Q4 2020 Florida Market Report

I N S I G H T S

MARKET REPORT Q4 2020

COMPASS OFF I CES

Coconut Grove 2550 South Bayshore Drive, Suite 106

Miami Beach 605 Lincoln Road, 7th Floor

Fort Lauderdale 1200 East Las Olas Boulevard, Suite 103

Naples 800 Laurel Oak Drive, Suite 400

Boca Raton 101 N Federal Highway, 5th Floor

Winter Park 941 W Morse Boulevard, Suites 134 & 138

Doctor Phillips 7380 W Sand Lake Road, Suites 523, 526 & 527

Aventura 2875 NE 191 St, Suite 701

Coral Gables 4699 Ponce De Leon Boulevard

Table of Contents

REFLECTION

COMPASS ADVANTAGE

COAST TO COAST

TERMS DEF INED

PROFESS IONAL PERSPECTIVE

Overarching Trends * City-by-city Data ** Featured Listings Central Florida | Greater Orlando

Overarching Trends * City-by-city Data ** Featured Listings South Florida | Miami-Dade

Overarching Trends * City-by-city Data ** Central Florida | Greater Tampa Bay

South Florida | Palm Beach

Overarching Trends * City-by-city Data ** Featured Listings

Overarching Trends * City-by-city Data ** North Florida

Southwest Florida

102

Overarching Trends * City-by-city Data ** Featured Listings

Overarching Trends * City-by-city Data ** Featured Listings South Florida | Broward

*All reports are published January 2010 based on Q4 2020 information available on 1/15/2021. Reports presented are based on data supplied by Trendgraphix. Trendgraphix does not guarantee or is not in anyway responsible for accuracy. Data maintained by Trendgraphix may not reflect all real estate activities in the outlined markets. Information deemed reliable but not guaranteed. **All reports are published January, 2021 based on 90-day average data available on 1/4/2021. All reports presented are based on data supplied by Altos Research. Altos Research does not guarantee or is not in anyway responsible for its accuracy. Data maintained by Altos Research may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

C O M P A S S I N S I G H T S

REFLECTION Looking Back, Looking Ahead

As we enter 2021, we’re taking a moment to reflect on a quarter that closed out one of the most unique years of our lives. Last year taught us that home is so much more than the place where you sleep at night. As the lines in our lives began to blur, so did the way we experienced home. A formal dining table that was once merely for show moonlighted as our childrens’ desks as they navigated a new world of virtual learning. Kitchens previously used for an occasional dinner were enhanced with new gadgets and recipe books, as millions of US residents tried their hands at bread- making, cocktail-mixing, and getting that restaurant- worthy recipe “just right”. Living rooms mirrored nights at the theatre, with the latest movies only a click away and home-popped popcorn in hand, while pool decks and terraces rejuvenated our love-hate relationship with fitness. For many of us, the way we lived, worked, learned, and spent time with one another meant that our homes no longer served us in the way we needed. These lifestyle changes shifted priorities, priorities shifted needs, and needs drove change. It is no surprise that despite a near standstill brought on by COVID-19 within the real estate space, 15.9 million people moved between February and July alone (move.org), and 35% of people who moved said that buying a home was a factor (move.org). At a macro level, the Florida real estate market showed extreme resilience in this initial COVID-19 recovery, as intra-state and inter-state demand surged with buyers and sellers looking to make changes to their living situations. Throughout Q4 2020, home sales continued to rise, with prices trending upwards and shrinking available inventory. While in Q3 we saw an excess of available condo inventory, as buyers sought out more space and privacy in reaction to the spring’s shelter-in-place orders, Q4 brought a shift to

condo-buyers seeking a good deal or investment opportunity. At this point, 69% of the neighborhoods we analyzed presented a seller’s market within the condo space, which was a 17% increase from Q3. The unique and ever-changing market conditions add a second layer of complexity to the home- buying and selling experience, creating a clear need to have readily-available market data and an expert real estate agent at your side. While buyers may have a wish list in hand, they are navigating a landscape where speed, accuracy, and tradeoffs are critical; lagging market prices put appraisals at risk, offer structures are paramount, and laser focus on location and features may require paying a premium. Despite low inventory and a clear seller’s market in most neighborhoods, rapidly changing environments and uncertainty around COVID vaccinations mean sellers are gauging whether they should wait to sell or sell now and take advantage of the market. If the latter, sellers need to make decisions around timelines and how to navigate showing their home. To best prepare for the market conditions and opportunities to come in 2021, buyers can set themselves up for success by working with their agent to get up to speed on the market and identify exactly what they’re looking for. Serious buyers should plan to be pre-approved for a mortgage and ready to visit new listings as soon as possible. On the listing side, sellers can prepare by getting their homes in top shape prior to hitting the market and consulting with one of our knowledgeable real estate advisors. Many of today’s buyers want move in-ready conditions. Utilizing Compass Concierge in the pre- listing period can set sellers up to receive favorable offers by making the buyer-friendly upgrades that will most impact their bottom line when they hit the spring market.

