South Florida Residential Real Estate Market Statistics October 2022
Visitors to the Vera Realty and Vera Fund Websites follow with interest the reviews of new trends in the residential real estate market in five counties of South Florida (Miami-Dade, Broward, Palm Beach, Martin, St. Lucie), which are regularly updated by Nick Polyushkin, an expert, licensed broker and head of Vera Realty.
This traditional market review in the segments of single-family homes, condominiums and townhouses is based on the reports of the Miami Association of Realtors for October 2022 in comparison with the data for October 2021 (https://www.miamirealtors.com/).
In addition, to expand the understanding of the dynamics, the review includes a comparison of some indicators with the indicators of the previous month of the current year.
A distinctive feature of Nick Polyushkin's reviews is the express 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 October 2022
Nick Polyushkin, an expert, licensed broker and head of the real estate company Vera Realty, analyzes the situation on the real estate market in South Florida in October 2022:
“According to Freddie Mac, October 2022 marks the eighth month in a row when mortgage rates are 5% or higher. The average rate on a regular 30-year fixed-rate mortgage in October was 6.90% compared to 6.11% in September. What could we observe on the market in October 2022? South Florida real estate continued to move in the direction of stability, as the potential for stability in mortgage rates could lead to increased inventory in a changing market. Sales of middle-class condominiums in Broward County increased for the third month in a row, as the total number of active offers increased for the fourth month in a row in October 2022. Condo sales in the Martin County mid-market also increased year-on-year in October 2022. Sales of luxury single-family homes in Palm Beach County rose for the third month in a row in October 2022, as total inventory increased for the fourth month in a row.”
Statistics indicators of the residential real estate market in South Florida
1. Closed sales
In comparison to October 2021, Miami - Dade County October 2022 single-family home sales decreased - 23.9% year-over-year (September, 2022: -30%). As for Miami-Dade existing townhouses and condominiums sales decreased -34.9% year-over-year (September, 2022: - 26 %).
Broward County October 2022 single-family home sales decreased - 27.1% year-over-year (September, 2022: -30 %). Broward townhouses and condominiums sales decreased -23.4% year-over-year (September, 2022: - 20 %).
Palm Beach October 2022 single-family home sales fell to -28.7% (September, 2022: -19%), as well as Palm Beach townhouses and condominiums sales declined -34.4% (September, 2022: - 32 %).
Martin October 2022 single-family home sales decreased -36.2% (September, 2022: - 15 %). Compared to houses, sales of Martin townhouses and condominiums decreased only by -4.9% (September 2022: - 28%).
If we compare it with October 2021, in St. Lucie, this indicator for single-family homes also decreased to -24.6% year-over-year (September, 2022: -18%) ; and for townhouses and condominiums, it changed significantly to -42.4% (September 2022: -11%).
October 2022 for five counties of South Florida is characterized by a decrease in closed sales of the number of single-family homes to -28.9%, and for townhouses and condominiums to -28% compared to October 2021. When comparing the indicators of October and September 2022, their decline continues both for single-family homes and for townhouses and condominiums, that is due to a shortage of inventory and rising mortgage rates.
| Some counties of South Florida | Single-family homes | Townhouses and condos |
|---|---|---|
| Miami-Dade, Broward, Palm Beach,
Martin, St.Lucie |
-28,9% | -28% |
Table 1.The average value of the ‘closed sales’ indicator in Miami-Dade, Broward, Palm Beach, Martin, St. Lucie counties in October 2022 in comparison to October 2021
2. Paid in cash
According to Miami Realtors, cash sales in Miami are 46.5% more than nationwide in October 2022. The high percentage of cash buyers reflects Miami's leading position as an outstanding American real estate market, especially for foreign buyers who tend to make purchases for cash. In October, cash sales accounted for 24.4% of single-family transactions and 48.4% of all existing condo sales in Miami. If we compare cash sales in October 2022 with the previous period last year, we see their increase for single-family homes by +4.3% (September, 2022: -2.5%), and for townhouses and condominiums by +5.4% (September, 2022:+7.3%).
Cash sales accounted for 39.2% of Broward sales closed in October 2022, up from 39.1% in October 2021. Cash sales accounted for 22.3% of single-family transactions and 53.4% of all existing Broward condo sales. Compared to the previous period last year, cash sales in Broward in October 2022 show a decrease for single-family homes by -4.5% (September 2022: +10.5%) and an increase for townhouses and condominiums by +0.6% (September 2022: -2.3%).
Cash sales in Palm Beach nearly doubled the national figure in October 2022. Cash sales accounted for 48.6% of Palm Beach's sales closed in October 2022, up from 48.2% in October 2021. Cash sales accounted for 40.8% of single-family transactions and 57.9% of all existing condo sales in Palm Beach. Comparing cash sales in Palm Beach in October 2022 with the previous period last year, we can mark a slight increase for single-family homes by +1% (September 2022: +7%) and the same increase for townhouses and condominiums by +1.9% (September 2022: -1.3%).
