Market Report | May 2022

MARKET REPORT MAY 2022

TRENDS

TODAY’S REAL ESTATE ALONG FLORIDA’S EAST COAST

LOCAL EXPERTISE WITH A GLOBAL PERSPECTIVE The May edition of our TRENDS Market Report is here! From a regional perspective, buyer demand and higher sales prices continued throughout the month of April with the average buyer paying 5% over the asking price. The pent-up demand for housing combined with income gains shows signs of another positive year for the regional housing market.

As we look ahead, our collaboration with Rosen Consulting Group continues to be your top source for the latest real estate perspectives, combining an analytical approach with a global and local viewpoint.

With superior insights into these markets and local expertise, our real estate professionals are consistently prepared to better advise clients with timely and relevant knowledge.

From Miami to Amelia Island, ONE Sotheby’s International Realty continues its exceptional performance, creating opportunities for immediate relocation, lifestyle changes, and long-term investments supported by innovation, expansion, and partnerships. The best is yet to come!

ABOUT TRENDS: ONE Sotheby’s International Realty presents the only market report focused on Florida’s East Coast.

From Miami to Cocoa Beach, data is

Daniel de la Vega President ONE Sotheby’s International Realty

presented from a macro perspective down to city level.

Data is sourced from local Multiple Listing Service (MLS) organizations.

Written analysis created in partnership with the Rosen Consulting Group, a nationally recognized consulting firm and trusted advisor to top public and private real estate operators and capital providers.

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The official real estate partner of the

THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST

MAY 2022

The Florida East Coast single family home and

buyers tend to be the most price sensitive, with

condominium market continued to accelerate in April,

rising mortgage rates and diminished affordability

countering the headwinds of rising mortgage rates and

placing homeownership out of reach of some

decreased affordability. Overall, the demand for housing

households. Activity plateaued in the last month for

remained elevated through April. The strong economy,

homes priced at less than $1 million. Buyer activity

reflected by the regional unemployment rate falling

accelerated in the higher price tiers as households

below the 3% mark for the first time since early 2020,

were able to tap into wealth created during the last

continued to fuel demand for homes and attract new

few years and take advantage of the built-up equity

households to the area.

in existing homes. In the $1 million to $3 million range, sales volume increased by 10%, while sales

Regional sales volume increased slightly in April from

of homes priced between $3 million and $5 million

the previous month, pushing the two-month trailing

accelerated by 19%.

average to the highest pace since mid-2021. Entry level

AVERAGE SALES PRICE BY COUNTY FLORIDA’S EAST COAST

APR 2021

APR 2022

SINGLE-FAMILY HOMES

APR 2021

APR 2022

CONDOMINIUMS

Though buyer demand continues to absorb most

The sustained demand, as well as price gains,

listed homes, overall sales are down from last year

continued to draw more existing homeowners

due to constrained inventory. Compared with one

to list homes as well as builders to deliver more

year ago, sales volume was lower in every county

condo and single family home product. In April,

in the region for condos and single family homes.

there were roughly 14,500 homes available

While sales volume slowed, buyer demand remained

throughout the region, 16% lower than one

high and potential buyers focused on fewer available

year ago. However, available listings increased

homes and condos for sale. For transactions closed in

modestly from March, a positive sign that

April, 32% of condos and 48% of single family homes

buyers may have some relief in sight. While

sold for more than the list price, both recent high

some may see an increase in available homes as

marks. Many listings also received multiple offers

a sign of slowing demand, the fact that listings

with reduced contingencies, with potential buyers

spend less time on the market underscores that

competing for available homes. The average premium

demand still outweighs supply. In April, condos’

paid by buyers over the asking price was 5% in April.

average time on market fell by 16% while single family homes spent 21% less time listed than the previous month.

MEDIAN SALES PRICE FLORIDA’S EAST COAST

$540,000 +6%

THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST

MAY 2022

The growing regional economy, producing jobs

housing market will face stronger headwinds

and higher wages, as well as solid migration into

in 2022, including elevated inflation that has

the Florida East Coast, should continue to drive

already dampened consumer confidence and

the housing market to new heights. As the Federal

weakness in the stock market that could curb

Reserve attempts to fight the high pace of inflation,

demand for homes. The pent-up demand for

higher interest rates will lead to additional increases

housing combined with income gains driven

in purchase mortgage rates, constraining purchase

by a labor shortage should break through any

power, particularly in the entry-level market. However,

headwinds and lead to another positive year

the decrease in refinance activity will lead to fewer

for the regional housing market.

renovations, likely driving some households to the trade-up market rather than remodel their current homes. After a record-breaking 2021, the regional

