Quarterly Market Detail - Q3 2021 Single-Family Homes ...

Quarterly Market Detail - Q3 2021 Single-Family Homes Miami-Dade County

Summary Statistics

Closed Sales Paid in Cash Median Sale Price Average Sale Price Dollar Volume Median Percent of Original List Price Received Median Time to Contract Median Time to Sale

New Pending Sales New Listings Pending Inventory Inventory (Active Listings) Months Supply of Inventory

Q3 2021 3,923 986 $500,000 $1,008,200 $4.0 Billion 98.9% 18 Days 66 Days 4,194 4,962 2,502 2,957

2.2

Q3 2020 3,839 614 $420,000 $733,099 $2.8 Billion 96.2% 46 Days 94 Days 4,854 4,751 3,163 4,039

3.8

Percent Change Year-over-Year

2.2% 60.6% 19.0% 37.5% 40.5%

2.8%

-60.9% -29.8% -13.6% 4.4% -20.9% -26.8% -42.1%

Closed Sales

The number of sales transactions which closed during the quarter

Economists' note : Closed Sales are one of the simplest--yet most important--indicators for the residential real estate market. When comparing Closed Sales across markets of different sizes, we recommend comparing the percent changes in sales rather than the number of sales. Closed Sales (and many other market metrics) are affected by seasonal cycles, so actual trends are more accurately represented by year-over-year changes (i.e. comparing a quarter's sales to the amount of sales in the same quarter in the previous year), rather than changes from one quarter to the next.

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Closed Sales

12,020 3,923 4,486 3,611 3,852 3,839 2,688 2,871 3,292 3,514 3,854 2,662 3,081 3,268

Percent Change Year-over-Year

27.9% 2.2% 66.9% 25.8% 17.0% 9.2% -30.3% 7.9% 6.8% 7.5% 1.8% -4.9% 2.5% 13.7%

Closed Sales

5,000

2017

2018

2019

2020

2021

4,000

3,000

2,000

1,000

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Produced by MIAMI REALTORS? with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, November 10, 2021. Next data release is Thursday, February 10, 2022.

Quarterly Market Detail - Q3 2021 Single-Family Homes Miami-Dade County

Cash Sales

The number of Closed Sales during the quarter in which buyers exclusively paid in cash

Economists' note : Cash Sales can be a useful indicator of the extent to which investors are participating in the market. Why? Investors are far more likely to have the funds to purchase a home available up front, whereas the typical homebuyer requires a mortgage or some other form of financing. There are, of course, many possible exceptions, so this statistic should be interpreted with care.

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Cash Sales

2,876 986 1,117 773 719 614 407 555 650 669 805 570 674 713

Percent Change Year-over-Year

82.5% 60.6% 174.4% 39.3% 10.6% -8.2% -49.4% -2.6% -3.6% -6.2% -8.0% -23.7% -4.9% 2.6%

Cash Sales

1,200

2017

2018

2019

2020

2021

1,000

800

600

400

200

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Cash Sales as a Percentage of Closed Sales

The percentage of Closed Sales during the quarter which were Cash Sales

Economists' note : This statistic is simply another way of viewing Cash Sales. The remaining percentages of Closed Sales (i.e. those not paid fully in cash) each quarter involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc.

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Percent of Closed Sales Paid in Cash

23.9% 25.1% 24.9% 21.4% 18.7% 16.0% 15.1% 19.3% 19.7% 19.0% 20.9% 21.4% 21.9% 21.8%

Percent Change Year-over-Year

42.3% 56.9% 64.9% 10.9% -5.1% -15.8% -27.8% -9.8% -10.0% -12.8% -9.5% -19.9% -7.2% -9.9%

Pct. of Closed Sales Paid in Cash

2017 35%

2018

2019

2020

2021

30%

25%

20%

15%

10%

5%

0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Produced by MIAMI REALTORS? with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, November 10, 2021. Next data release is Thursday, February 10, 2022.

Quarterly Market Detail - Q3 2021 Single-Family Homes Miami-Dade County

Median Sale Price

The median sale price reported for the quarter (i.e. 50% of sales were above and 50% of sales were below)

Economists' note : Median Sale Price is our preferred summary statistic for price activity because, unlike Average Sale Price, Median Sale Price is not sensitive to high sale prices for small numbers of homes that may not be characteristic of the market area. Keep in mind that median price trends over time are not always solely caused by changes in the general value of local real estate. Median sale price only reflects the values of the homes that sold each quarter, and the mix of the types of homes that sell can change over time.

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Median Sale Price

$490,000 $500,000 $500,000 $470,000 $440,000 $420,000 $380,000 $375,000 $370,000 $370,000 $360,000 $350,000 $355,000 $360,000

Percent Change Year-over-Year

25.6% 19.0% 31.6% 25.3% 18.9% 13.5% 5.6% 7.1% 4.2% 2.8% 2.9% 3.9% 6.6% 8.5%

Median Sale Price

$600K

2017

2018

2019

2020

2021

$500K

$400K

$300K

$200K

$100K

$0K Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Average Sale Price

The average sale price reported for the quarter (i.e. total sales in dollars divided by the number of sales)

Economists' note : Usually, we prefer Median Sale Price over Average Sale Price as a summary statistic for home prices. However, Average Sale Price does have its uses--particularly when it is analyzed alongside the Median Sale Price. For one, the relative difference between the two statistics can provide some insight into the market for higher-end homes in an area.