M A R K E T R E P O R T Q 4

From our Agents’ Desks

OCCUPATION OF NON-LOCAL BUYERS

Source: Compass FL Agent Survey January, 2021

At Compass, our agents are trusted advisors, helping everyone from the first-time buyer to the seasoned seller make better, more informed decisions. This quarter, we turned to them to see what trends they have been seeing with their buyers, from buyer location to profession and more.

Finance

Retiree

Entrepreneur

Tech

29.1%

23.3%

29.1% 18.4%

BUYER SOURCE LOCATION

RENTAL SOURCE LOCATION

19% Florida in-town move

14% New York

14% Midwest

18.1% Midwest

15.2% Florida out-of-town move

12.2% Florida in-town move

10.4% California

15.2% New York

12.4% California

9.9% Florida out-of-town move

7.6% Washington DC

8.6% Other

7.7% Massachusetts

5.7% New Jersey

7.7% Connecticut

3.8% Connecticut

7.2% New Jersey

2.9% Boston

4.5% Washington DC

.1% Other

4.1% International

AVERAGE NUMBER OF SALE TRANSACTIONS PER AGENT

AVERAGE NUMBER OF RENTAL TRANSACTIONS PER AGENT

C O M P A S S I N S I G H T S

Compass Advantage

ABOUT COMPASS

Compass is building the first modern real estate platform, pairing the industry’s top talent with technology to make the search and sell experience intelligent and seamless. As an innovative residential real estate firm, we empower our agents so they have more time for advising their clients. With the solutions-driven mindset of a startup and the sophistication of a luxury brand, we take a tech-driven, personalized approach to real estate to help you find your place in the world.

M A R K E T R E P O R T Q 4

COMPASS CONCIERGE

Compass Concierge covers the cost of home improvements with no interest - ever. It’s the hassle-free way to sell your home faster and for a higher price with services like staging, flooring, painting, and more.

Learn more at compass.com/ concierge

BRIDGE LOANS

When you sell your home with a Compass agent, you’ll have access to competitive rates and dedicated support from industry-leading lenders, with the exclusive option to get up to six months of your loan payments fronted using Compass Bridge Loans.

Learn more at compass.com/ bridge-loan-services

PRIVATE EXCLUS IVES

Listing your home as a private exclusive allows you to control what information is shared about you and your home while still getting exposure to top agents at Compass. You can expect your listing to be an off-market home that can be shared by a Compass agent directly with their colleagues and their buyers. Property details aren’t disseminated widely and won’t appear on public home search websites.

Learn more at compass.com/ private-exclusives

C O M P A S S I N S I G H T S

Coast to Coast

Founded in 2012, Compass pairs best-in- class agents with cutting-edge technology and unparalleled marketing, becoming the country’s largest independent brokerage in six years. This innovative approach has secured $15 billion in capital from some of the world’s most prominent investors, including SoftBank, Fidelity, and Ken Chenault, CEO of American Express, allowing for the development of transformative tools and recruitment of top talent across every discipline to build a once-in-a-generation company.

C O M P A S S I N S I G H T S

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C O M P A S S I N S I G H T S

Terms Defined

Single-Family A standalone house is a free-standing residential building. It is sometimes

Market Action Index TM Developed by Altos Research, this is an at-a-glance measurement of market conditions. The Index compares rate of sales to inventory to determine if it is a buyer’s market or seller’s market. Inventory / For Sale Inventory represents the active supply of properties on the market. Any time a seller lists a property, it is considered to be

referred to as a single-family home, as opposed to a multi- family residential dwelling. Condo A condominium, often shortened to condo, is a type of living space similar to an apartment but independently sellable and therefore regarded as real estate. New Listings A new property that has recently become available. Under Contract When a buyer has made an offer on a home and the seller has accepted, but the sale has not closed. Pending When the home is under contract and all contingencies have been removed, but the sale is not yet closed. Closed Sales Figures for the last twelve months are based on known closings recorded at the time the report is prepared. Average Sales Price The value of all closed sales divided by the number of properties sold. Sale-to-List Ratio Sold price divided by the original list price, shown as a percentage. If it’s above 100%, the home sold for more than the list price. If it’s less than 100%, the home sold for less than the list price.

