TRENDS | DECEMBER MARKET REPORT
JILL PENMAN December 16, 2021
JILL PENMAN December 16, 2021
MARKET REPORT DECEMBER 2021
TRENDS
TODAY’S REAL ESTATE
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LOCAL EXPERTISE WITH A GLOBAL PERSPECTIVE
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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.
Daniel de la Vega
President
ONE Sotheby’s International Realty
THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
DEC 2021
The Florida East Coast housing market headed towards a strong finish to the year, with home prices continuing to increase. In part driving the price gains, housing demand was bolstered by continued job creation and wage growth. Migration into the region continued to rebound, with younger households attracted by job opportunities and low unemployment rate as well as some households relocating for affordability reasons. Strengthening economic conditions and still-low mortgage rates should expand housing demand despite strong price gains that will curtail affordability.
AVERAGE SALES PRICE BY COUNTY
FLORIDA’S EAST COAST
NOV 2020 NOV 2021
The lack of homes remained the primary constraint
on the market, limiting sales activity despite the elevated buyer demand. In November, nearly 9,800 homes and condos sold in the region, on par with the previous month. Notably, sales volume for both single family homes and condos was stable from October. This contrasts with recent months where the greater availability of condo inventory in many counties helped allow sales to accelerate. As excess condo supply is absorbed, sales activity should more closely align with the single family sector.
NOV 2020 NOV 2021
SINGLE-FAMILY HOMES
CONDOMINIUMS
INVENTORY DOWN 50% SINCE JANUARY
The total number of for-sale listings decreased by nearly 7% in the last month, falling below the 20,000 home threshold for the first time in this cycle. Since the beginning of the year, inventory has fallen by more than 50%, underscoring the degree to which buyer demand has outweighed new listings coming on the market. With such a large imbalance of demand and supply, it is not surprising that prices reached record levels in many neighborhoods.
With dwindling inventory and strong sales activity,
the months of supply continued to fall. At the current sales pace, condo inventory would be absorbed within roughly 2.5 months. In the more supply constrained single family home sector, inventory would be exhausted in less than 1.5 months if no additional homes came on the market.
MEDIAN SALES PRICE
FLORIDA’S EAST COAST
BUYERS WILLING TO COMPROMISE
In the last few months, the average days on market increased slightly. While an increase often marks a slowing housing market, in this case the lack of supply is driving more buyers to consider homes that have sat on the market for longer than expected, which is leading to the increase in the average days on market. While newly listed homes are often put into escrow quickly, potential buyers that find themselves outbid are increasingly turning to available homes that, for various reasons, have not yet sold. This highlights that some buyers are increasingly compromising on location, amenities and other features in order to gain entry to the ownership market. Roughly 26% of sales closed at greater than the list price, slightly down from the peak in July and August. Competition was elevated in the single family segment relative to condos, with approximately 33% of single family homes sold above asking price while 19% of condos sold for more than the list price. While the share of condos closing greater than the asking price was much lower than single family homes, since 2020 that share has tripled, highlighting the rapid recovery of the condo market in many neighborhoods.
$470,000 2%
THE REAL ESTATE MARKET ALONG FLORIDA’S EAST COAST
DEC 2021
MEDIAN PRICE CONTINUES TO INCREASE
Driven by strong demand, the median price continued to increase throughout the Florida East Coast. The median price of condos increased by more than 6% in November to reach a record-high of $282,000. The single family home median price increased by more than 2% from
the previous month. While the increase in pricing strains affordability, buyers continued to compete for quality homes. In November, roughly 26% of sales closed at greater than the list price. Tighter conditions in the single family home segment magnified this trend, with nearly 33% of sales closing above the asking price.
With few prospects for inventory to increase substantially in the coming months, sellers in most neighborhoods
AVAILABLE INVENTORY
FLORIDA’S EAST COAST
SINGLE-FAMILY HOMES AND CONDOMINIUMS
will continue to hold leverage over buyers. The elevated demand should spur further price increases even
as mortgage rates may increase next year. Housing affordability will increasingly become an issue for some households, particularly potential buyers of starter homes and smaller condo units, though the surge
in apartment rents may complicate the own/rent decision. The overall trajectory of the economy, as well
as prospects for a full recovery of tourism activity, will remain influenced by the pandemic. Despite potential headwinds, the Florida East Coast housing market should end this year on a positive note with strong prospects for continued growth into 2022.
Sep 2021
Oct 2021
↓9%
Nov 2021
↓ 10%
↓14%
↓8%
↓7%
↓6%
SOLD ABOVE LISTED PRICE
FLORIDA’S EAST COAST
NOV 2020
SINGLE-FAMILY HOMES
NOV 2021
ABOVE LISTING PRICE
MEDIAN SALES PRICE
NOV 2020
AT LISTING PRICE OR LOWER
AVG SALES PRICE PRICE PER SF
NOV 2021
CLOSED TRANSACTIONS
CONDOMINIUMS
HIGHEST SALES
FOR SALE
SINGLE-FAMILY HOMES
Miami-Dade County
BUYER DEMAND REMAINS STRONG
While overall sales volume was stable in November, transactions priced between $1 million and $3 million accelerated by 20%. Even as the county has the greatest months of supply, roughly 29% of homes sold above the asking price.
