Q1-2021 Florida Real Estate Market Report

I N S I G H T S

Guiding you home from coast to coast.

Explore our office locations at compass.com/about/offices

Table of Contents

REFLECTION

4

COMPASS ADVANTAGE

6

COAST TO COAST

8

TERMS DEF INED

10

PROFESS IONAL PERSPECTIVE

12

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

14

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

58

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

20

South Florida | Palm Beach

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

26

88

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

114

32

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

Southwest Florida

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

*All reports are published May, 2021 based on Q1 2021 information available on 4/15/2021. 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 May, 2021 based on 90-day average data available on 4/5/2021. 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.

4

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

REFLECTION Looking Back, Looking Ahead

to Florida between April of 2020 and April of 2021, the Office of Economic and Demographic Research anticipates at least 845 new residents a day until 2025, showing that the appeal for Florida is not going anywhere anytime soon (EDR.STATE.FL.US). This overall appeal and demand along with low interest rates has contributed to continued strength in the market with many metropolitan areas continuing to break records with low inventory, notable sales, and a continued uptick in pending and closed. Months of inventory has fallen anywhere from 59% to a staggering 381% across the state, while the median list price continues to rise. Notable neighborhoods like Singer Island in Palm Beach County saw a median increase of 269.3% for single family homes while Miami-Dade saw list prices rising from $1.289M to $1.425M. It is our hope the information within this report will help you stay informed of current market conditions as you prepare for buying or selling. When you are ready, one of our expert real estate advisors would be more than happy to connect with you to dive deeper into the market trends and discuss your unique needs and goals.

After wrapping up a year to remember in 2020, Compass is proud to share our first Florida market report of the year, showcasing data from Q1 for South Florida, North Florida, Southwest Florida, Central Florida, and the Greater Tampa Bay. While not all facets of life have returned to pre- pandemic norms, especially as it relates to the international travel that injects additional movement in the housing market, real estate nationwide has benefited from signs of recovery including an increase in consumer expenditure, vaccination distribution, a decrease in unemployment from 14.7% to 6% (BLS.GOV), and an acceleration of the improving overall economy. A popular destination for second-home buyers, Florida continues to see a steady influx of new residents due to income-tax benefits, great weather, and a wide selection of cities and homes across all price points. While 330,000 residents moved

5

M A R K E T R E P O R T Q 1

From our Agents’ Desks

FEATURES DESIRED BY HOME BUYERS

22.8% No change to search criteria

17.8% Swimming pool

Source: Compass FL Agent Survey (April, 2021)

16.8% More outdoor space

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 these local experts to learn about what they’re seeing in the market - from the urgency of buyers and sellers to, trends around where buyers are coming from and what home features they are looking for.

15.8% Home office

9.9% More indoor space

5% Bigger kitchen

5% Investment opportunity

4% Gym

3% Other

URGENCY TO BUY

URGENCY TO SELL

29.4% Same level

52.9% Same level

3.9% Less urgent

23.5% Less urgent

66.7% More urgent

23.5% More urgent

WHERE ARE BUYERS COMING FROM?

5

76.5%

21.6%

2%

AVERAGE NUMBER OF OFFERS RECEIVED ON LAST LISTING

United States (outside FL)

Florida

International

6

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.

7

M A R K E T R E P O R T Q 1

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

8

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.

9

9

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

1 0

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.

1 2

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

Professional Perspective

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

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

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. 954.985.4145 epolashuk@beckertitle.com beckertitle.com

