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

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