AVERAGE SALES PRICE
DAYS ON MARKET
Miami-Dade County
SALES BY NEIGHBORHOOD
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
SOLD ABOVE LISTED PRICE
NOV 2020
AVAILABLE LISTINGS
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
NOV 2021
↓4%
SINGLE-FAMILY HOMES
CONDOMINIUMS
Miami-Dade County
LARGE INVENTORY PRESENTS OPPORTUNITIES FOR BUYERS
In the last month, inventory decreased by nearly 7% as the pace of sales accelerated. Despite this improvement, the share of units sold above list price was the lowest
in the region.
AVERAGE SALES PRICE
DAYS ON MARKET
Miami-Dade County
SALES BY NEIGHBORHOOD
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
-
ER
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
SOLD ABOVE LISTED PRICE
NOV 2020
AVAILABLE LISTINGS
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
NOV 2021
↓6%
CONDOMINIUMS
SINGLE-FAMILY HOMES
Broward County
HEIGHTENED COMPETITION LEADS TO PRICE GAINS
The county maintained the greatest share of homes sold over the list price in the region at 37%. This competition helped drive the average price paid per square foot to a new high in November.
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
NOV 2020
AVAILABLE LISTINGS
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
NOV 2021
↓9%
SINGLE-FAMILY HOMES
CONDOMINIUMS
Broward County
INVENTORY FALLS, PRICES RISE
Since June, listing inventory fell by more than 16%, bringing the number of available units below the 3,000 unit threshold for the first time. The strong sales activity led to a more than 4% rise from last month in the average price.
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
NOV 2020
AVAILABLE LISTINGS
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
NOV 2021
↓5%
CONDOMINIUMS
SINGLE-FAMILY HOMES
Palm Beach County
SALES ABSORB INVENTORY AT ACCELERATING PACE
In November, for-sale listings fell by more than 11%. The bulk of the increase in sales occurred in the $1 million to $3 million range. In contrast, the growth in sales in October was driven by the under $1 million category.
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
NOV 2020
AVAILABLE LISTINGS
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
NOV 2021
↓11%
SINGLE-FAMILY HOMES
CONDOMINIUMS
Palm Beach County
INVENTORY FALLS AS UNITS SELL QUICKLY
Inventory fell by 5% and the average list price increased to more than $765,000. Counter to the regional trend, the average number of days on the market decreased. The average price per square foot reached a new high in November.
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
NOV 2020
AVAILABLE LISTINGS
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
NOV 2021
↓5%
CONDOMINIUMS
SINGLE-FAMILY HOMES
Martin County
SALES ACTIVITY REBOUNDS
Sales activity increased for the first time in five months as tight inventory had hampered volume in recent months. The recovery in sales was driven by the less than $1 million price range.
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
NOV 2020
ABOVE LISTING PRICE
NOV 2021
AT LISTING PRICE OR LOWER
↓ 23%
SINGLE-FAMILY HOMES
CONDOMINIUMS
Martin County
PRICE GAINS REDUCING COMPETITION
Pricing surged in recent months, and the upward shift in seller expectations helped to reduce the number of units sold above list price. The condo market tightened in November and at the current sales pace inventory would last one month.
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
NOV 2020
ABOVE LISTING PRICE
NOV 2021
AT LISTING PRICE OR LOWER
15%
CONDOMINIUMS
↓
SINGLE-FAMILY HOMES
Indian River County
LOWER PRICED HOMES OUTPERFORMING MARKET
In November, inventory fell by more than 11% as buyers absorbed homes at a faster pace. As the bulk of homes sold were priced less than $1 million, the growing number of higher priced homes listed on the market increased the median list price by more than 9%.
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
NOV 2020
ABOVE LISTING PRICE
NOV 2021
AT LISTING PRICE OR LOWER
↓ 11%
SINGLE-FAMILY HOMES
CONDOMINIUMS
Indian River County
MOST COMPETITIVE CONDO MARKET
The condo market produced the greatest share of units sold above list price in the region. Increased competition led to an 8.5% increase in the average price paid per square foot.
AVERAGE SALES PRICE
DAYS ON MARKET
Indian River County
SALES BY NEIGHBORHOOD
PRICE RANGE
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
AVG SALES PRICE
PRICE PER SF
CLOSED TRANSACTIONS
DAYS ON MARKET
DAYS ON MARKET
SOLD ABOVE LISTED PRICE
AVAILABLE LISTINGS
NOV 2020
ABOVE LISTING PRICE
NOV 2021
AT LISTING PRICE OR LOWER
↓7%
CONDOMINIUMS
SINGLE-FAMILY HOMES
Brevard County
TIGHT MARKET PUSHES PRICING TO NEW HIGHS
Brevard County is the tightest single family market in the region, with approximately three weeks of supply at the current sales pace. The average price per square foot reached a new high in November.
AVERAGE SALES PRICE
DAYS ON MARKET
Brevard 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
NOV 2020
AVAILABLE LISTINGS
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
NOV 2021
↓ 10%
SINGLE-FAMILY HOMES
CONDOMINIUMS
Brevard County
CONDO MARKET TIGHTENS
The number of listings fell by nearly 7% in November, reaching the lowest point since early in the year. The average price of listed properties increased by 6% to $323 per square foot, the highest figure on record.
AVERAGE SALES PRICE
DAYS ON MARKET
Brevard 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
NOV 2020
AVAILABLE LISTINGS
ABOVE LISTING PRICE
AT LISTING PRICE OR LOWER
N0V 2021
↓1%
CONDOMINIUMS
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The Scoop
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We provide our clients with unparalleled customer service, openness and honesty, smooth and transparent transactions, and maximum commercial
Jill Penman Group
3560 MAIN HWY COCONUT GROVE MIAMI FL 33133