Lead Gen Lab nerds@leadgenlab.co leadgenlab.co

Michael Gaurnier & Tony Valles 954.303.9565 info@gohomeinspection.com

ADVERTISEMENT

1 3

M A R K E T R E P O R T Q 1

rapid pace. It’s a good idea to secure your lender before your offer is accepted, so the buyer, Realtor ® , and lender can work as a team. We’ve seen buyers go through the hard work to get their offer accepted, only to turn around and re-shop the lender afterwards, which doesn’t always work out so well. Doing the due diligence up front gives buyers a clear path to a successful closing in the eyes of a seller, which is what you need in order to win in today’s market. this case, if the buyer is unable to obtain financing, they must close cash or forfeit their deposit. This is very risky! Speaking of the deposit, we’ve seen contracts with additional clauses that the deposit is non-refundable. This language is vague but could mean if the buyer cancels during the inspection period, they must forfeit the deposit. Lastly, we’ve seen an increase of buyers offering Post Occupancy Agreements to sellers with no per diem charges. Always consult an attorney prior to adding, waiving, or shortening contract conditions so that you fully understand the potential consequences. 1. Start with Free: Create a free Google My Business account and add as much content as you can. It can help you get found in Google results and even helps your website rank better. Speaking of which, when was the last time you updated your profile page or website? 2. Clean that CRM: You know it’s more important than ever to have a robust CRM, so why isn’t it properly tagged and organized yet? One of the most effective tactics we deploy is being able to target the devices owned by the people in an agent’s CRM, but a messy CRM means messy ad performance. 3. Do not “Set It & Forget It”: By far the number one mistake we see is agents running ads for months without ever refreshing the creative. Imagine posting the exact same thing to Facebook every day -- how long before everyone just knows to ignore you? We can get you in front of the right audience, but you’ve got to have something new and interesting to say. When the buyer first reviews the report, keep in mind the following reality: Regardless of how many backup offers there are, the deficiencies noted will be disclosed every time. If the buyer and their agent can isolate black and white issues that need correction; especially those that have a significant impact on the value of the home, then they should still be able to agree on reasonable corrections or credits from the sellers to close on the home. The main takeaway: Don’t worry about “possible” future issues or “potential” problems that come up on inspection reports in negotiations; focus instead on the clear-cut definite issues. You’ll get a lot further with the sellers by taking this reasonable and realistic approach.

Now more than ever, we’re seeing extremely educated buyers in the market. In your opinion, what type of questions are clients asking? Is there anything that new home buyers should be aware of if they plan to purchase in 2021? As of April 2021, the market is unlike anything we’ve ever seen. Buyers should align themselves with the lender of choice who can deliver speed, certainty, clear communication, and the ability to move at a In lieu of this busy real estate market where homes are selling quickly or even before they hit the public market, what type of contingencies are you seeing become popular and what would be your most frequently asked concern for clients that you work with? Buyers are shortening or waving certain contingencies to make their offers stand out in this competitive market. For example, I’ve seen buyers shorten their inspection period from the standard fifteen days to seven to ten days.

Another buyer trend is “all cash” offers when they plan to finance, so their offer bypasses the loan approval period. In

Many companies have been forced to pivot their marketing strategies to find new ways to get in front of customers given market environments. What best practices do you believe are most effective when it comes to online presence for lead generation in the real estate industry? Digital advertising is just like taking a dip in a giant pool. Some might think it’s sink or swim, but we like to think it’s a skill that anyone can learn, practice and be great at. Worst case scenario, you get yourself some floaties. Here are three things you should think about before taking the plunge:

While many markets continue to see record-low inventory, buyers are moving faster than ever to secure their next home. When receiving inspection reports, what should buyers look for in order to have peace of mind with their purchase? To say the market today is a seller’s market is a gross understatement. That being the case, a buyer should keep in mind that he or she still has a legal right to a fair transaction. Keeping this in mind will help the buyers to utilize the inspection report to help them get just that; a fair transaction.

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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

The momentum gained across all segments of Greater Orlando’s strong seller’s market in 2020 continued through Q1 2021. Buyer demand fueled by low mortgage interest rates and high affordability dramatically outpaced supply, to the point where not even new homebuilder production could keep up with market demands. This was partly due to supply chain challenges along with increased costs for both materials (lumber and steel) and labor. Even with a palpable reduction in international tourism due to COVID restrictions, the market remained robust, with heavy migration from the Northeast and Midwest. Inventory of single-family homes in all price ranges averaged 0.6 months, with an absorption rate 283% higher than last year.

