ON HISTORICAL DAaTA SUPPLIED

BY THE MIAMI ASSOCIATION OF REALTORS®, THE GREATER FORT LAUDERDALE ASSOCIATION OF REALTORS®, AND THE SOUTHEAST FLORIDA MLS. DATA SHOWN REFLECTS STATISTICS AND FIGURES FOR THE PERIOD BEGINNING JANUARY 1, 2019 AND ENDING JULY 18, 2019, AND FOR THE PERIOD BEGINNING JANUARY 1, 2020 AND ENDING JULY 18, 2020 FOR CONDOMINIUM SALES LESS THAN $1 MILLION WITHIN BROWARD COUNTY.

56

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

MEDIAN PRICE 2020

444

-16.20%

$159,945

42

56

-25.00%

$300,250

260

365

-28.80%

$155,000

Dania

84

106

-20.80%

$174,000

Davie

285

364

-21.70%

$185,500

Deerfield Beach

474

675

-29.80%

$125,000

Fort Lauderdale

887

1,153

-23.10%

$291,750

Hallandale

342

524

-34.70%

$185,000

Coral Springs

Hillsboro Beach

39

57

-31.60%

$370,000

Hollywood

467

616

-24.20%

$203,000

Lauderdale By The Sea

74

128

-42.20%

$365,000

Lauderdale Lakes

130

167

-22.20%

$75,000

Lauderhill

309

425

-27.30%

$90,000

Lighthouse Point

48

58

-17.20%

$130,500

Margate

234

326

-28.20%

$110,000

Miramar

199

296

-32.80%

$250,000

North Lauderdale

100

132

-24.20%

$183,950

Oakland Park

157

209

-24.90%

$140,000

Parkland

25

47

-46.80%

$365,000

7

17

-58.80%

$153,000

Pembroke Park

DISCLAIMER

372

% % CHANGE CHANGE

Pembroke Pines

583

807

-27.80%

$182,000

Plantation

249

345

-27.80%

$180,000

Pompano Beach

695

885

-21.50%

$190,000

Sea Ranch Lakes

0

0

N/A

$0

Southwest Ranches

0

0

N/A

$0

Sunrise

478

601

-20.50%

$138,500

Tamarac

448

610

-26.60%

$153,500

West Park

2

-100.00%

$0

Weston

165

0

204

-19.10%

$248,000

Wilton Manors

79

110

-28.20%

$200,000

Broward County | Under $1 Million MEDIAN PRICE 2019

% CHANGE

$146,500

9.20%

CURRENT INVENTORY 2020

CURRENT INVENTORY 2019

241

237

% CHANGE

1.70%

PENDING SALES 2020

430

PENDING SALES 2019

503

% CHANGE

-14.50%

MONTHS OF SUPPLY 2020

MONTHS OF SUPPLY 2019

% CHANGE

4.3

3.5

22.90%

$285,000

5.40%

8

17

-52.90%

58

61

-4.90%

1.3

2

-35.00%

$145,000

6.90%

155

169

-8.30%

322

405

-20.50%

3.9

3

30.00%

$169,450

2.70%

84

101

-16.80%

96

118

-18.60%

6.6

6.3

$175,000

6.00%

177

154

14.90%

349

408

-14.50%

4.1

2.8

46.40%

$115,000

8.70%

447

349

28.10%

558

725

-23.00%

6.2