part of inventory. Median List Price

The median list price is the price in the very middle of a data set, with exactly half of the houses priced for less and half priced for more. We refer to the median price rather than the average price because it is less affected by outliers or properties that skew the perceived values in a particular housing market. Price Per Square Foot ($/SF) A calculation of the value of each square foot of area of a house or condo, most commonly used to compare similar properties. The price per square foot throughout the report is based on the list price. Months of Inventory Average Days on Market (DOM) The average of the total number of days listings have been active on the market before either an offer is accepted or the agreement between real estate broker and seller ends. A measure of how fast all the existing homes on the market would last assuming a) no more listings are added, and b) the rate at which homes sell is a constant.

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C O M P A S S I N S I G H T S

Professional Perspective

Your home is the destination. Getting there is the journey.

Derek Fertig 954.626.6444 derek.fertig@fairwaymc.com derekfertig.com

When it comes to buying and selling homes, our agents are intricately involved in every facet of the process, but finding the right real estate agent is only one piece of the puzzle. Along the way you’ll need to find a knowledgeable lender, a respected title company, and a savvy inspector for the final steps of due diligence. We connected with a few key professionals in Florida to provide their perspectives on what their industries are anticipating based on the market.

Elana Friedman Polashuk Esq., LL.M. RPD (c) 954.629.6652 (o) 954.85.4145 epolashuk@beckertitle.com beckertitle.com

Michael Gaurnier & Tony Valles 954.303.9565 info@gohomeinspection.com

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M A R K E T R E P O R T Q 4

When looking back at last year, what trends do you see that will play a role for the year to come? What are your expectations for the mortgage industry in 2021?

products that were removed at the onset of COVID amidst concerns in the market have been relaxed and restored to pre-COVID levels. 2021 has the potential to be another record year.

The Fed recently said that they are going to subsidize the mortgage-backed security market for the foreseeable future, so I would expect rates to stay low. Buyers should remain engaged and able to continue to purchase at record low rates. Additionally, many of the underwriting guidelines and

What kind of trends or new adaptations are you experiencing since the challenges of 2020? Are there any new laws or processes that have changed the way you work in the title and real estate industry?

the “appraisal” will be included within the defined term “loan approval”. The current version of the contract allows the buyer to terminate a transaction (at any time prior to closing) if the appraisal of the property is insufficient to meet the terms of buyer’s loan approval. The 2021 version will do away with this. In addition, the 2021 version will clarify what a “loan approval” actually is. There will be some additional points of clarity which I hope to share in the coming months.

While we are not necessarily seeing new trends yet, 2020 did prove how adaptive the real estate industry is, from virtual showings to virtual or remote closings in some instances. As for a behind the scenes update on the FAR BAR Contract we anticipate a new and very much improved version sometime before Q4 of 2021. From what I understand, a number of sections will be revised, namely the Financing Section. Should the new version pass through committee,

Given the nature of the industry last year, what do you anticipate in the inspection industry to change or stay the same for the year to come? What have you seen impact the industry the most?

Pre-pandemic, the Bureau of Labor Statistics said the home inspection business is expected to grow 10% by 2026. Personally, I expect that growth to be much more for the following reason among others: The real estate industry and by extension, the inspection industry enjoys pent-up demand. We have an ever-growing, pent-up demand during the pandemic as the listing inventory continues to drop. This means we are not “losing” transactions, instead, they are simply delayed, which means a lot of transactions are coming our way. IBIS World states that the average annual growth in the building inspection industry between 2012 and 2017 was 4.6%, with 38,489 people employed and 24,581 businesses operating. They also state that growth in the residential segment is forecast to accelerate over the next five years as the global economy recovers from the COVID-19 pandemic.

I expect three changes among home inspection companies:

1. Price increases 2. Expansion 3. A drop in customer service

As the president of the home inspection service Michael Gaurnier, ACI, (referred to as ACI Inspections) I have been around the block with ups and downs in the economy. Starting in 2018, I had already prepped my company for this increased demand which means I already set my prices for what is to come. I have already expanded for that demand, and have put a customer service infrastructure in place to keep our customer service strong with increased demand.

