November 2022: South Florida Real Estate Stats

Traditional Nick Polyushkin's review of the residential real estate market in five counties of South Florida (Miami-Dade, Broward, Palm Beach, Martin, St. Lucie) is devoted for such segments, as single-family homes, condominiums and townhouses.

Nick Polyushkin, an expert, licensed broker and head of Vera Realty touches upon the news of the real estate market according to the reports of Miami Association of Realtors for November 2022 in comparison with the data for November 2021.

The information is based on the analysis of the database of the research department of the Federal Reserve Bank, concerning the key interest rate of the Federal Reserve System (FRS) and the associated most popular mortgage loan in the United States.

Housing market in South Florida in November 2022

Nick Polyushkin gives an assessment of the situation on the real estate market in South Florida in November 2022:

According to Bloomberg News, Florida's population has grown more than nine times since 1946 Between 2021 and 2022, the state's population increased by 1.9% to 22.2 million people.

The movement of people, who want to buy real estate in the state of Florida, continues, so we can talk about active trends in the development of this real estate market.

The increase in inventory supplies up to 4 months in a number of counties of South Florida allows buyers to hope for the appearance of profitable offers. These proposals appeared in closed-type settlements with the same type of houses. That's where you should look for interesting offers. By the way, when making a transaction, bidding for the set price reappears.

In general, the level of sales of both single-family homes and apartments and condominiums decreased by 40%. Purchases of real estate for cash did not increase much even with an increase in the loan rate, which indicates that buyers begin to get used to the current level of rates and decide to purchase real estate on credit.

According to real estate agencies, in November 2022, the market movement was sluggish, which will clearly continue in December 2022

Statistics indicators of the residential real estate market in South Florida

• Closed sales

In comparison to November 2021, Miami - Dade County November 2022 single-family home sales decreased - 38.5% year-over-year (October, 2022: -23.9 %). Sales of existing townhouses and condominiums decreased by -42.1% year-on-year (October, 2022: - 34.9%) .

Broward County in November 2022, sales of single-family homes went down by - 35.9% year-on-year (October, 2022: -27.1%). Sales of Broward townhouses and condominiums decreased by -34.3% year-on-year (October, 2022: - 23.4%).

Palm Beach November 2022 single-family home sales fell to -38.3% (October, 2022: -28.7%), as well as Palm Beach townhouses and condominiums sales declined - 44.2% (October, 2022: - 34.4 %).

Martin November 2022 single-family home sales reduced to -45.4% (October, 2022: - 36.2 %). Compared to houses, sales of Martin townhouses and condominiums decreased only by -26.3% (October, 2022: - 4.9%).

Compared to November 2021 in St. Lucie, the indicator for single-family homes decreased to -33.8% year-on-year (October, 2022: -24.6%); and for townhouses and condominiums, it changed to -39.7% (October, 2022: -42.4%).

November 2022 for five counties of South Florida was marked by a decrease in closed sales of the number of single-family homes to -38.38%, and for townhouses and condominiums - to -37.32% (compared to November 2021). The downward trend in the number of sales of single-family homes, as well as townhouses and condominiums, which began in October 2022, continues in November 2022 This decrease is due to a shortage of inventory and an increase in mortgage rates.

• Paid in cash

If we compare cash sales in November 2022 with the previous period last year, there is a decrease for for the segment of "single-family homes" by -0.5% (October, 2022: +4.3%), and an increase for townhouses and condominiums by +13.1% (October, 2022:+5.4%).

Cash sales in Broward in November 2022 showed an increase for single-family homes by +16.7% (October, 2022: -4.5%) and almost unchanged indicators for townhouses and condominiums by 0% (October, 2022: +0.6%).

In Palm Beach, in November 2022, we were monitoring a slight increase for single-family homes by +7.9% (October, 2022: +1%) and the same increase for townhouses and condominiums by +5.6% (October, 2022: +1.9%).

In Martin County, sales of single-family homes for cash increased by only +0.8% in November 2022 (October, 2022: +6.8%) and decreased for townhouses and condominiums by -19.9% (October, 2022: -13.4%).

In St. Lucie, the change in cash payments for single-family homes occurred from +3.2% (October 2022) to +17.2% (November, 2022), and for townhouses and condominiums from -8.2% (October, 2022) to +14.1% (November, 2022).

In general, the indicator "paid in cash" for the five districts under consideration in November 2022 compared to November 2021 looks like this: for "single-family homes" it changed from +2.16% (October, 2022) to +8.42% (November, 2022), and for "townhouses and condominiums, the indicator increased from -2.74% (October, 2022) to +10.54% (November, 2022).

• Median sale price

In Miami-Dade County, the median sale price of single-family homes increased to +9.4% compared to the previous November 2021, and as for townhouses and condominiums, this figure also increased to + 14.2%.

In Broward County, the median sale price of single-family homes went up to +11.3%, and for townhouses and condominiums it changed from +14.9% to +9.7%, compared to the previous month (October, 2022).