Martin сash sales almost doubled the national figure in October 2022. Cash sales accounted for 46.3% of single-family transactions and 57.7% of all sales of existing Martin condominiums. In Martin County, sales of single-family homes for cash increased by +6.8% in October 2022 (September 2022: -0.2%) and decreased for townhouses and condominiums by -13.4% (September 2022: -9%).
In St. Lucie, the change in payment for single-family homes was from +4.7% (September, 2022) to +3.2% (October, 2022), and for townhouses and condominiums from +10.5% (September, 2022) to -8.2% (October, 2022).
In general, the "paid in cash" indicator for the five counties under consideration in October 2022 compared to October 2021 looks like this change: for ‘single-family homes’ it changed from +3.9% (September 2022) to +2.16% (October 2022), and for ‘townhouses and condominiums’ the indicator decreased from +1.04% (September 2022) to -2.74% (October 2022).
| Some counties of South Florida | Single-family homes | Townhouses and condos |
|---|---|---|
| Miami-Dade, Broward, Palm Beach,
Martin, St.Lucie |
+2.16% | -2,74% |
Table 2.The average value of the ‘closed sales’ indicator in Miami-Dade, Broward, Palm Beach, Martin, St. Lucie counties in October 2022 in comparison to October 2021
3. Median sale price
In Miami-Dade County, the median sale price of single-family homes increased to +17.3% compared to the previous October 2021, and as for townhouses and condominiums, this figure also increased to + 18.9%.
In Broward County, the median sale price of single-family homes increased to +10.4%, and for townhouses and condominiums it changed from +24.4% to +14.9% compared to the previous month (September, 2022).
In Palm Beach County, the median prices for single-family homes were +14% (September 2022: +23.43%), and prices for townhouses and condominiums changed to +22% (September 2022:+17,6%).
In Martin County, single-family home prices ‘fell’ to +14.8% (September, 2022: +21.1%), while townhouses and condominiums jumped to +45.2% (September, 2022: +26.5%).
In St. Lucie, the indicator for single-family homes decreased to +13.3% (September, 2022: +19%), and for townhouses and condominiums it changed to +20.2% (September 2022: +11.3%).
In October 2022, in 5 counties of South Florida, the average values of the "median sales price" indicator for single-family homes changed from +18.7% (September 2022) to +13.96% (October 2022) compared to the previous year, and for townhouses and condominiums it increased from +19.9% (September 2022) to +24.24% (October 2022). Prices remained in positive dynamics.
| Some counties of South Florida | Single-family homes | Townhouses and condos |
|---|---|---|
| Miami-Dade, Broward, Palm Beach,
Martin, St.Lucie |
+13,96% | +24,24% |
Table 3.The average value of the ‘median sale price’ indicator in Miami-Dade, Broward, Palm Beach, Martin, St. Lucie counties in October 2022 in comparison to October 2021
4. Median percent of original list price received
In October 2022, in all five counties, the ‘median percent of original list price received’ indicator for single-family homes was -2.98% year-over-year, and for townhouses and condominiums, it was -1.92%. As for the comparison with September 2022, the indicator has hardly changed.
| Some counties of South Florida | Single-family homes | Townhouses and condos |
|---|---|---|
| Miami-Dade, Broward, Palm Beach,
Martin, St.Lucie |
-2,98% | -1,92% |
Table 4.The average value of the ‘median sale price’ indicator in Miami-Dade, Broward, Palm Beach, Martin, St. Lucie counties in October 2022 in comparison to October 2021
5. Median time to contract
In Miami-Dade County, for the segment 'single-family homes' the indicator ‘median time to contract’ was +36.4% year-over-year, and for ‘townhouses and condominiums’ it was down -8.8%. The median number of days between listing and contract dates for Miami single-family home sales was 30 days, up from 22 days last year. The median number of days between the listing date and contract date for condos was 31 days, down 8.8% from 34 days.
In Broward County, the index for single-family homes increased by +58.8% year-over-year, and for townhouses and condominiums it reached 0%.
In Palm Beach County, the median time to make a contract for the purchase of single-family homes was up to +100%, and for townhouses and condominiums +80%.
In Martin County, the change in the indicator for single-family homes was +33.3%, and for townhouses and condominiums the indicator also was up to +140%.
In St. Lucie, the increase in the median time of the contract for single-family homes was not significant, as in September 2022, and amounted to +140%, and for townhouses and condominiums, this increase went up to +188.9%.