Meanwhile, condominiums and townhomes of all price ranges are sitting at just one month of supply, with absorption up 125.2% over last year. The $1M+ price range is a tale of two markets as far as single- family homes and condominiums and townhomes are concerned, with the number of for sale listings down -41.4% and up +77.8%, respectively, year over year. Price trends over $1M are considered neutral for SFHs and appreciating for condominiums and townhomes. Windermere leads the area with the highest median list price at $1,562,963, while Sanford offers the most accessible median price at $347,990. Entry-level buying opportunities have become increasingly challenging, as a large number of institutional investors continue to dominate the competitive bidding process with all- cash offers and few contingencies.

1 5

M A R K E T R E P O R T Q 1

CENTRAL FLORIDA - GREATER ORLANDO

2,114 -67.7%

For Sale

3,693 +21.9%

Single-Family Homes

Sold

4,114 +30.8%

Pending

Months of Inventory

Sale-to-List Ratio

Days on Market

0.9

96%

47

Q1 2021

-65.1%

+1.1%

-23%

YoY Change

1,207 -33.6%

For Sale

2,771 +32.1%

Condos

Sold

3,540 +62.2%

Pending

Months of Inventory

Sale-to-List Ratio

Days on Market

1.8

96%

60

Q1 2021

-28.6%

0%

+11.1%

YoY Change

1 6

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

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

1,462

674

-53.9%

465

657

41%

Average Active Listings

$140

$158

12.7%

$149

$158

6.6%

Average $/SF

127

126

-0.8%

6.6%

150

29.3%

Average DOM

$298,000

$399,000

33.9%

$227,000

$233,000

3%

Median List Price

Sellers

Sellers

68

46

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

Orlando

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

1,482

761

-48.7%%

827

762

-7.9%

Average Active Listings

$168

$196

16.1%

$158

$161

1.9%

Average $/SF

107

95

-11.2%

1.9%

140

23.9%

Average DOM

$374,000

$407,000

8.8%

$205,000

$170,000

-17.1%

Median List Price

Sellers

Sellers

76

47

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

1 7

M A R K E T R E P O R T Q 1

CENTRAL FLORIDA - GREATER ORLANDO

Sanford

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

200

129

-35.5%

51

21

-58.8%

Average Active Listings

$160

$176

10.0%

$139

$152

9.4%

Average $/SF

116

95

-18.1%

9.4%

56

-21.1%

Average DOM

$316,000

$348,000

10.1%

$217,000

$224,000

3.2%

Median List Price

Sellers

Sellers

58

78

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

Winter Garden

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

276

123

-55%

66

52

-21.2%

Average Active Listings

$166

$197

18.6%

$214

$231

8.1%

Average $/SF

107

86

-19.6%

8.1%

131

28.4%

Average DOM

$472,000

$547,000

15.9%

$327,000

$327,000

0.0%

Median List Price

Sellers

Sellers

71

39

Q4 Market Action Index TM*

0

30

100

0

30

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

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

264

132

