According to recent data from the Miami Association of Realtors, Miami-Dade County saw a year-over-year increase in single-family home sales in the second quarter of 2024, with transactions on track to surpass last year’s total. Sales of existing condos valued at $600,000 and above were up 99% from pre-COVID levels (June 2019).
“Miami condo demand for properties priced above $600,000 is well above pre-COVID sales figures,” said Gus Fonte, Miami Realtor board chairman. “While active condo listings are up year-over-year, Miami condo inventory is still 38% lower than pre-COVID.”
During the first half of 2024, single-family home sales in Miami-Dade County increased 2.3%, from 5,457 in the first half of 2023 to 5,582 in the first half of 2024. In the second quarter of 2024, sales increased 2.9% year-over-year, from 3,044 in the second quarter of 2023 to 3,133 in the second quarter of 2024. However, condo sales in Miami fell 7.5% year-over-year, from 3,954 to 3,657.
In June 2024, total sales in Miami-Dade declined 13.2% year-over-year, from 2,364 to 2,051. Single-family home sales declined 3.8%, from 1,004 to 959, while existing condo sales declined 20.2%, from 1,360 to 1,085. The decline was attributed to a lack of inventory at key price points and high mortgage rates. Uncertainty surrounding the upcoming presidential election and new state regulations for condominiums, effective in 2025, also contributed. Senate Bill 4-D requires full structural safety inspections and structural integrity reserve studies for buildings three stories or more.
Miami condo inventory is down 38% from pre-COVID levels, from 15,488 listings in June 2019 to 9,601 in June 2024. Miami’s total inventory is down 33.4% from the historical average, with the monthly historical average for existing inventory at 20,302 and current inventory at 13,517. Active listings at the end of June were up 49.7% from a year earlier, from 9,027 to 13,517.
As of June 2024, the number of single-family homes increased by 35% from the previous year, from 2,911 to 3,929. The number of condominiums increased by 56.8%, from 6,116 to 9,588 listings during the same period. The number of months of inventory for single-family homes is 4.4 months, indicating a sellers’ market, while the number of months of inventory for existing condominiums is 8.9 months, indicating a balanced market. A balanced market is typically characterized by a supply of six to nine months.
Nationally, total housing inventory at the end of June was 1.32 million units, up 3.1% from May and 23.4% from a year ago (1.07 million). Unsold inventory represents 4.1 months of inventory at the current sales pace, compared to 3.7 months in May and 3.1 months in June 2023. The last time unsold inventory was four months of inventory was in May 2020 (4.5 months).
As of June 2024, median single-family home prices in Miami-Dade County increased 5.5% year-over-year, from $622,500 to $657,000. Median single-family home prices in Miami have increased for 151 consecutive months (12.5 years), marking the longest streak on record. Prices increased 245.8% from June 2012 to June 2024, from $190,000 to $657,000.
Median existing condo prices increased 0.5% year over year in June 2024, from $418,000 to $420,000. Median condo prices have remained stable or increased in 151 of the past 157 months. Condo prices increased 162.5% from June 2012 to June 2024, from $160,000 to $420,000.
Miami ended 2023 as the fastest-appreciating U.S. real estate market, according to CoreLogic. Despite the price increase, Miami remains a safe bet compared to other cities around the world. In Miami, $1 million buys at least 60 square meters of prime real estate, more than cities like Sydney (43 square meters), Shanghai (42), Paris (40), Los Angeles (38), New York (34), Geneva (34), London (33), Singapore (32), Hong Kong (22) and Monaco (16).
As of June 2024, only 1.1% of all residential sales closed in Miami were distressed sales, including REOs (bank-owned properties) and short sales, compared to 1.4% in June 2023. In 2009, distressed sales accounted for 70% of sales in Miami. Short sales and REOs accounted for 0.2% and 0.8% of total sales in Miami, respectively, as of June 2024. The percentage of distressed sales in Miami is lower than the national figure, with distressed sales accounting for 2% of sales as of June 2024.
In Florida, statewide closed sales of single-family homes totaled 23,183 in June 2024, down 11.1% from the previous year, while sales of existing condominiums and townhomes totaled 8,339, down 20.5%. Nationally, total sales of existing homes, which include single-family homes, townhomes, condominiums and co-ops, declined 5.4% from May to a seasonally adjusted annual rate of 3.89 million in June. Year-over-year, sales also fell 5.4% (down from 4.11 million in June 2023).
In June 2024, the median percentage of original list price received for single-family homes was 96.5%. For existing condominiums, it was 94.9%. The median number of days from listing date to contract date for single-family home sales in Miami was 28 days, compared to 27 days last year. The median time to sell for single-family homes was 69 days, compared to 71 days last year. For condos, the median number of days from listing date to contract date was 50 days, compared to 32 days. The median number of days to sell for condos was 90 days, compared to 77 days.
Cash sales accounted for 37.9% of all sales closed in Miami in June 2024, down from 43.5% in June 2023. About 28% of U.S. home sales are made in cash, according to the latest NAR statistics. Cash sales accounted for 49.9% of all existing condo sales in Miami and 24.6% of single-family home transactions.