AVAILABLE INVENTORY FLORIDA’S EAST COAST SINGLE- FAMILY HOMES AND CONDOMINIUMS

↓36%

Mar 2022

Apr 2022

↑30% 1%

↓

↓

Feb 2022

3%

↑15%

↓19%

SOLD ABOVE LISTED PRICE FLORIDA’S EAST COAST ABOVE LISTING PRICE

SINGLE-FAMILY HOMES

APR 2022

APR 2021

FOR SALE

-

AT LISTING PRICE OR LOWER

MEDIAN SALES PRICE

APR 2021

AVG SALES PRICE

PRICE PER SF

CONDOMINIUMS

APR 2022

CLOSED TRANSACTIONS

HIGHEST SALES

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© 2022 ONE Sotheby’s International Realty. All rights reserved. Sotheby’s International Realty® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC and used with permission. ONE Sotheby’s International Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Sotheby’s International Realty Affiliates LLC or any of its affiliated companies. The information contained herein is deemed accurate but not guaranteed. Oral representations cannot be relied upon as correctly stating the representations of the developer. For correct representations, reference should be made to the documents required by section 718.503, Florida Statutes, to be furnished by a developer to a buyer or lessee. Pricing subject to change without notice.

SINGLE-FAMILY HOMES

Miami-Dade County MID-PRICED MARKET REMAINS STRONG Like most counties in the region, sales slowed from the previous month. In Miami-Dade County, sales in the $1 million to $3 million range held stable while the pace of homes priced between $3 million and $10 million declined.

AVERAGE SALES PRICE

DAYS ON MARKET

SINGLE-FAMILY HOMES

Miami-Dade County SALES BY NEIGHBORHOOD AVG SALES PRICE

PRICE PER SF

CLOSED TRANSACTIONS

DAYS ON MARKET

-

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

APR 2021

ABOVE LISTING PRICE

PRICE PER SF

CLOSED TRANSACTIONS

DAYS ON MARKET

AVAILABLE LISTINGS

APR 2022

AT LISTING PRICE OR LOWER

↓

PRICE RANGE

8%

CONDOMINIUMS

Miami-Dade County PRICE PER SQUARE FOOT HIGHEST IN THE REGION Prices increased, with the condo segment the highest priced in the region per square foot. Even as buyer demand strengthened, the months of supply remained above two months - much improved from last year and still the highest in the region.

AVERAGE SALES PRICE

DAYS ON MARKET

CONDOMINIUMS

Miami-Dade County SALES BY NEIGHBORHOOD AVG SALES PRICE

PRICE PER SF

CLOSED TRANSACTIONS

DAYS ON MARKET

-

PRICE RANGE

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

APR 2021

ABOVE LISTING PRICE

PRICE PER SF

CLOSED TRANSACTIONS

DAYS ON MARKET

AVAILABLE LISTINGS

APR 2022

AT LISTING PRICE OR LOWER

↓3%

SINGLE-FAMILY HOMES

Broward County INCREASED INVENTORY FALLS SHORT OF DEMAND Available inventory increased in April by roughly 16%. At the same time, the average days on the market decreased by 22%, highlighting that buyers are competing to purchase homes soon after listing.

AVERAGE SALES PRICE

DAYS ON MARKET

SINGLE-FAMILY HOMES

Broward County SALES BY NEIGHBORHOOD AVG SALES PRICE

PRICE RANGE

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

APR 2021

ABOVE LISTING PRICE

PRICE PER SF

PRICE PER SF

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

APR 2022

AT LISTING PRICE OR LOWER

↓ 3%

CONDOMINIUMS

Broward County SALES AND INVENTORY DECREASE Condo inventory decreased by 4% in April and was less than half the level of one year ago. With fewer opportunities to purchase, sales volume decreased from the previous year even as the county is the most affordable condo market in the region.

AVERAGE SALES PRICE

DAYS ON MARKET

CONDOMINIUMS

Broward County SALES BY NEIGHBORHOOD AVG SALES PRICE

PRICE RANGE

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

APR 2021

PRICE PER SF

PRICE PER SF

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

APR 2022 ↓5%

ABOVE LISTING PRICE

AT LISTING PRICE OR LOWER

SINGLE-FAMILY HOMES

Palm Beach County HIGHEST MEDIAN PRICE IN THE REGION The median price rose to the highest in the region in April, reaching nearly $650,000. In the last year, the median price increased by 30%.

AVERAGE SALES PRICE

DAYS ON MARKET

SINGLE-FAMILY HOMES

Palm Beach County SALES BY NEIGHBORHOOD AVG SALES PRICE

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

APR 2021

ABOVE LISTING PRICE

PRICE PER SF

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

APR 2022

AT LISTING PRICE OR LOWER

↓

PRICE RANGE

PRICE PER SF

10%

CONDOMINIUMS

Palm Beach County INVENTORY UP WHILE TIME ON MARKET DROPS The average days on the market decreased by 56%, even as active inventory increased by 11% in April. Though inventory was on the rise, buyer competition remains the norm, with more than 34% of sales closed above the list price, one of the highest shares in the region

AVERAGE SALES PRICE

DAYS ON MARKET

CONDOMINIUMS

Palm Beach County SALES BY NEIGHBORHOOD AVG SALES PRICE

PRICE RANGE

AVG SALES PRICE

ABOVE LISTING PRICE

PRICE PER SF

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

SOLD ABOVE LISTED PRICE

APR 2021

PRICE PER SF

APR 2022

AT LISTING PRICE OR LOWER

↓1%

SINGLE-FAMILY HOMES

Martin County LIMITED ACTIVITY, PRICING REMAINS HIGH Martin County had the lowest activity level in the region, with only 75 homes listed for sale and 77 homes sold in April. The small sales pool leads to more volatility in the average price, which declined by 5%. Despite the drop in pricing, the county remained one of the more expensive in the region.