3.4

82.40%

$280,000

4.20%

1216

1146

6.10%

1023

1230

-16.80%

9

6.5

38.50%

$180,000

2.80%

993

929

6.90%

424

549

-22.80%

19.1

11.7

63.20% 35.70%

4.80%

$360,000

2.80%

79

85

-7.10%

48

57

-15.80%

13.3

9.8

$177,800

14.20%

973

911

6.80%

534

699

-23.60%

13.7

9.7

41.20%

$317,500

15.00%

100

96

4.20%

88

132

-33.30%

8.9

4.9

81.60%

$65,000

15.40%

180

162

11.10%

146

179

-18.40%

9.1

6.4

42.20%

$80,000

12.50%

389

371

4.90%

362

480

-24.60%

8.3

5.7

45.60%

$139,450

-6.40%

48

47

2.10%

57

65

-12.30%

6.6

5.3

24.50%

$89,950

22.30%

161

187

-13.90%

275

372

-26.10%

4.5

3.8

18.40%

$240,000

4.20%

98

115

-14.80%

259

334

-22.50%

3.2

2.6

23.10%

$150,000

22.60%

60

82

-26.80%

144

172

-16.30%

3.9

4.1

-4.90%

$140,000

0.00%

107

80

33.80%

199

237

-16.00%

4.5

2.5

80.00%

$360,000

1.40%

19

16

18.80%

27

57

-52.60%

5

2.2

127.30%

$146,000

4.80%

10

4

150.00%

9

15

-40.00%

9.4

1.5

526.70%

$170,000

7.10%

360

356

1.10%

718

924

-22.30%

4.1

2.9

41.40%

$186,000

-3.20%

163

175

-6.90%

313

398

-21.40%

4.3

3.3

30.30%

$179,900

5.60%

657

690

-4.80%

787

948

-17.00%

6.2

5.1

21.60%

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$120,000

15.40%

325

371

-12.40%

549

681

-19.40%

4.5

4.1

9.80%

$130,000

18.10%

269

292

-7.90%

539

688

-21.70%

4

3.2

25.00%

$117,500

-100.00%

1

0

1

3

-66.70%

0

0

$249,500

-0.60%

83

116

-28.40%

N/A

194

248

-21.80%

3.3

3.7

-10.80%

N/A

$221,950

-9.90%

41

39

5.10%

86

116

-25.90%

3.4

2.3

47.80%

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

57

SINGLE-FAMILY HOMES OVER $1 MILLION MARKET BREAKDOWN BY CITY J A N U A R Y 1 T O J U LY 1 8 2 0 2 0 V S .

J A N U A R Y 1 T O J U LY 1 8 2 0 1 9

SALES SALES 2020 2019 JAN 1-JUL 18 JAN 1-JUL 18 SALES SALES 2020 2019

THIS REPRESENTATION IS BASED ON HISTORICAL DAaTA SUPPLIED

BY THE MIAMI ASSOCIATION OF REALTORS®, THE GREATER FORT LAUDERDALE ASSOCIATION OF REALTORS®, AND THE SOUTHEAST FLORIDA MLS. DATA SHOWN REFLECTS STATISTICS AND FIGURES FOR THE PERIOD BEGINNING JANUARY 1, 2019 AND ENDING JULY 18, 2019, AND FOR THE PERIOD BEGINNING JANUARY 1, 2020 AND ENDING JULY 18, 2020 FOR SINGLE-FAMILY HOME SALES IN EXCESS OF $1 MILLION WITHIN BROWARD COUNTY.

