(Illustration by The Real Deal with Getty)
“South Florida By The Numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.
It’s the most wonderful time of the year…for local real estate nerds who love to analyze how their market performed over the previous 12 months. It seems like every association, company, analyst, think tank, and media outlet crunches the numbers and releases their own take on what happened, why it happened, and what they think will happen next. While the general consensus seems to be that 2021 was a pandemic-driven outlier that resulted in record-high Miami sales and prices, a combination of rising interest rates and low inventory “corrected” things in 2022 – which was still a banner year by any measure. How did the region stack up when compared to the rest of the United States, and what does 2023 have in store? Let’s turn back the clock in this edition of “South Florida by the numbers.”
Typical profit from a Miami-Fort Lauderdale-Palm Beach home sale in 2022, placing the region among the nation’s top large market performers. South Florida home sellers averaged a 64 percent return on investment (up from 42.9 percent the year prior), and a whopping nine of the nation’s top 10 markets that saw increased investment returns were in Florida. [Axios]
Percentage increase of Florida home prices in 2022, the biggest jump of any U.S. state, according to a study based on Zillow data. Florida’s increase to an average price of $404,939 was followed in the rankings by South Carolina (up 19.2 percent), Vermont (up 16.9 percent), Tennessee (up 16.3 percent) and North Carolina (up 15.7 percent). [SouthFloridaAgentMagazine]
Number of active Miami residential agents in the fourth quarter of 2022, with “active” defined as listing, co-listing, and buyer’s agents involved in residential sales in the quarter. This represents a dramatic drop of 36.3 percent from the fourth quarter of 2021, according to AgentStory, a Miami-based company that tracks agents and their deals. [TheRealDeal]
Increase in Miami condo sales of $2,000+ per square foot in 2022, versus pre-pandemic 2019 (859 vs. 224) according to Miami market analyst Ana Bozovic, who attributes this extraordinary growth to the recent wealth and talent migration to the region. With more than 80 percent of these buyers paying all cash for their purchases, Bozovic believes entire new market segments have been created from this trend. [AnaBozovic]
Miami’s ranking among the nation’s hottest U.S. housing markets in 2023, according to a recent Zillow forecast. The company measured the 50 largest U.S. housing markets on price growth, inventory, jobs and demographics to determine its rankings. Its report noted that Miami is one of the few cities that has maintained its home price growth with little to no dropoff since mortgage rates started rising last year. [SouthFloridaAgentMagazine]
This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.