In October 2022, there is a significant increase in the "median contract time" for single-family homes to +73% in almost all five counties compared to September 2021. For townhouses and condominiums, the value of the indicator jumped to +80%.
| Some counties of South Florida | Single-family homes | Townhouses and condos |
|---|---|---|
| Miami-Dade, Broward, Palm Beach,
Martin, St.Lucie |
+73,64% | +80,02% |
Table 5.The average value of the ‘median time to contract’ indicator in Miami-Dade, Broward, Palm Beach, Martin, St. Lucie counties in October 2022 in comparison to October 2021
6. Median time to sale
In October 2022, in five counties under consideration, the ‘median time to sale’ indicator for single-family homes changed from +13.6% (September, 2022) to +17.2% (October, 2022), compared to September 2021, and for townhouses and condominiums - from +3.4% (September, 2022) to +14.96% (October, 2022).
As an example, the median time for Miami single-family homes sales was 75 days, an +8.7% increase from 69 days last year, while for townhouses and condominiums the figure was 71 days, which is -10.15% less than last year.
The shortest time period to complete sales is in Martin County, where in October 2022 it is 63 days for both single-family home sales and townhouses and condominiums.
In October 2022, real estate transactions took from 63 to 75 days, depending on the types of real estate and the area itself.
| Some counties of South Florida | Single-family homes | Townhouses and condos |
|---|---|---|
| Miami-Dade, Broward, Palm Beach,
Martin, St.Lucie |
+17,02% | +14,96% |
Table 6.The average value of the ‘median time to sale’ indicator in Miami-Dade, Broward, Palm Beach, Martin, St. Lucie counties in October 2022 in comparison to October 2021
7. Inventory/active lists
The general trend of the South Florida real estate market in October 2022 continues the trend of September 2022 - the growth of new offers in all five counties.
In Miami-Dade County, the number of single-family homes increased by +41.9% year-on-year in October 2022, and the number of condominium units decreased by -13% year-on-year over the same period in 2021, but it increased compared to September 2022.
In Broward County, the rate of inventory for single-family homes increased from +52% (September, 2022) to +73% (October, 2022), and for townhouses and condos from -2.4% (September,2022) to +10% (October, 2022).
In Palm Beach County, the index of active inventory for single-family homes changed up from +67.81% (September, 2022) to +93.76% (October, 2022), and for townhouses and condos it increased from +38.1% (September, 2022) to +59.9% (October, 2022).
In Martin County, the growth of the indicator for single-family homes was from +67.6% (September, 2022) to +107.6% (October, 2022), and for townhouses and condos it changed from +85.5% (September, 2022) to +133.3% (October, 2022).
In St. Lucie, a growth for single-family homes from +131.2% (September, 2022) to +132.8% (October, 2022), and positive changes for townhouses and condos were from +37.1% (September, 2022) to +43.9% (October, 2022).
The October increase in active listings for the five counties was +89.8% compared to October 2021, and for townhouses and condominiums, the change was +46.82%.
| Some counties of South Florida | Single-family homes | Townhouses and condos |
|---|---|---|
| Miami-Dade, Broward, Palm Beach,
Martin, St.Lucie |
+89,8% | +46,82% |
Table 7.The average value of the ‘inventory/active lists’ indicator in Miami-Dade, Broward, Palm Beach, Martin, St. Lucie counties in October 2022 in comparison to October 2021
8. Months supply of inventory
In October 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 +68.2% (3.7 months) year-over-year. Inventory for existing condominiums decreased to -5% (3.8 months). The data shows that the market is gradually moving towards the seller's market, as a balanced market between buyers and sellers, when we have 5 to 6 months of inventory (MOI) of homes for sale.
In Broward County, the monthly inventory supply for single-family homes was up to +107.1% (2,9 months), for townhouses and condos , the indicator was +26.3% ( 2,4 months).
In Palm Beach County, the monthly inventory supply index for single-family homes continued to grow from +107.1% (September, 2022) to +146.2% (3.2 months), and for townhouses and condominiums it changed from +57.1% (September, 2022) to +92.3% (2.5 months) in October 2022.
In Martin County, the indicator for single-family homes was +190% (2.9 months), and for townhouses and condominiums it has already grown to +188.9%. (2.6 months).
In St. Lucie, the inventory supply for single-family homes changed from +133.3% (September, 2022) to +130.8% (3 months) in October 2022; and for townhouses and condominiums, changes have occurred from +83.3% (September, 2022) to +92.3% (2.5 months) in October 2022.
| Some counties of South Florida | Single-family homes | Townhouses and condos |
|---|---|---|
| Miami-Dade, Broward, Palm Beach,
Martin, St.Lucie |
+128,46% | +78,96% |
Table 8.The average value of the ‘months supply of inventory’ indicator in Miami-Dade, Broward, Palm Beach, Martin, St. Lucie counties in October 2022 in comparison to October 2021
The average price of a single-family home in Florida at the end of October 2022 is now 402 thousand dollars, which is 12% more than last year. If you want to calculate the cost of a mortgage, we invite you to use the mortgage calculator posted on the Vera Realty website.