-50.0%

30

12

-60.0%

Average Active Listings

$240

$284

18.4%

$170

$173

1.5%

Average $/SF

212

156

-26.4%

1.5%

36

-33.3%

Average DOM

$1,000,000

$1,300,000

30.0%

$307,000

$293,000

-4.6%

Median List Price

Sellers

Sellers

54

86

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

Winter Park

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

230

113

-50.9%

70

64

-8.6%

Average Active Listings

$280

$301

7.5%

$188

$221

18%

Average $/SF

148

111

-25.0%

18%

108

6.9%

Average DOM

$706,000

$834,000

18%

$308,000

$344,000

11.7%

Median List Price

Sellers

Sellers

59

54

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

1 9

M A R K E T R E P O R T Q 1

CENTRAL FLORIDA - GREATER ORLANDO

Melbourne

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

481

177

-63.2%

141

82

-41.8%

Average Active Listings

$137

$156

13.9%

$128

$152

18.8%

Average $/SF

105

101

-3.8%

18.8%

107

17.6%

Average DOM

$348,000

$380,000

9.2%

$210,000

$275,000

31.0%

Median List Price

Sellers

Sellers

78

60

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

Cocoa Beach

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

50

20

-60%

144

51

-64.6%

Average Active Listings

$219

$227

3.7%

$247

$276

12%

Average $/SF

140

140

0.0%

12%

109

-9.9%

Average DOM

$730,000

$997,000

36.6%

$372,000

$412,000

10.8%

Median List Price

Sellers

Sellers

53

61

Q4 Market Action Index TM*

0

30

100

0

30

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

A MARKET SNAPSHOT Central Florida | Greater Tampa Bay

Extreme seller’s market are the buzzwords that describe Tampa Bay’s overall single-family home market, with only a half-month’s inventory available for sale. Prices continue to appreciate, while days on market are decreasing (35 days this year versus 55 days last year) and homes are selling at an average of 98% of list price – an increase of 2.1% over last year. Homes priced north of $1M are staying on the market slightly longer (91 days), but still selling at 94% of list price. March sales for homes priced over $1M increased 188% from last year. Condominium and townhome sales are surging, as well, up 41.4% for all price ranges, and up 60.7% for properties priced over $1M. Days on market for

condominiums and townhomes are decreasing, while average sold prices are neutral across all price ranges. St Petersburg leads the market in average price per square foot at $263, while Lutz has the highest overall median list price at $657,500. Brandon wins for affordability, with a median list price of $338,950 and an average price per square foot of $173. Tampa Bay’s housing market remains extremely desirable and relatively affordable compared to the rest of Florida and other major metropolitan markets. Homebuyers also continue to flock to Tampa Bay to see its champion teams in hockey (Lightning – 2020 Stanley Cup), baseball (Rays – American League pennant) and football (Buccaneers – Superbowl LV).

