According to new data from the Miami Association of Realtors, Miami-Dade’s total residential sales decreased 7.8% in November 2023, from 1,791 to 1,651, due to high mortgage rates and low inventory in key price levels. November’s real estate transactions flowed into October, where rates peaked at 7.8%. The statistics do not include the strong market and construction volume of new South Florida developers.
Single-family home sales in Miami decreased 1.5% year-over-year, from 718 in November 2022 to 707 in November 2023. Single-family home sales in Miami, which saw an increase in transactions in September 2023, are still short of inventory at key prices as high mortgage rates have impacted buyers looking to finance.
Existing condo sales in Miami decreased 12% year over year, from 1,073 in November 2022 to 944 in November 2023. The condo market was further impacted by the lack of inventory at low levels. key prices and high mortgage rates.
New listings in Miami increased 7.7% year over year in November 2023, from 2,982 to 3,211. The Miami-Dade market remains seller-friendly, but new listing supply will provide more options for buyers.
New single-family home listings in Miami increased 0.97% while new condo listings in Miami jumped 11.93% year over year.
Total inventory is down 42.9% from Miami’s historical average. The monthly historical average of Miami-Dade’s existing inventory is 20,302 and the current inventory is 11,576.
As of the end of November, the total number of active listings increased 3.6% year-over-year, from 11,178 to 11,576.
Single-family home inventory decreased 10.1% year over year in November 2023, from 4,288 active listings last year to 3,856 last month. Condo inventory increased 12% year-over-year, from 6,890 to 7,720 listings over the same period in 2022.
The monthly supply of inventory for single-family homes is 4.4 months, indicating a favorable sellers’ market. The inventory of existing condominiums is 6.8 months, indicating a balanced market. A balanced market between buyers and sellers offers a supply of between six and nine months.
Nationally, total housing inventory recorded at the end of November was 1.13 million units, down 1.7% from October but up 0.9% from a year ago. year (1.12 million). Unsold inventory stands at a 3.5 month supply at the current sales pace, down from 3.6 months in October but up from 3.3 months in November 2022.
Median prices for single-family homes in Miami-Dade County increased 11.8% year-over-year in November 2023, from $550,000 to $615,000. Median single-family home prices in Miami have increased for 144 consecutive months (12 years), the longest consecutive streak on record. Median prices for existing condominiums increased 6.3% year-over-year, from $395,000 to $420,000. Median condo prices have remained stable or increased in 144 of the last 150 months.
Miami is tied for third in the United States for annual home price appreciation, according to the latest CoreLogic S&P Case-Shiller U.S. Index.
Miami’s total dollar volume was $1.33 billion in November 2023. Single-family home dollar volume increased 8.8% year over year to $698 million . Condominium dollar volume decreased 9.7% year over year to $637 million.
Just 0.9% of all closed residential sales in Miami were distressed last month, including REOs (bank-owned properties) and short sales, down from 1.6% in November 2022. In 2009 , distressed sales accounted for 70% of sales in Miami.
Short sales and REOs accounted for 0% and 0.9% year-over-year, respectively, of Miami’s total sales in November 2023.
The percentage of distressed sales in Miami is lower than the national figure. Nationally, distressed sales accounted for 1% of sales in November 2023, virtually unchanged from last month and the year before.
The median percentage of initial list price received for single-family homes was 97% in November 2023. The median percentage of initial list price received for existing condominiums was 96%.
The median number of days from listing to contract date for single-family home sales in Miami was 23 days, up from 31 days last year. The median sales time for single-family homes was 64 days, compared to 74 days last year.
The median number of days from listing date to contract date for condos was 32 days, compared to 35 days. The median number of days to sell a condo was 72 days, down from 74 days.
Cash sales accounted for 40.9% of closed sales in Miami in November 2023, up from 42.3% in November 2022. About 27% of U.S. home sales are completed in cash, according to the latest NAR statistics.
Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects Miami’s dominant position as the predominant U.S. real estate market for foreign buyers, who tend to buy entirely with cash, as well as some coming from more expensive U.S. markets who can purchase more with profits from their real estate sales.
Cash sales accounted for 50.2% of all existing condo sales in Miami and 28.4% of single-family transactions.
