Single-family home inventory continuing to deplete, at record low less than 5,000 listings for Miami, Broward and Palm Beach combined

Hedge fund assignment of single-family home as ‘gold standard’ of long and short term investment strategy; aggressive acquisition (Blackstone, BlackRock et al) weakens competitive offers by and prices out prospective owner-occupied buyers

Average price for single-family home doubled in last 3 years across Miami, Broward and Palm Beach; +16% in Q1 even amid increased mortgage rates; waterfront homes doubled last 18 months

Predicted to be strongest year of appreciation

Condo inventory depleting, at all-time low less than 6,800 listings with only 6 - 8 months left for Miami, Broward and Palm Beach combined

Shift to “vertical house” on waterfront with demand for 3, 4, 5 beds; most of inventory 1 bed

Average price +25% in Q1 even amid increased mortgage rates

Last 2 years higher yield 4 - 5% appreciation

Existing condo 99% of sales; new development condo almost sold out to true end users

Relocators are permanent residents

State of New York lost 252 people per day in 2021

Construction costs rising weekly due to inflation and supply chain impacts; anticipated delays and unstable delivery dates 

Mortgage rates will continue to go up, inventory expected to plateau yet no relief of more listings for remainder of 2022