2 1

M A R K E T R E P O R T Q 1

CENTRAL FLORIDA - GREATER TAMPA BAY

1,962 -74.0%

For Sale

10,971 +11.6%

Single-Family Homes

Sold

12,857 +15.1%

Pending

Months of Inventory

Sale-to-List Ratio

Days on Market

0.7

98%

36

Q1 2021

-68.3%

+3.2%

-37.9%

YoY Change

1,017 -69.7%

For Sale

4,356 +27.7%

Condos

Sold

5,364 +42.0%

Pending

Months of Inventory

Sale-to-List Ratio

Days on Market

1

97%

48

Q1 2021

-65.2%

+2.1%

-21.3%

YoY Change

2 2

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

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

276

106

-61.6%

374

219

-41.4%

Average Active Listings

$192

$229

19.3%

$135

$144

6.7%

Average $/SF

122

105

-13.9%

6.7%

88

-3.3%

Average DOM

$371,000

$382,000

3%

$153,000

$155,000

1.3%

Median List Price

Sellers

Sellers

82

69

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

St. Petersburg

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

1,007

379

-62.4%

988

547

-44.6%

Average Active Listings

$234

$260

11.1%

$269

$268

-0.4%

Average $/SF

107

85

-20.6%

-0.4%

122

-2.4%

Average DOM

$384,000

$408,000

6.3%

$332,000

$294,000

-11.4%

Median List Price

Sellers

Sellers

80

59

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

2 3

M A R K E T R E P O R T Q 1

CENTRAL FLORIDA - GREATER TAMPA BAY

Tampa

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

1,507

696

-53.8%

45

77

71.1%

Average Active Listings

$179

$215

20.1%

$164

$204

24.4%

Average $/SF

102

92

-9.8%

24.4%

75

-15.7%

Average DOM

$337,000

$382,000

13.4%

$239,000

$305,000

28%

Median List Price

Sellers

Sellers

70

77

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

Lutz

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

209

49

-76.6%

47

30

-36.2%

Average Active Listings

$168

$193

14.9%

$133

$147

10.5%

Average $/SF

132

101

-23.5%

10.5%

135

21.6%

Average DOM

$466,000

$587,000

26.0%

$249,000

$325,000

30.5%

Median List Price

Sellers

Sellers

84

51

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

2 4

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

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

130

52

-60.0%

104

53

-49.0%

Average Active Listings

$205

$216

5.4%

$150

$178

18.7%

Average $/SF

106

61

-42.5%

18.7%

70

7.7%

Average DOM

$322,000

$357,000

10.9%

$179,000

$198,000

10.6%

Median List Price

Sellers

Sellers

90

70

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

Brandon

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

137

43

-68.6%

58

14

-75.9%

Average Active Listings

$143

$170

18.9%

$124

$150

21.0%

Average $/SF

82

62

-24.4%

21.0%

39

-52.4%

Average DOM

$289,000

$331,000

14.5%

$204,000

$255,000

25.0%

Median List Price

Sellers

Sellers

89

71

Q4 Market Action Index TM*

0

30

100

0

30

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 1

CENTRAL FLORIDA - GREATER TAMPA BAY

Pinellas Park

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

82

31

-62.2%

26

21

-19.2%

Average Active Listings

$175

$214

22.3%

$120

$126

5.0%

Average $/SF

80

54

-32.5%

5.0%

45

-31%

Average DOM

$249,000

$270,000

8.4%

$126,000

$122,000

-3.2%

Median List Price

Sellers

Sellers

100

72

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

Seminole

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

94

36

-61.7%

84

38

-54.8%

Average Active Listings

$201

$225

11.9%

$135

$123

-8.9%

Average $/SF

108

77

-28.7%

-8.9%

70

-9.1%

Average DOM

$410,000

$398,000

-2.9%

$178,000

$120,000

-32.6%

Median List Price

Sellers

Sellers

87

64

Q4 Market Action Index TM*

0

30

100

0

30

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

A MARKET SNAPSHOT North Florida

North Florida continues on the seller’s market trend into Q1 2021 from Q4 2020, with a consecutive drop in family home inventory of only 1.3 months available – a 62.2% drop year over year. The amount of homes sold has grown by 14.8% to 6,361 year over year, with pending sales increasing 16.6% to 7,398. The average days on market dropped significantly by 39.2 with an average of 55 days on market and a strong sale-to-list ratio of 98%. Home values are increasing

at an even higher rate than Q3 2020, and are up 14.9% to $300k. Homes values in the $1M+ range are also rising, with an increase in 12% year over year, a change propelled by the severe drop in inventory, down 68.8% YoY. The luxury market is becoming increasingly tight with less and less inventory available each month. The condo market is aligned in trends, with a 54% drop in months of inventory and a 23.4% increase in sales year over year.