58

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

MEDIAN MEDIAN PRICE PRICE 2020 2020

Coconut Creek

0

0

N/A

$0

Cooper City

3

2

50.00%

$1,020,000

Coral Springs

3

2

50.00%

$1,125,000

Dania

0

0

N/A

$0

Davie

35

42

-16.70%

$1,250,000

Deerfield Beach

8

4

100.00%

$1,500,000

Fort Lauderdale

177

180

-1.70%

$1,650,000

6

6

0.00%

$1,350,000

0.00%

$18,506,850

Hallandale

DISCLAIMER

% CHANGE

Hillsboro Beach

1

1

Hollywood

16

23

-30.40%

$1,412,500

Lauderdale By The Sea

8

7

14.30%

$1,587,500

Lauderdale Lakes

0

0

N/A

$0

Lauderhill

0

0

N/A

$0

Lighthouse Point

36

37

-2.70%

$1,593,750

Margate

0

0

N/A

$0

Miramar

0

0

N/A

$0

North Lauderdale

0

0

N/A

$0

Oakland Park

0

0

N/A

$0

Parkland

26

27

-3.70%

$1,300,000

Pembroke Park

0

0

N/A

$0

Pembroke Pines

1

0

N/A

$1,050,000

Plantation

15

20

-25.00%

$1,576,250

Pompano Beach

22

11

100.00%

$1,280,000

Sea Ranch Lakes

3

5

-40.00%

$1,700,000

Southwest Ranches

17

22

-22.70%

$1,300,000

Sunrise

0

0

N/A

$0

Tamarac

1

0

N/A

$1,180,000

West Park

0

0

N/A

$0

Weston

24

31

-22.60%

$1,212,500

Wilton Manors

5

1

400.00%

$1,180,000

Broward County | Over $1 Million MEDIAN PRICE 2019

% CHANGE

CURRENT INVENTORY 2020

CURRENT INVENTORY 2019

1

$0

N/A

1

% CHANGE

PENDING SALES 2020

PENDING SALES 2019

% CHANGE

0.00%

0

0

N/A

MONTHS OF SUPPLY 2020

MONTHS OF SUPPLY 2019

0

0

% CHANGE

N/A

$1,350,000

-24.40%

2

8

-75.00%

6

5

20.00%

4.4

26.3

-83.30%

$1,402,500

-19.80%

4

6

-33.30%

3

3

0.00%

8.8

19.7

-55.30%

$0

N/A

6

4

50.00%

0

0

N/A

0

0

$1,197,500

4.40%

67

96

-30.20%

47

45

4.40%

12.6

15

-16.00%

$1,400,000

7.10%

13

19

-31.60%

10

4

150.00%

10.7

31.3

-65.80%

$1,532,500

7.70%

371

390

-4.90%

208

214

-2.80%

13.8

14.3

-3.50%

$2,137,500

-36.80%

12

21

-42.90%

7

10

-30.00%

13.2

23

-42.60% 79.90%

N/A

$10,000,000

85.10%

9

5

80.00%

1

1

0.00%

59.2

32.9

$1,468,000

-3.80%

64

72

-11.10%

30

27

11.10%

26.3

20.6

27.70%

$1,287,500

23.30%

13

9

44.40%

8

9

-11.10%

10.7

8.5

25.90%

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

1

-100.00%

0

0

N/A

0

0

N/A

$1,500,000

6.30%

52

82

-36.60%

51

48

6.30%

9.5

14.6

$0

N/A

0

0

N/A

0

0

N/A

0

0

$0

N/A

5

1

400.00%

2

1

100.00%

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

1

0

N/A

0

0

N/A

0

0

N/A

$1,300,000

0.00%

68

88

-22.70%

47

39

20.50%

17.2

21.4

$0

N/A

0

0

N/A

0

0

N/A

0

0

$0

N/A

0

0

N/A

2

0

N/A

$1,284,500

22.70%

34

52

-34.60%

22

20

10.00%

$1,200,000

6.70%

40

26

53.80%

21

16

$1,270,000

33.90%

7

6

16.70%

4

4

$1,990,000

-34.70%

43

68

-36.80%

27

$0

N/A

0

0

N/A

$0

N/A

0

1

-100.00%

-34.90% N/A

-19.60% N/A

0

0

14.9

17.1

N/A

31.30%

12

15.6

-23.10%

0.00%

15.4

7.9

94.90%

20

35.00%

16.6

20.3

-18.20%

0

0

N/A

0

0

N/A

1

0

N/A

0

0

N/A

-12.90%

$0

N/A

0

0

N/A

0

0

N/A

0

0

$1,375,000

-11.80%

67

81

-17.30%

32

42

-23.80%

18.4

17.2

7.00%

N/A

$1,120,000

5.40%

3

7

-57.10%

7

0

N/A

3.9

46.1

-91.50%

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

59

CONDOMINIUMS OVER $1 MILLION MARKET BREAKDOWN BY CITY J A N U A R Y 1 T O J U LY 1 8 2 0 2 0 V S .

J A N U A R Y 1 T O J U LY 1 8 2 0 1 9

DISCLAIMER THIS REPRESENTATION IS BASED ON HISTORICAL DAaTA SUPPLIED

BY THE MIAMI ASSOCIATION OF REALTORS®, THE GREATER FORT LAUDERDALE ASSOCIATION OF REALTORS®, AND THE SOUTHEAST FLORIDA MLS. DATA SHOWN REFLECTS STATISTICS AND FIGURES FOR THE PERIOD BEGINNING JANUARY 1, 2019 AND ENDING JULY 18, 2019, AND FOR THE PERIOD BEGINNING JANUARY 1, 2020 AND ENDING JULY 18, 2020 FOR SINGLE-FAMILY HOME SALES IN EXCESS OF $1 MILLION WITHIN BROWARD COUNTY.