In Palm Beach County, the median prices for single-family homes were +10.78% (October, 2022: +14%), and prices for townhouses and condominiums changed to +10.8% (October, 2022:+22%).

In Martin County, single-family home prices fell to -4% (October, 2022: +14.8%), while townhouses and condominiums changed to +42.1% (October, 2022: +45.2%).

In St. Lucie, the indicator for single-family homes increased to +16.1% (October, 2022: +13.3%), and for townhouses and condominiums it changed to +23.1% (October, 2022: +20.2%).

In November 2022, in 5 counties of South Florida, the average values of the "median sales price" indicator for single-family homes “fell” from +13.96% (October, 2022) to +8.7% (November, 2022), and for townhouses and condominiums, the indicator also decreased from +24.24% (October, 2022) to +20.06% (November, 2022).

• Median percent of original list price received

In November 2022, in all five counties, the ‘median percent of original list price received’ indicator for single-family homes was -3.96% year-over-year, and for townhouses and condominiums, it was -2.98%. As for the comparison with October 2022, the indicator has hardly changed.

• Median time to contract

In Miami-Dade County, for the segment 'single-family homes' the indicator ‘median time to contract’ was +55% year-over-year, and for ‘townhouses and condominiums’, it was down -2.8%.

In Broward County, the index for single-family homes increased by +93.3% year-over-year, and for townhouses and condominiums it reached +19%.

In Palm Beach County, the median time to make a contract for the purchase of single-family homes was up to +146.15%, and for townhouses and condominiums +93.3%.

In Martin County, the change in the indicator for single-family homes was +183.3%, and for townhouses and condominiums the indicator also was up to +72.7%.

In St. Lucie, the skyrocket increase in the median time of the contract for single-family homes was + 222.2%, and for townhouses and condominiums, this parameter went up to +255.6%.

In November 2022, there is an increase in the "median contract time" for single-family homes to +139.9% in almost all five counties compared to November 2021 For townhouses and condominiums, the value of the indicator jumped to +87%.

• Median time to sale

In November 2022, in five counties under consideration, the ‘median time to sale’ indicator for single-family homes changed from +17.2% (October, 2022) to +30.11%, compared to November 2021, and for townhouses and condominiums - from +14.96% (October, 2022) to +16.28% (November, 2022).

The shortest time period to complete sales was in Martin County, where in October 2022 it was 57 days for townhouses and condominiums. In Broward County, the deadline for completing sales for townhouses and condominiums was 64 days, which can also be distinguished as not long.

In November 2022, real estate transactions took from 57 to 76 days, depending on the types of real estate and the area itself.

• Inventory/active lists

In Miami-Dade County, the number of single-family homes increased by +52.3% year-on-year in November 2022, and the number of condominium units changed to - 4% year-on-year over the same period in 2021, but increased compared to October 2022

In Broward County, the rate of inventory for single-family homes increased from +73% (October, 2022) to +88% (November, 2022), and for townhouses and condos from +10% (October,2022) to +24.4% (November, 2022).

In Palm Beach County, the index of active inventory for single-family homes changed up from +93.76% (October, 2022) to +133.22% (November, 2022), and for townhouses and condos this figure soared from +59.9% (October, 2022) to +80.6% (November, 2022).

In Martin County, the growth of the indicator for single-family homes was from +107.6% (October, 2022) to +125.1% (November, 2022), and for townhouses and condos it changed from +133.3% (October, 2022) to +89.4% (November, 2022).

In St. Lucie, a growth for single-family homes from +132.8% (October, 2022) to +159.1% (November, 2022), and the positive dynamics for townhouses and condos amounted to changes from +43.9% (October, 2022) to +81.1% (November, 2022).

The November increase in active listings for the five counties was +107.6% compared to November 2021, and for townhouses and condominiums, the change was +54.3%.

• Months supply of inventory

In November 2022, the months supply of inventory continues to slowly increase to 4 months.

In Miami-Dade, months' supply of inventory for single-family homes increased to +90.5% (4 months) year-over-year. Inventory for existing condominiums increased to +8.1% (4 months).

In Broward County, the monthly inventory supply for single-family homes was up to +130.8% (3 months), for for townhouses and condos , the figure was +44.4% ( 2.6 months).

In Palm Beach County, the monthly inventory supply index for single-family homes continued to grow from +146.2% (October, 2022) to +175% (3.3 months), and for townhouses and condominiums it changed from +92.3% (October, 2022) to +133.3% (2.8 months) in November 2022

In Martin County, the indicator for single-family homes was +210% (3.1 months), and for townhouses and condominiums it continued to grow to +130.8%. (3 months).

In St. Lucie, the inventory supply for single-family homes changed from +130.8% (October, 2022) to +166.7% (3.2 months) in November 2022; and for townhouses and condominiums, changes have occurred from +92.3% (October, 2022) to +158.3% (3.1 months) in November 2022

The median single family Florida home price at the end of November 2022 was $400K and this represents a 10% year-over-year gain. If you want to calculate the cost of a mortgage, we invite you to use the mortgage calculator posted on the Vera Realty website.