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C O M P A S S I N S I G H T S

A MARKET SNAPSHOT Central Florida | Greater Orlando

Homebuyer activity vastly outweighed available homes in Greater Orlando throughout Q4 of 2020, as the quarter saw a 40% drop in months of inventory and 36.7% drop in homes for sale YoY. The number of days on the market for single-family homes is the lowest it has been in three years, falling to an average of just 44 days. High demand and low supply has had a significant impact, driving the median sold price up to $315k – up 12.9% YoY. Home values are holding strong with a 96% list-to-sell price ratio. There is high

demand for homes between $200k and $350k, with average days on market down 21.4% YoY. The $1M+ range just barely qualifies as a buyer’s market, with 6.2 months of inventory, which is still a significant 44.6% drop YoY. The condo market tells an entirely different story, with a 26.1% increase in inventory YoY. Although there is more condo inventory, the demand is still there, increasing median sale prices slightly by 9.5% YoY to $208k.

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M A R K E T R E P O R T Q 4

CENTRAL FLORIDA - GREATER ORLANDO

Single-Family Homes

-40.4% YoY

4,038 For Sale

+23.4% YoY

10,080 Sold

+22.4% YoY

9,191 Pending

Months of Inventory

Sale-to-List Ratio

Days on Market

1.4

96%

Q4 2020

-48.6%

+1.1%

-21.4%

YoY Change

Condos

+29.7% YoY

2,059 For Sale

+15.7% YoY

2,658 Sold

+17.7% YoY

2,556 Pending

Months of Inventory

Sale-to-List Ratio

Days on Market

2.5

96%

Q4 2020

+13.6%

-3.8%

YoY Change

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C O M P A S S I N S I G H T S

CENTRAL FLORIDA - GREATER ORLANDO

Kissimmee

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

1,543

1,102

-28.6%

458

861

88%

Average Active Listings

$137

$153

11.7%

$152

$153

0.7%

Average $/SF

117

134

14.5%

115

135

17.4%

Average DOM

$290,000

$230,000

$364,000

25.5%

$223,000

-3%

Median List Price

Sellers

Buyers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

Orlando

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

1,832

1,270

-30.7%

882

948

7.5%

Average Active Listings

$166

$184

10.8%

$157

$160

1.9%

Average $/SF

108

-13.9%

113

134

18.6%

Average DOM

$359,000

$217,000

$393,000

9.5%

$176,000

-18.9%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

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M A R K E T R E P O R T Q 4

CENTRAL FLORIDA - GREATER ORLANDO

Sanford

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

225

167

-25.8%

-51.9%

Average Active Listings

$154

$171

10.9%

$137

$144

5.3%

Average $/SF

112

-11.6%

-17.5%

Average DOM

$317,000

$215,000

$371,000

17.0%

$215,000

0.0%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

Winter Garden

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

332

239

-28%

2.9%

Average Active Listings

$163

$183

12.3%

$190

$225

18.4%

Average $/SF

-13.3%

4.3%

Average DOM

$465,000

$321,000

$501,000

7.7%

$322,000

0.3%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

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C O M P A S S I N S I G H T S

CENTRAL FLORIDA - GREATER ORLANDO

Windermere

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

290

224

-22.8%

-9.7%

Average Active Listings

$231

$245

6.1%

$178

$169

-5.1%

Average $/SF

208

168

-19.2%

18.4%

Average DOM

$937,000

$298,000

$1,000,000

6.7%

$284,000

-4.7%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

Winter Park

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

264

149

-43.6%

9.3%

Average Active Listings

$256

$298

16.4%

$179

$213

19%

Average $/SF

138

122

-11.6%

108

16.1%

Average DOM

$567,000

$302,000

$788,000

39%

$354,000

17.2%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

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M A R K E T R E P O R T Q 4

CENTRAL FLORIDA - GREATER ORLANDO

Melbourne

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

548

271

-50.5%

138

-36.2%

Average Active Listings

$135

$149

10.4%

$128

$142

10.9%

Average $/SF

105

-5.7%

102

27.5%

Average DOM

$360,000

$194,000

$382,000

6.1%

$248,000

27.8%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

Cocoa Beach

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

-48%

118

-28.8%

Average Active Listings

$214

$221

3.3%

$241

$255

Average $/SF

140

117

-16.4%

125

123

-1.6%

Average DOM

$720,000

$341,000

$688,000

-4.4%

$360,000

5.6%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

2 0

C O M P A S S I N S I G H T S

ORLANDO

1136 WHarvard

$649,000 3 BD 2 BA 1,939 SF

This recently sold, charming, and beautifully redone College Park home boasts an exceptional location and a backyard to host sensational pool parties. A rare find among the brick lined streets, the new owners will enjoy an attached two car garage, pool, mesmerizing natural light, and bungalow style front porch.

