TRENDS November 2021 | New Market Report
November 17, 2021
November 17, 2021
TRENDS: TODAY’S REAL ESTATE ALONG FLORIDA’S EAST COAST
I am proud to share our latest market report produced by ONE Sotheby’s International Realty in partnership with Rosen Consulting Group, the leading independent real estate economics consulting firm.
With offices in Berkeley and New York, Rosen Consulting Group is a trusted advisor to top public and private real estate organizations. Their analytical approach and global viewpoint, aligned with the local expertise of our real estate professionals, creates an unmatched collaboration for this piece.
Our goal is to provide high-quality and easy to use information to guide our clients with superior insights and a strategic perspective to real estate. By keeping a close eye on the market, we can better advise our clients with timely, important knowledge.
Along Florida’s East Coast, opportunities continue to surface for smart real estate investors as well as savvy buyers and sellers. As the market continues to evolve, our global real estate advisors remain connected to opportunities for immediate relocation, a lifestyle change or long-term investment for our clients.
Daniel de la Vega
President
ONE Sotheby’s International Realty
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 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.
THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
NOV 2021
Market conditions along the Florida East Coast continued to strengthen in October, with a rebound in sales volume and price gains throughout most neighborhoods.
The strong economic conditions, highlighted by a low unemployment rate of 4.7%, and lifestyle continued to attract new residents to the region, adding to the demand for homes. The recovering tourism market, particularly from international travelers, will improve economic conditions and potentially return a missing demand segment to the market.
AVERAGE SALES PRICE BY COUNTY
FLORIDA’S EAST COAST
OCT 2020 OCT 2021
SINGLE-FAMILY HOMES
Sales activity stabilized in October, changing little from the previous month. In October, more than 9,700 single family homes and condos sold along Florida’s East Coast. While closed sales fell by 13% compared with last year, sales velocity last fall was influenced by pandemic- related purchases and migration. Compared to 2019, when market conditions could be considered more normal, sales were up by 11%. By property type, condo sales increased the most since October 2019, by 24%, with gains accelerating in the last few months.
OCT 2020 OCT 2021
CONDOMINIUMS
ACTIVE LISTINGS DOWN 5%
Active listings fell for the third-consecutive month, decreasing to approximately 20,500 homes and condos in October. This was a decrease of nearly 5% from the previous month. Highlighting the strengthened condo market in the last few months, listings decreased by more than 6%, outpacing the single family home segment.
At the current pace of sales, available condos would
be absorbed within roughly eleven weeks while single family homes would be exhausted within seven weeks. Compared with January, the months of supply for condos fell by more than 60%.
With buyer demand still elevated, homes average fewer days on the market, particularly in prime neighborhoods and for homes priced less than one million dollars. The average number of days listings spent on the market fell to 44 days in October for all types of residences. This was roughly 40% fewer days than October 2020. Single family homes, on average, spent less time on the market than condos, reaching approximately 32 days in October.
MEDIAN SALES PRICE
FLORIDA’S EAST COAST
PRICE GAINS LURING HOMEOWNERS TO LIST
Though buyer demand absorbed much of the new inventory, price gains throughout the region continued to drive more existing owners to list homes for sale. These new listings came onto the market at ever-increasing prices. Year-to-date, the average price per square foot of newly listed condos increased by 28% while the average price per square foot of single family homes increased by 24%. With few available homes in some neighborhoods, sellers firmly hold pricing leverage.
In many neighborhoods, competition for homes drove potential buyers to submit bids greater than the list price. In October, approximately 26% of sales closed in excess of the asking price. With limited inventory particularly apparent in the single family segment, more than 32%
of homes sold for more than the list price. The greatest share of homes sold for more than asking in Brevard County while Miami-Dade, primarily a result of the substantial condo inventory, had the lowest share.
$460,000 +2%
THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
MARKET CONDITIONS CONDUCIVE TO FURTHER PRICE INCREASES
Buyer demand should remain elevated through the remainder of the year, driven in part by migration into the region and low mortgage rates. The return of international travel may spur an increase in sales volume and cash sales in many neighborhoods in the coming months. As conditions improve in parts of Central and South America and visitor volume recovers, pent-up demand that was built up during the last year and a half may be released on the Florida East Coast housing market. Though for-sale inventory may increase, overall demand for homes should maintain tight market conditions leading to continued price gains into the near term.