2 7

M A R K E T R E P O R T Q 1

NORTH FLORIDA

2,427 -61%

For Sale

6,361 +14.8%

Single-Family Homes

Sold

7,398 +16.6%

Pending

Months of Inventory

Sale-to-List Ratio

Days on Market

1.3

98%

48

Q1 2021

-62.2%

+2.1%

-39.2%

YoY Change

677 -49.6%

For Sale

1,449 +23.4%

Condos

Sold

1,698 +32.6%

Pending

Months of Inventory

Sale-to-List Ratio

Days on Market

1.5

97%

57

Q1 2021

-54.0%

+2.1%

-16.2%

YoY Change

2 8

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

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

45

15

-66.7%

20

4

-80.0%

Average Active Listings

$333

$380

14.1%

$266

$219

-17.7%

Average $/SF

130

80

-38%

-17.7%

66

-38.9%

Average DOM

$727,000

$1,200,000

65%

$436,000

$315,000

-27.8%

Median List Price

Sellers

Sellers

69

72

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

Jacksonville

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

2,110

938

-55.5%

479

285

-40.5%

Average Active Listings

$130

$146

12%

$132

$154

17%

Average $/SF

110

85

-22.7%

17%

98

15.3%

Average DOM

$243,000

$254,000

4.5%

$183,000

$206,000

12.6%

Median List Price

Sellers

Sellers

72

68

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

2 9

M A R K E T R E P O R T Q 1

NORTH FLORIDA

Jacksonville Beach

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

83

19

-77%

67

27

-59.7%

Average Active Listings

$258

$308

19%

$330

$401

21.5%

Average $/SF

134

67

-50.0%

21.5%

111

1.8%

Average DOM

$591,000

$766,000

29.6%

$508,000

$663,000

30.5%

Median List Price

Sellers

Sellers

69

65

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

St. Augustine

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

1,122

354

-68%

391

165

-58%

Average Active Listings

$169

$200

18.3%

$202

$198

-2.0%

Average $/SF

137

116

-15.3%

-2.0%

125

-19.4%

Average DOM

$371,000

$415,000

11.9%

$312,000

$318,000

1.9%

Median List Price

Sellers

Sellers

63

55

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

* Graph Legend

Buyer’s Market (Supply>Demand)

Seller’s Market (Demand>Supply)

Balanced Marked (Demand = Supply)

3 0

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

JACKSONVILLE

5268 Tallulah Lake Court

$2 , 299,000 6 BD 6 BA 6,959 SF

This expansive, fully re-modeled home boasts six bedrooms, plenty of bonus and flex rooms, with a wet bar and theater for entertaining. Boat lovers and travelers will enjoy the ten-foot garage perfect for a boat or RV. This custom-built sanctuary sits peacefully in the gated community of Pablo Creek Reserve.

Kyle Bosworth 904.290.5027 kyle.bosworth@compass.com

3 1

M A R K E T R E P O R T Q 1

JACKSONVILLE

SOLD

1021 Seaside Drive North

$650,000 4 BD 4 BA 2 ,463 SF

This beach house gem offers an open floor plan with a welcoming kitchen boasting granite countertops, an oversized island with plenty of seating, stainless appliances, a double oven and extensive cabinets for storage. Enjoy cool summery nights with a pavered extended patio, a fun firepit, and a built-in summer kitchen.

Sally Sergeant 904.631.4283 sally.sergeant@compass.com

3 2

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

A MARKET SNAPSHOT South Florida | Broward

The housing market in Broward County continued to soar in Q1 2021 thanks to several factors: Record-low interest rates, a robust S&P 500, the appeal of stable assets in a volatile economy, the arrival of homebuyers from high- tax/density states, and flexible work-from- home and remote-learning policies. All of this combined has created a robust market for luxury single-family homes. Broward County is especially well-positioned at the moment, given its lower density compared to other South Florida luxury markets. Homeowners should be optimistic as property values continue to reach new heights. Just as in 2020, we’re seeing a steady streak of median prices outperforming the previous year. As prices rise, potential sellers raise their estimates, and in the most recent cycle, these rising prices have rescued many potential sellers who were underwater on their mortgages. Q1 was undoubtedly a seller’s market. The number of single-family homes priced for sale over $1M was down 43.9% from a year prior, while the number of sold homes increased 142.4%.

The number of listings under contract was up 343.1% compared to the previous year. Months of inventory based on closed sales is now 2.7 – down 76.5% from the previous year – and the average sold price per square foot was up 26.4% compared to last year. Average days on market was down 23.4% compared to last year, and the ratio of sold price to original list price rose to 91% – an increase of 4.6% year over year. The condominium and townhome market showed similar trends. Compared to a year prior, the number of listings for sale fell 33.7%, sold listings increased 32.6%, and under contract listings shot up 162.9%. Months of inventory based on closed sales is now 2.5, down 51% from the previous year, and average sold price per square foot is up 20.7%. Based on a six-month trend, both average sold price and median sold price are appreciating. Average days on market showed a neutral trend, up 4% year over year, while the ratio of sold price to original list price held firm at 94% – an increase of 1.1% over the previous year.