Elevate Florida 407.808.5670 jesse.rottinghaus@compass.com

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M A R K E T R E P O R T Q 4

SANFORD

1741 Perch Lane

$497,000 3 BD 2 BA 1 HB 2 , 222 SF

Welcome to The River House. This gorgeous mid-century modern home features water views of St. John’s River through panoramic windows, opening up to a spacious floor plan with a huge living room and real hardwood floors. Minutes away from I-4 and 417, you’re in the heart of it all.

Milanes Team 239.595.8500 maria.nunez@compass.com

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C O M P A S S I N S I G H T S

A MARKET SNAPSHOT Central Florida | Greater Tampa Bay

As Q4 2020 closed, the real estate market in Greater Tampa Bay barreled forward with a continuing trend of shrinking single-family home inventory due to pent-up demand, low-interest rates, and overall affordability in comparison to other major cities in Florida. As a result, the area has the least amount of inventory for both single-family homes and condos (one month and 1.5 months, respectively) across all major markets in Florida, presenting an extremely strong seller’s market for all residential real estate categories, where demand is clearly outstripping current supply and prices are rising. The average sold price for single-family homes was up 18.6%

YoY, while condos are up 18.8%. While the lack of inventory and demand is apparent across the board, this trending lack of inventory is even further exacerbated in the $1M+ condo segment, where sold listings are up 137.5% and pending listings are up 91.1%, leaving only 140 remaining condos at this price point on the market. This brought months of inventory available from 14.2 months down to 5.2 months. Sellers are directly benefiting from market conditions at all price points: in the $300-600k range, homes are selling at 99% of list price, while the $1M+ sector is selling at 95% of list price.