AVERAGE SALES PRICE

DAYS ON MARKET

SINGLE-FAMILY HOMES

Martin County SALES BY NEIGHBORHOOD AVG SALES PRICE

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

APR 2021

ABOVE LISTING PRICE

PRICE PER SF

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

APR 2022

AT LISTING PRICE OR LOWER

↓

PRICE RANGE

PRICE PER SF

23%

CONDOMINIUMS

Martin County COMPETITIVE BIDDING BECOMING MORE COMMON Until recently, condominiums selling above the asking price were relatively rare, as competition pushes buyers to offer a premium to the list price in the tight market.

AVERAGE SALES PRICE

DAYS ON MARKET

CONDOMINIUMS

Martin County SALES BY NEIGHBORHOOD AVG SALES PRICE

PRICE RANGE

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

APR 2021

ABOVE LISTING PRICE

PRICE PER SF

PRICE PER SF

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

APR 2022

AT LISTING PRICE OR LOWER

↑42%

SINGLE-FAMILY HOMES

Indian River County INVENTORY UP BUT STILL A SELLER’S MARKET Though inventory increased in April, the average time on the market plummeted by 25%. The pace of sales was most pronounced by price range, with homes priced lower than $1 million selling within an average of 44 days, while homes in the $1 million to $3 million range took 61 days on average to sell.

AVERAGE SALES PRICE

DAYS ON MARKET

SINGLE-FAMILY HOMES

Indian River County SALES BY NEIGHBORHOOD AVG SALES PRICE

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

APR 2021

ABOVE LISTING PRICE

CLOSED TRANSACTIONS

PRICE PER SF

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

APR 2022

AT LISTING PRICE OR LOWER

↓

PRICE RANGE

PRICE PER SF

13%

CONDOMINIUMS

Indian River County INCREASED SALES MOMENTUM Active listings increased, providing the inventory needed to satisfy some pent-up buyer demand. More buying opportunities helped improve sales velocity by 40% from last month.

AVERAGE SALES PRICE

DAYS ON MARKET

CONDOMINIUMS

Indian River County SALES BY NEIGHBORHOOD AVG SALES PRICE

AVG SALES PRICE

PRICE PER SF

SOLD ABOVE LISTED PRICE

APR 2021

ABOVE LISTING PRICE

DAYS ON MARKET

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

AVAILABLE LISTINGS

APR 2022

AT LISTING PRICE OR LOWER

↓

PRICE RANGE

PRICE PER SF

37%

SINGLE-FAMILY HOMES

Brevard County INVENTORY INCREASES AFTER RECORD LOW Following the trend in March, available listings increased by 46% to more than 600 houses in April. Driven partly by strong price gains, available inventory was also higher than one year ago, the only county in the region where listings increased.

AVERAGE SALES PRICE

DAYS ON MARKET

SINGLE-FAMILY HOMES

Brevard County SALES BY NEIGHBORHOOD AVG SALES PRICE

AVG SALES PRICE

ABOVE LISTING PRICE

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

SOLD ABOVE LISTED PRICE

APR 2021

PRICE PER SF

CLOSED TRANSACTIONS

APR 2022

AT LISTING PRICE OR LOWER

↓

PRICE RANGE

PRICE PER SF

45%

CONDOMINIUMS

Brevard County CONDOMINIUM INVENTORY REMAINS TIGHT Compared to last year, condominium inventory was 22% lower in April. Not surprisingly, competition for condos increased significantly. Roughly 40% of buyers paid a premium to the list price compared to only 18% during the same time last year.

AVERAGE SALES PRICE

DAYS ON MARKET

CONDOMINIUMS

Brevard County SALES BY NEIGHBORHOOD AVG SALES PRICE

PRICE RANGE

AVG SALES PRICE

SOLD ABOVE LISTED PRICE

APR 2021

PRICE PER SF

PRICE PER SF

CLOSED TRANSACTIONS

CLOSED TRANSACTIONS

DAYS ON MARKET

DAYS ON MARKET

AVAILABLE LISTINGS

APR 2022 ↓

ABOVE LISTING PRICE

AT LISTING PRICE OR LOWER

9%

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© 2022 ONE Sotheby’s International Realty. All rights reserved. Sotheby’s International Realty® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC and used with permission. ONE Sotheby’s International Realty fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each franchise is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Sotheby’s International Realty Affiliates LLC nor any of its affiliated companies. The information contained herein is deemed accurate but not guaranteed.