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Average Sale Price

$1,005,129 $1,008,200 $1,033,443 $966,619 $838,031 $733,099 $583,094 $546,268 $544,804 $573,568 $531,562 $543,917 $519,631 $543,639

Percent Change Year-over-Year

58.8% 37.5% 77.2% 76.9% 53.8% 27.8% 9.7% 0.4% 4.8% 5.5% -4.5% 6.1% 5.6% 13.9%

Average Sale Price

$1200K

2017

2018

2019

2020

2021

$1000K

$800K

$600K

$400K

$200K

$0K Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Produced by MIAMI REALTORS? with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, November 10, 2021. Next data release is Thursday, February 10, 2022.

Quarterly Market Detail - Q3 2021 Single-Family Homes Miami-Dade County

Dollar Volume

The sum of the sale prices for all sales which closed during the quarter

Economists' note : Dollar Volume is simply the sum of all sale prices in a given time period, and can quickly be calculated by multiplying Closed Sales by Average Sale Price. It is a strong indicator of the health of the real estate industry in a market, and is of particular interest to real estate professionals, investors, analysts, and government agencies. Potential home sellers and home buyers, on the other hand, will likely be better served by paying attention to trends in the two components of Dollar Volume (i.e. sales and prices) individually.

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Dollar Volume

$12.1 Billion $4.0 Billion $4.6 Billion $3.5 Billion $3.2 Billion $2.8 Billion $1.6 Billion $1.6 Billion $1.8 Billion $2.0 Billion $2.0 Billion $1.4 Billion $1.6 Billion $1.8 Billion

Percent Change Year-over-Year

103.1% 40.5% 195.8% 122.6% 80.0% 39.6% -23.5% 8.3% 12.0% 13.4% -2.8% 0.9% 8.2% 29.5%

Dollar Volume

2017 $5 B

2018

2019

2020

2021

$4 B

$3 B

$2 B

$1 B

$0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Median Percent of Original List Price Received

The median of the sale price (as a percentage of the original list price) across all properties selling during the quarter

Economists' note : The Median Percent of Original List Price Received is useful as an indicator of market recovery, since it typically rises as buyers realize that the market may be moving away from them and they need to match the selling price (or better it) in order to get a contract on the house. This is usually the last measure to indicate a market has shifted from down to up, so it is what we would call a lagging indicator.

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Med. Pct. of Orig. List Price Received

98.2% 98.9% 98.6% 97.1% 97.0% 96.2% 95.9% 95.7% 95.7% 95.5% 95.3% 95.1% 95.3% 95.7%

Percent Change Year-over-Year

2.4% 2.8% 2.8% 1.5% 1.4% 0.7% 0.6% 0.6% 0.4% -0.2% -0.6% -0.1% -0.1% 0.2%

Med. Pct. of Orig. List Price Received

120%

2017

2018

2019

2020

2021

100%

80%

60%

40%

20%

0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Produced by MIAMI REALTORS? with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, November 10, 2021. Next data release is Thursday, February 10, 2022.

Quarterly Market Detail - Q3 2021 Single-Family Homes Miami-Dade County

Median Time to Contract

The median number of days between the listing date and contract date for all Closed Sales during the quarter

Economists' note : Like Time to Sale, Time to Contract is a measure of the length of the home selling process calculated for sales which closed during the quarter. The difference is that Time to Contract measures the number of days between the initial listing of a property and the signing of the contract which eventually led to the closing of the sale. When the gap between Median Time to Contract and Median Time to Sale grows, it is usually a sign of longer closing times and/or declining numbers of cash sales.

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Median Time to Contract 21 Days 18 Days 18 Days 30 Days 26 Days 46 Days 55 Days 56 Days 51 Days 52 Days 58 Days 61 Days 49 Days 44 Days

Percent Change Year-over-Year

-59.6% -60.9% -67.3% -46.4% -49.0% -11.5% -5.2% -8.2% 4.1% 18.2% 31.8% 27.1% 0.0% 4.8%

Median Time to Contract

2017 70

2018

2019

2020

2021

60

50

40

30

20

10

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Median Time to Sale

The median number of days between the listing date and closing date for all Closed Sales during the quarter

Economists' note : Time to Sale is a measure of the length of the home selling process, calculated as the number of days between the initial listing of a property and the closing of the sale. Median Time to Sale is the amount of time the "middle" property selling this month was on the market. That is, 50% of homes selling this month took less time to sell, and 50% of homes took more time to sell. Median Time to Sale gives a more accurate picture than Average Time to Sale, which can be skewed upward by small numbers of properties taking an abnormally long time to sell.

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Median Time to Sale

71 Days 66 Days 68 Days 80 Days 78 Days 94 Days 100 Days 100 Days 95 Days 100 Days 103 Days 107 Days 92 Days 90 Days

Percent Change Year-over-Year

-27.6% -29.8% -32.0% -20.0% -17.9% -6.0% -2.9% -6.5% 3.3% 11.1% 12.0% 10.3% -11.5% -4.3%

Median Time to Sale

2017 120

2018

2019

2020

2021

100

80

60

40

20

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Produced by MIAMI REALTORS? with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, November 10, 2021. Next data release is Thursday, February 10, 2022.

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