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Blue Line is S&P Case-Shiller Home Price Index for South Florida Metro Reporting Area
(Miami-Dade, Broward and Palm Beach Counties) from 1987 thru May, 2023
Red Line is the Home Price Index for the U.S.
Following a staggering rise of 36.2% in 2021, and 18.9% in 2020, the Real Estate Market in Fort Lauderdale was supposed to take a bit of a breather. And we suppose you could say it did. According to 2022 Year End statistics released by Florida Realtors, data generated by compiling sales reported through the MLS of local realtor associations throughout the Sunshine State, the Average Sale Price for a Single Family Home in the city of Fort Lauderdale only rose 14.3%.
Yes. ONLY 14.3%.
Which raises two interesting questions:
The first – what kind of Real Estate Market are you in when 14.3% appreciation is considered a "down" year?
The second – why is anybody investing in Real Estate anywhere else?
With mortgage rates high and inventory tight, following two years of explosive growth, you would expect Real Estate to cool off, consolidate, as people became accustomed to the new pricing reality.
Apparently, in Fort Lauderdale, that translates to 14.3%.
An even more telling stat, perhaps, is the "Median Percent of Original List Price Received," which calculates the spread between asking and closing price. Historically, the Median Percentage of List Price Received for a Single Family Home in Broward County has been around 95-96% of the property's asking, with Condominiums and Townhomes around 94-95%. In 2022 the Median Percent of List Price received for a Single Family Home was 100% and 99.1% for Condos and Townhomes.
This is a Median statistic, remember. That means of the 14,438 sales of Single Family Homes in Broward County in 2022, at least half of those were higher than full asking price.
For those of you keeping score at home, that's two years in a row the Median Percent of Listing Price Received in Broward County has been 100%.
What The Heck Is Net Domestic Migration?
A few months ago we reported interesting numbers released in an analysis of U.S. Census Bureau data by the National Association of Realtors concerning Net Domestic Migration. This is a fancy way of saying Who's Moving Where From to Where?
According to this study, tracking the percentage of inbound moves between 2019 and 2022 more people were relocating to the South Florida reporting area (Miami-Dade, Broward and Palm Beach Counties) than any other metro in the country.
Aside from the weather (you never have to shovel sunshine out of your driveway) the main contributors to this influx of homeowners was undoubtedly Covid-19 and Taxes.
Once the Pandemic hit, many – especially in Finance thru the Northeast – began working remotely, wondered how smart it was to pay millions for a 900 sq. ft. co-op in a sub-arctic urban shithole when for equal money they could live in a luxury waterfront pool home in a tropical paradise.
In addition, California raised their State Income Tax to 16% to pay for cleaning streets where the homeless people go to the bathroom. We have a good friend, saw our blog, corrected us, claiming California only raised the State Income Tax to 13%. A tremendous consolation. Perhaps the local government should post that on billboards heading east, right before the Arizona state line, see how much difference that makes.
If you want to read our post concerning Net Domesticate Migration, click the link below.
Net Domestic Migration
Land of No Land
The old adage of "they're not making any more" has never applied more appropriately than it does to Fort Lauderdale. Broward County is not large, less than 30 miles north to south, and though it technically stretches halfway across the Floridian peninsula, around 45 miles, almost two thirds of it is comprised of wetlands, which is it's source of fresh water. In all Broward County there is only 471 square miles of developable dry land, and at this point it is fully developed.
The last large chunk of undeveloped land left in Broward, 61 (Everglades adjacent) acres by the corner of US-27 and Sheridan Street, was purchased by Amazon in 2021.
As a result, more and more people are moving into a location where there is no more empty land upon which to build. So this is not a "bubble." Barring cataclysmic natural disasters, asteroid impacts and/or total collapse of Western economies, it is all but impossible to envision housing prices ever retreating in Southeast Florida, particularly Broward County.
Back to Numbers
Year End 2022 stats show strength throughout Florida.
In Single Family, the Median Price increased 15.7% from $348,000 in 2021 to $402,500 in 2022, while the Average Sale Price went from $505,129 in 2021 to $562,442 in 2022, a gain of 11.3%.
Closed Sales, however, were down 18% from 350,516 in 2021 to 287,352 in 2022. This is undoubtedly another factor contributing to the rise in property values. In addition to, and possibly due to, the Median Percentage of List Price Received for the entire state of Florida was 100%.
In the South Florida reporting metro (Miami-Dade, Broward and Palm Beach Counties) the Median Price for a Single Family Home increased 17% from $265,000 in 2021 to $310,000 in 2022. Average Sale Price was up 13.9% from $446,100 in 2021 to $508,001 in 2022. Again, Closed Sales declined significantly, from 63,499 in 2021 to 51,232 in 2022, down 19.3%, while the Median Percentage of List Price Received went up from 96.7% to 98.5%.