AVAILABLE INVENTORY
FLORIDA’S EAST COAST
SINGLE-FAMILY HOMES AND CONDOMINIUMS
Aug 2021
Sep 2021
↓1%
Oct 2021
↓3%
↓9%
↓6%
↓5%
↓5%
SOLD ABOVE LISTED PRICE
FLORIDA’S EAST COAST
NOV 2021
OCT 2020
SINGLE-FAMILY HOMES
OCT 2021
ABOVE LISTING PRICE
MEDIAN SALES PRICE
OCT 2020
AT LISTING PRICE OR LOWER
AVG SALES PRICE PRICE PER SF
OCT 2021
FOR SALE
CLOSED TRANSACTIONS
CONDOMINIUMS
HIGHEST SALES
SINGLE-FAMILY HOMES
Miami-Dade County
BUYER DEMAND REMAINS STRONG
The median price of a single family home rebounded from the slowdown in August and September. Strong buyer demand, particularly in the $1 to $5 million range, drove the average time on market lower.
AVERAGE SALES PRICE
DAYS ON MARKET
Miami-Dade County
SALES BY NEIGHBORHOOD
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
-
SOLD ABOVE LISTED PRICE
OCT 2020
AVAILABLE LISTINGS
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
OCT 2021
↓1%
SINGLE-FAMILY HOMES
CONDOMINIUMS
Miami-Dade County
LARGE SUPPLY POOL LEADS TO GAINS
Sales activity increased by 8% in October, the largest increase of any county, as accelerating buyer demand was able to take advantage of sufficient supply. The average price per square foot increased by 23%, tied for the largest increase in the region.
AVERAGE SALES PRICE
DAYS ON MARKET
Miami-Dade County
SALES BY NEIGHBORHOOD
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
-
SOLD ABOVE LISTED PRICE
OCT 2020
AVAILABLE LISTINGS
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
OCT 2021
↓6%
CONDOMINIUMS
SINGLE-FAMILY HOMES
Broward County
BUYERS COMPETE EVEN AS SALES SLOW
The number of home sales slipped slightly, the fourth consecutive months of lower sales. Despite this slowdown, the greatest share of homes sold above the list price was in Broward County.
AVERAGE SALES PRICE
DAYS ON MARKET
Broward County
SALES BY NEIGHBORHOOD
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
SOLD ABOVE LISTED PRICE
OCT 2020
AVAILABLE LISTINGS
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
OCT 2021
↓2%
SINGLE-FAMILY HOMES
CONDOMINIUMS
Broward County
FOR-SALE LISTINGS FALL FURTHER
The number of active listings fell by more than 55% since the end of 2020, one of the largest decreases in the region. With less inventory, the median price of new listings accelerated in recent months.
AVERAGE SALES PRICE
DAYS ON MARKET
Broward County
SALES BY NEIGHBORHOOD
SOLD ABOVE LISTED PRICE
OCT 2020
AVAILABLE LISTINGS
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
OCT 2021
↓6%
CONDOMINIUMS
SINGLE-FAMILY HOMES
Palm Beach County
SALES ACTIVITY REBOUNDS FROM PRIOR MONTH
Monthly sales increased, one of two counties in the region where single family home sales improved in October, after a drop in September. The increase was driven primarily by the less than $1 million price range.
AVERAGE SALES PRICE
DAYS ON MARKET
Palm Beach County
SALES BY NEIGHBORHOOD
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
SOLD ABOVE LISTED PRICE
OCT OCT 2020 2021
AVAILABLE LISTINGS
ABOVE LISTING PRICE AT LISTING PRICE OR LOWER
↓5%
SINGLE-FAMILY HOMES
CONDOMINIUMS
Palm Beach County
LOWER PRICED UNITS SHOW SLOWING PACE
For-sale listings fell by 7% in October and, since the end of 2020, nearly 70% lower. The dwindling supply of condos heightened competition within some communities, leading to roughly one-fourth of sales closed above the list price. The average time on market also decreased, particularly within the $1 to $3 million range.