3 3

M A R K E T R E P O R T Q 1

SOUTH FLORIDA - BROWARD COUNTY

1,839 -60.9%

For Sale

4,326 +24.4%

Single-Family Homes

Sold

5,714 +43.0%

Pending

Months of Inventory

Sale-to-List Ratio

Days on Market

1.5

94%

49

Q1 2021

-63.7%

2.2%

-25.8%

YoY Change

5,423 -33.7%

For Sale

5,068 +28.6%

Condos

Sold

7,192 +65.7%

Pending

Months of Inventory

Sale-to-List Ratio

Days on Market

3.9

94%

77

Q1 2021

-38%

+1.1%

-1.3%

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

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

73

38

-47.9%

63

31

-51%

Average Active Listings

$197

$222

13.0%

$178

$190

6.8%

Average $/SF

87

48

-44.8%

6.8%

73

-1.4%

Average DOM

$405,000

$461,000

13.8%

$275,000

$263,000

-4.4%

Median List Price

Sellers

Sellers

59

66

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

Davie

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

248

115

-53.6%

117

119

1.7%

Average Active Listings

$242

$257

6.0%

$169

$168

-0.6%

Average $/SF

141

111

-21.3%

-0.6%

94

36.2%

Average DOM

$793,000

$882,000

11.2%

$216,000

$202,000

-6.5%

Median List Price

Sellers

Sellers

49

52

Q4 Market Action Index TM*

0

30

100

0

30

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 1

SOUTH FLORIDA - BROWARD COUNTY

Fort Lauderdale

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

1,158

672

-42.0%

1,611

1,413

-12.3%

Average Active Listings

$325

$372

14.5%

$319

$333

4%

Average $/SF

174

167

-4.0%

4%

190

3.8%

Average DOM

$701,000

$773,000

10.3%

$396,000

$381,000

-3.8%

Median List Price

Sellers

Sellers

45

34

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

Hallandale Beach

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

105

95

-9.5%

866

719

-17.0%

Average Active Listings

$246

$202

-17.8%

$249

$260

4.4%

Average $/SF

154

160

3.9%

4.4%

248

10.2%

Average DOM

$246,000

$205,000

-16.7%

$295,000

$296,000

0%

Median List Price

Sellers

Sellers

36

32

Q4 Market Action Index TM*

0

30

100

0

30

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

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

7

3

-57.1%

100

81

-19.0%

Average Active Listings

$2,000

$2,000

0%

$380

$385

1.5%

Average $/SF

296

625

111%

1.5%

226

-0.9%

Average DOM

$23,600,000

$20,900,000

-11.4%

$510,000

$480,000

-5.9%

Median List Price

Sellers

Sellers

37

33

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

Hollywood

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

494

314

-36.4%

995

881

-11.5%

Average Active Listings

$254

$262

3.0%

$322

$325

0.9%

Average $/SF

135

121

-10.4%

0.9%

260

5.7%

Average DOM

$428,000

$448,000

4.7%

$351,000

$336,000

-4.3%

Median List Price

Sellers

Balanced

47

30

Q4 Market Action Index TM*

0

30

100

0

30

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 1

SOUTH FLORIDA - BROWARD COUNTY

Lauderdale-by-the-Sea

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

23

18

-21.7%

122

87

-29%

Average Active Listings

$392

$375

-4.5%

$362

$397

9.5%

Average $/SF

134

137

2.2%

9.5%

164

-9.4%

Average DOM

$853,000

$754,000

-11.6%

$554,000

$528,000

-5%

Median List Price

Sellers

Sellers

36

36

Q4 Market Action Index TM*

0

30

100

0

30

100

Buyers

Sellers

Buyers

Sellers

Lighthouse Point

SINGLE FAMILY INVENTORY

CONDO INVENTORY

YoY Change

YoY Change

Q1 2020

Q1 2021

Q1 2020

Q1 2021

140

87

-37.9%

54

46

-14.8%

Average Active Listings

$430

$428

-0.5%

$174

$170

-2.3%

Average $/SF

211

188

-10.9%

-2.3%

108

-10.0%

Average DOM

$1,100,000

$1,400,000

27.3%

$184,000

$149,000

-19%

Median List Price

Sellers

Sellers

37

35

Q4 Market Action Index TM*

0

30

100

0

30

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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