60

B E R K S H I R E H AT H AWAY H O M E S E R V I C E S E W M R E A LT Y

SALES SALES 2020 2019 JAN 1-JUL 18 JAN 1-JUL 18 SALES SALES 2020 2019

% CHANGE

MEDIAN MEDIAN PRICE PRICE 2020 2020

Coconut Creek

0

0

N/A

$0

Cooper City

0

0

N/A

$0

Coral Springs

0

0

N/A

$0

Dania

0

0

N/A

$0

Davie

0

0

N/A

$0

Deerfield Beach

1

2

-50.00%

$1,200,000

Fort Lauderdale

71

99

-28.30%

$1,510,000

Hallandale

7

7

0.00%

$1,200,000

Hillsboro Beach

4

5

-20.00%

$1,275,000

Hollywood

18

21

-14.30%

$1,500,000

Lauderdale By The Sea

7

9

-22.20%

$1,180,000

Lauderdale Lakes

0

0

N/A

$0

Lauderhill

0

0

N/A

$0

Lighthouse Point

0

0

N/A

$0

Margate

0

0

N/A

$0

Miramar

0

0

N/A

$0

North Lauderdale

0

0

N/A

$0

Oakland Park

0

0

N/A

$0

Parkland

0

0

N/A

$0

Pembroke Park

0

0

N/A

$0

Pembroke Pines

0

0

N/A

$0

Plantation

0

0

N/A

$0

Pompano Beach

10

2

400.00%

$1,255,250

Sea Ranch Lakes

0

0

N/A

$0

Southwest Ranches

0

0

N/A

$0

Sunrise

0

0

N/A

$0

Tamarac

0

0

N/A

$0

West Park

0

0

N/A

$0

Weston

0

0

N/A

$0

Wilton Manors

0

0

N/A

$0

Broward County | Over $1 Million MEDIAN PRICE 2019

% CHANGE

CURRENT INVENTORY 2020

CURRENT INVENTORY 2019

% CHANGE

PENDING SALES 2020

PENDING SALES 2019

% CHANGE

MONTHS OF SUPPLY 2020

MONTHS OF SUPPLY 2019

% CHANGE

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

$1,170,000

2.60%

4

1

300.00%

1

2

-50.00%

26.3

3.3

N/A

$1,365,000

10.60%

258

261

-1.10%

129

129

0.00%

23.9

17.3

38.20%

$1,168,000

2.70%

26

29

-10.30%

7

7

0.00%

24.4

27.3

-10.60%

$2,300,000

-44.60%

15

11

36.40%

5

5

0.00%

24.7

14.5

70.30%

$1,180,000

27.10%

118

119

-0.80%

22

22

0.00%

43.1

37.3

15.50%

$1,195,000

-1.30%

29

26

11.50%

16

10

60.00%

27.3

19

43.70%

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

1

1

0.00%

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$1,350,000

-7.00%

31

25

24.00%

10

5

100.00%

20.4

82.3

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

1

0

N/A

0

1

-100.00%

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

$0

N/A

0

0

N/A

0

0

N/A

0

0

N/A

697.00%

-75.20%

I N S I G H T 2 0 2 0 M I D -Y E A R R E P O R T

61

BERKSHIRE HATHAWAY HOMESERVICES EWM REALTY 201 ALHAMBRA CIRCLE, SUITE 1060, CORAL GABLES, FLORIDA 33134

I N S I G H T. I N T E G R I T Y. I N N O VAT I O N .

D I S C OV E R S O U T H F LO R I DA R E A L E S TAT E

ewm.com

@ewmrealty ALHAMBRA

|

AV E N T U R A

|

LAS OLAS

BRICKELL |

|

facebook.com/BHHSEWMRealty

COCONUT GROVE

MIAMI BEACH

|

|

CORAL GABLES-SOUTH MIAMI

P I N E C R E S T - PA L M E T T O B A Y

|

|

K E Y B I S C AY N E

SOUTH BEACH

© 2020 BERKSHIRE HATHAWAY HOMESERVICES EWM REALTY. ALL RIGHTS RESERVED. THIS REPRESENTATION IS BASED ON HISTORICAL DATA SUPPLIED BY THE MIAMI ASSOCIATION OF REALTORS®, THE GREATER FORT LAUDERDALE ASSOCIATION OF REALTORS®, AND THE SOUTHEAST FLORIDA MLS. DATA SHOWN REFLECTS STATISTICS AND FIGURES FOR THE PERIOD BEGINNING JANUARY 1 2019 AND ENDING DECEMBER 31, 2019 FOR SINGLE-FAMILY HOME AND CONDOMINIUM SALES IN MIAMI-DADE AND BROWARD COUNTIES. BERKSHIRE HATHAWAY HOMESERVICES EWM REALTY IS AN INDEPENDENTLY OWNED AND OPERATED FRANCHISEE OF BHH AFFILIATES, LLC. BERKSHIRE HATHAWAY HOMESERVICES AND THE BERKSHIRE HATHAWAY HOMESERVICES SYMBOL ARE REGISTERED SERVICE MARKS OF HOMESERVICES OF AMERICA, INC.® EQUAL HOUSING OPPORTUNITY.