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M A R K E T R E P O R T Q 4

CENTRAL FLORIDA - GREATER TAMPA BAY

Single-Family Homes

-54.4% YoY

3,543 For Sale

+15.1% YoY

12,450 Sold

+17.6% YoY

11,420 Pending

Months of Inventory

Sale-to-List Ratio

Days on Market

97%

Q4 2020

-56.2%

+2.1%

-36.4%

YoY Change

Condos

-38.2% YoY

1,947 For Sale

+19.1% YoY

4,321 Sold

+24.9% YoY

4,098 Pending

Months of Inventory

Sale-to-List Ratio

Days on Market

1.5

Q4 2020

-44.6%

+1.1%

-20%

YoY Change

2 4

C O M P A S S I N S I G H T S

CENTRAL FLORIDA - GREATER TAMPA BAY

Clearwater

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

319

164

-48.6%

340

296

-12.9%

Average Active Listings

$183

$213

16.4%

$133

$146

9.8%

Average $/SF

113

-16.8%

1.1%

Average DOM

$320,000

$153,000

$368,000

15%

$162,000

5.9%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

St. Petersburg

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

1,102

664

-39.7%

960

799

-16.8%

Average Active Listings

$224

$243

8.5%

$269

$284

5.6%

Average $/SF

107

-16.8%

125

129

3.2%

Average DOM

$347,000

$356,000

$355,000

2.3%

$345,000

-3.1%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

2 5

M A R K E T R E P O R T Q 4

CENTRAL FLORIDA - GREATER TAMPA BAY

Tampa

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

1,814

1,038

-42.8%

759

592

-22.0%

Average Active Listings

$175

$208

18.9%

$165

$211

27.9%

Average $/SF

102

-11.8%

-9.8%

Average DOM

$332,000

$250,000

$400,000

20.5%

$310,000

24%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

Lutz

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

240

104

-56.7%

-18.4%

Average Active Listings

$165

$183

10.9%

$139

$142

2.2%

Average $/SF

124

-20.2%

112

106

-5.4%

Average DOM

$429,000

$232,000

$510,000

18.9%

$258,000

11.2%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

2 6

C O M P A S S I N S I G H T S

CENTRAL FLORIDA - GREATER TAMPA BAY

Largo

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

148

-43.2%

-14.1%

Average Active Listings

$198

$211

6.6%

$146

$170

16.4%

Average $/SF

-22.5%

-23.4%

Average DOM

$300,000

$183,000

$384,000

28.0%

$203,000

10.9%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

Brandon

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

149

-55.7%

-69.3%

Average Active Listings

$140

$159

13.6%

$124

$141

13.7%

Average $/SF

-16.9%

-46.1%

Average DOM

$293,000

$202,000

$327,000

11.6%

$234,000

15.8%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

2 7

M A R K E T R E P O R T Q 4

CENTRAL FLORIDA - GREATER TAMPA BAY

Pinellas Park

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

-43.0%

0.0%

Average Active Listings

$174

$194

11.5%

$126

$140

11.1%

Average $/SF

-18.9%

-30%

Average DOM

$245,000

$131,000

$259,000

5.7%

$167,000

27.5%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

Seminole

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

126

-46.0%

-30.8%

Average Active Listings

$199

$220

10.6%

$134

$131

-2.2%

Average $/SF

112

-20.5%

5.1%

Average DOM

$403,000

$178,000

$411,000

2.0%

$146,000

-18.0%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

2 8

C O M P A S S I N S I G H T S

A MARKET SNAPSHOT North Florida

North Florida experienced a huge drop in single- family home inventory with only 1.5 months available as of Q4 – a 54.7% drop YoY, exemplifying a strong seller’s market. With an average of 55 days on market and a sale-to-list ratio of 97%, home values are rising across all price ranges, with a median sold price up 12.5% YoY to $290k. Homes $1M+ have maintained a relatively flat median sold price, up only about

2.4% YoY despite the low 4.9 months of inventory – a 69.8% drop YoY. If you’re thinking of buying a luxury home, this quarter’s trends show that inventory may drop even lower in the months to come. We’re seeing similar movement in the condo markets in North Florida, with a 37% drop in months of inventory and a 19.1% increase in condos sold in Q4.

2 9

M A R K E T R E P O R T Q 4

NORTH FLORIDA

Single-Family Homes

-47% YoY

3,135 For Sale

+20.1% YoY

7,085 Sold

+23.5% YoY

6,880 Pending

Months of Inventory

Sale-to-List Ratio

Days on Market

1.5

97%

Q4 2020

-54.7%

+2.1%

-26.7%

YoY Change

Condos

-23.8% YoY

866 For Sale

+19.1% YoY

1,531 Sold

+27.4% YoY

1,497 Pending

Months of Inventory

Sale-to-List Ratio

Days on Market

1.9

97%

Q4 2020

-37%

+2.1%

-14.1%

YoY Change

3 0

C O M P A S S I N S I G H T S

NORTH FLORIDA

Atlantic Beach

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

-55.6%

-68.2%

Average Active Listings

$306

$362

18.3%

$240

$277

15.4%

Average $/SF

149

-45%

14.1%

Average DOM

$642,000

$403,000

$989,000

54%

$412,000

2.2%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

Jacksonville

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

2,611

1,355

-48.1%

469

443

-5.5%

Average Active Listings

$127

$141

11%

$131

$149

14%

Average $/SF

105

-13.3%

9.1%

Average DOM

$235,000

$166,000

$258,000

9.8%

$197,000

18.7%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

3 1

M A R K E T R E P O R T Q 4

NORTH FLORIDA

Jacksonville Beach

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

100

-64%

-39.7%

Average Active Listings

$259

$285

10%

$339

$361

6.5%

Average $/SF

139

-48.2%

109

-20.2%

Average DOM

$585,000

$514,000

$644,000

10.1%

$529,000

2.9%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

St Augustine

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

1,149

551

-52%

382

256

-33%

Average Active Listings

$165

$189

14.5%

$209

$190

-9.1%

Average $/SF

145

122

-15.9%

158

138

-12.7%

Average DOM

$359,000

$307,000

$405,000

12.8%

$299,000

-2.6%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

3 2

C O M P A S S I N S I G H T S

A MARKET SNAPSHOT South Florida | Broward

After a steady COVID-19 recovery in Q3, with a 14.9% YoY decrease in for sale inventory and an increase in sales of 1.4% YoY, Broward County continues this trend: the county is now reporting a 20.4% decrease in for sale inventory YoY and an increase in sales of 19.4%. Last quarter’s performance resulted in combined single-family home and condo inventory of 3.3 months, showing a slight seller’s market. This is even further evidenced in single-family homes, where the seller’s market is much stronger. There is only 1.8 months worth of availability based on

closed sales. This is largely driven by the $250- 500k segment, where we saw a 50.5% decrease in inventory in the last quarter and an annual low average DOM of just 39 days. The condo market, however, remains slightly favorable to buyers with 4.5 months of inventory, while the median sold price has increased by 14.5% YoY to $197k. If you are still in the market to buy a condo and looking for a reasonable deal, the time to act is now, as prices continue to show constant upward progression.