AVERAGE SALES PRICE
DAYS ON MARKET
Palm Beach County
SALES BY NEIGHBORHOOD
SOLD ABOVE LISTED PRICE
OCT 2020
AVAILABLE LISTINGS
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
OCT 2021
↓7%
CONDOMINIUMS
SINGLE-FAMILY HOMES
Martin County
INVENTORY CONTINUED TO FALL
Active listings fell below 100 homes for the first time and the median price of listed homes increased to a record high in October. For homes priced less than $1 million, listings spent on average less than one month on the market.
AVERAGE SALES PRICE
DAYS ON MARKET
Martin County
SALES BY NEIGHBORHOOD
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
SOLD ABOVE LISTED PRICE
AVAILABLE LISTINGS
OCT 2020
ABOVE LISTING PRICE
OCT 2021
AT LISTING PRICE OR LOWER
↓4%
SINGLE-FAMILY HOMES
CONDOMINIUMS
Martin County
BUYER COMPETITION ACCELERATES
The share of condos sold above list price surged to more than 30% in October, nearly double the share just two months ago.
AVERAGE SALES PRICE
DAYS ON MARKET
Martin County
SALES BY NEIGHBORHOOD
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
SOLD ABOVE LISTED PRICE
AVAILABLE LISTINGS
OCT 2020
ABOVE LISTING PRICE
OCT 2021
AT LISTING PRICE OR LOWER
↓21%
CONDOMINIUMS
SINGLE-FAMILY HOMES
Indian River County
MONTHLY SALES DECREASE
Sales volume fell by nearly 20% in October, the largest decline in the region. Despite the drop, the average price per square foot increased, driven primarily by homes sold for less than $2.5 million.
AVERAGE SALES PRICE
DAYS ON MARKET
Indian River County
SALES BY NEIGHBORHOOD
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
SOLD ABOVE LISTED PRICE
AVAILABLE LISTINGS
OCT 2020
ABOVE LISTING PRICE
OCT 2021
AT LISTING PRICE OR LOWER
↓1%
SINGLE-FAMILY HOMES
CONDOMINIUMS
Indian River County
POTENTIAL BUYERS FUNNELED TO FEWER LISTINGS
Active listings fell further in October, concentrating potential buyers on fewer opportunities and leading to more than 20% of condos selling above the asking price. Since the end of 2020, the average price per square foot of new listings increased by nearly 75%.
AVERAGE SALES PRICE
DAYS ON MARKET
Indian River County
SALES BY NEIGHBORHOOD
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
SOLD ABOVE LISTED PRICE
OCT OCT 2020 2021
ABOVE LISTING PRICE AT LISTING PRICE OR LOWER
AVAILABLE LISTINGS
↓8%
CONDOMINIUMS
SINGLE-FAMILY HOMES
Brevard County
LOWEST MONTHS OF SUPPLY IN REGION
Available supply fell once again, reaching slightly more than three weeks in October as the pace of sales accelerated. The housing market is the tightest in the region, and nearly 35% of houses sold for more than the asking price.
AVERAGE SALES PRICE
DAYS ON MARKET
Brevard County
SALES BY NEIGHBORHOOD
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
SOLD ABOVE LISTED PRICE
OCT 2020
AVAILABLE LISTINGS
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
OCT 2021
↓1%
SINGLE-FAMILY HOMES
CONDOMINIUMS
Brevard County
SALES ACTIVITY SURGED IN OCTOBER
Following the September slowdown, condo sales rebounded strongly in October. Though one of the smaller condo markets in the region, the monthly increase outpaced many of the larger counties.
AVERAGE SALES PRICE
DAYS ON MARKET
Brevard County
SALES BY NEIGHBORHOOD
SOLD ABOVE LISTED PRICE
OCT 2020
AVAILABLE LISTINGS
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
OCT 2021
↓1%
CONDOMINIUMS
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