Broward County, a more desirable location than Miami-Dade or Palm Beach, reported better stats than statewide or the South Florida reporting area. Median Price for Single Family homes rose 17% from $470,000 in 2021 to $550,000 in 2022. Average Sale Price increased 14.2% from $668,533 in 2021 to $763,768 in 2022.
Closed Sales declined 22.2% from 18,565 to 14,438, year over year, and Median Percentage of List Price Received remained at 100% for 2022.
As we cited previously, the Average Sale Price for a Single Family Residence in the city of Fort Lauderdale showed an increase of 14.3%, with Closed Sales registering a steep decline of 30% year over year. Drilling a little deeper we can see more affluent neighborhoods outperformed the County average. Zip Code 33301 (the Las Olas Isles) showed an increase of 42.9% in Median Price, and 40% in Average Sales Price. Zip Code 33304, which includes Fort Lauderdale Beach, the southern tip of Coral Ridge and the up and coming neighborhood of Poinsettia Heights, increased 30.3% in Median and 33.6% in Average Sale Price.
Check the Broward County City by City statistics, and the Broward County by Zip Code report to see more.
There is some interesting stuff:
Hillsboro Beach reported No Closed Sales, though last year their Median Price increased 46.4% to $18,295,000 based on a total of 6 Closed Sales, with Average Sale Price rising 14.4% to $15,800,000.
Lighthouse Point registered 178 Closed Sales, down 36.7% from 2021, with Median Price going up 26.4% to $1,388,888, and Average Sale Price increasing 25.4% to $1,823,269.
Lauderdale-by-the-Sea (or as we like to call it – Stoplights-by-the-Sea) reported 47 Closed Sales (down 17.5% from 2021), Median Price rising 57.7% to $1,222,500, Average Sale Price increasing 45.6% to $1,465,202.
Average Sale Price in the Town of Southwest Ranches shot up 47.4% to $2,240,290 on a total of 98 Closed Sales (down 37.6% from 2021). Median Price rose 30.2% to $1,482,500.
Condominiums and Townhomes
The Market for Condos and Townhomes showed similar resilience.
Statewide numbers report the Median Price for Condominium and Townhome properties rose 21.6% from $262,000 in 2021 to $306,500 in 2022. Average Sale Price increased from $382,963 to $445,305 year over year, representing a rise of 16.3%. Closed Sales were down 21.7% (from 160,177 in 2021 to 125,494 in 2022). Median Percentage of List Price Received went up to 99.9% from it's 2021 levels of 98.1%.
In the South Florida Metro Reporting Area (Miami-Dade, Broward and Palm Beach Counties) the Median Price of a Condo and Townhome increased 17% from $265,000 in 2021 to $310,00 in 2022. Average Sale Price was up 13.9% from $446,110 to $508,001 year over year. Closed Sales were down from 63,499 in 2021 to 51,232 in 2022, a decline of 19.3%. Median Percentage of Listing Price Received notched up from 96.7% to 98.5%.
In Broward County Median Price of a Condo and/or Townhome rose 14.9% from $271,500 to $250,000 year over year. Average Sale Price increased 20.9% from $296,632 in 2021 to $358,647 in 2022. Closed Sales went down from 21,858 in 2021 to 18,135 in 2022, a 17% decrease. Median Percentage of Listing Price Received rose from 2021's 96.9% to 99.1% in 2022.
Drilling down on the Condo numbers reveals some interesting stats.
In the city of Fort Lauderdale, Closed Sales declined 26.7% to 2,410, but the Average Sale Price shot up 39.1% to $784,049.
Further analysis reveals this increase is due largely to strong demand for the Beach.
Zip Code 33308, which includes the Galt Ocean Mile, showed a rise in the Average Sale Price of 31.8%.
Zip Code 33315 (encompassing South Lauderdale Beach, Harbor Beach and 17th Street Causeway) reported an increase of 37.8% in Average Sale Price.
And Zip Code 33304, which includes North Fort Lauderdale Beach, registered at increase in Average Sale Price of 71%.
Click on buttons to download a pdf of statistical reports.
Florida 2022 Statewide Single Family
Florida 2022 Statewide Condos
Florida 2022 Statewide Metro Areas
South Florida 2022 Single Family
South Florida 2022 Condos
Broward County 2022 Single Family
Broward County 2022 Condos
Broward County Single Family City by City 2022
Broward County Condos City by City 2022
Broward County Single Family by Zip Code 2022
Broward County Condos by Zip Code 2022
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