3 3

M A R K E T R E P O R T Q 4

SOUTH FLORIDA - BROWARD COUNTY

Single-Family Homes

-45.2% YoY

2,680 For Sale

+17.8% YoY

4,699 Sold

+24.2% YoY

4,611 Pending

Months of Inventory

Sale-to-List Ratio

Days on Market

1.9

94%

Q4 2020

-49.4%

+1.1%

-17.7%

YoY Change

Condos

-4.6% YoY

7,358 For Sale

20.9% YoY

4,910 Sold

31.7% YoY

5,265 Pending

Months of Inventory

Sale-to-List Ratio

Days on Market

4.7

93%

Q4 2020

-19%

+8.2%

YoY Change

3 4

C O M P A S S I N S I G H T S

SOUTH FLORIDA - BROWARD COUNTY

Coconut Creek

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

-21.8%

-22%

Average Active Listings

$194

$205

5.5%

$177

$188

6.1%

Average $/SF

-14.7%

7.7%

Average DOM

$400,000

$280,000

$439,000

9.8%

$300,000

7.1%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

Davie

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

249

151

-39.4%

114

139

21.9%

Average Active Listings

$242

$248

2.7%

$161

$166

3.5%

Average $/SF

157

143

-8.9%

15.9%

Average DOM

$734,000

$210,000

$848,000

15.5%

$202,000

-3.8%

Median List Price

Sellers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

3 5

M A R K E T R E P O R T Q 4

SOUTH FLORIDA - BROWARD COUNTY

Fort Lauderdale

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

1,226

860

-29.9%

1,550

1,666

7.5%

Average Active Listings

$316

$349

10.3%

$324

Average $/SF

175

176

0.6%

189

190

0.5%

Average DOM

$675,000

$430,000

$759,000

12.4%

$395,000

-8.1%

Median List Price

Sellers

Buyers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

Hallandale Beach

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

109

101

-7.3%

833

844

1.3%

Average Active Listings

$258

$202

-21.5%

$257

$253

-1.6%

Average $/SF

151

153

1.3%

238

253

6.3%

Average DOM

$292,000

$300,000

$215,000

-26.4%

$294,000

-2%

Median List Price

Balanced

Buyers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

3 6

C O M P A S S I N S I G H T S

SOUTH FLORIDA - BROWARD COUNTY

Hillsboro Beach

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

0.0%

-5.1%

Average Active Listings

$2,000

$365

$376

3.1%

Average $/SF

275

236

227

-3.8%

Average DOM

$23,200,000

$478,000

$21,000,000

-9.5%

$464,000

-2.9%

Median List Price

Sellers

Buyers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

Hollywood

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

479

372

-22.3%

906

964

6.4%

Average Active Listings

$253

$251

-0.7%

$321

$318

-1.1%

Average $/SF

140

137

-2.1%

256

263

2.7%

Average DOM

$432,000

$347,000

$473,000

9.5%

$341,000

-1.7%

Median List Price

Sellers

Buyers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

3 7

M A R K E T R E P O R T Q 4

SOUTH FLORIDA - BROWARD COUNTY

Lauderdale-by-the-Sea

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

-12.0%

125

100

-20%

Average Active Listings

$382

$415

8.7%

$358

$363

1.4%

Average $/SF

124

156

25.8%

176

184

4.5%

Average DOM

$732,000

$511,000

$777,000

6.1%

$511,000

Median List Price

Balanced

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

Lighthouse Point

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

Q4 2019

Q4 2020

Q4 2019

Q4 2020

144

106

-26.4%

4.3%

Average Active Listings

$429

$417

-2.7%

$187

$188

0.1%

Average $/SF

214

205

-4.2%

127

130

2.4%

Average DOM

$1,200,000

$206,000

$1,100,000

-8.3%

$175,000

-15%

Median List Price

Balanced

Buyers

Q4 Market Action Index TM*

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

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