Total Miami-Dade County home sales increased 5.4% year over year as single-family home transactions and condo sales increased, according to new data from the Miami Association of Realtors. respectively by 6.5% and 4.5% in April 2024.
“Miami real estate is less impacted by high mortgage rates than other markets due to our high percentage of cash buyers and mass wealth migration,” said MIAMI Board Chairman , Gus Fonte. “Cash buyers in Miami jumped double digits year over year and helped fuel the condo market to one of its best months in recent memory. Condo sales from price level of $300,000 and above increased year over year.”
Miami-Dade’s total sales increased 5.4% in April 2024, from 2,222 to 2,342. The statistics would be much stronger if they included the strong market and construction volume from new South Side developers. Florida.
Miami single-family home sales increased 6.5% year-over-year in April 2024, from 1,000 to 1,065. Miami existing condo sales increased 4.5% year-over-year year over year, going from 1,222 to 1,277.
The following price ranges for the Miami condo market each saw an increase in sales: $300,000 to $400,000 (3% sales increase); $400,000 to $600,000 (5.3%); $600,000 to $1 million (8.1%); and $1 million and more (45%)
New listings in Miami have increased for eight straight months and are approaching pre-pandemic levels. This has increased the total inventory and provides buyers with a greater variety of homes.
The total number of new listings in Miami increased 33.3% year over year in April 2024, from 2,879 to 3,839.
Total inventory is down 35.5% from Miami’s historical average. The monthly historical average of Miami-Dade’s existing inventory is 20,302 and the current inventory is 13,094.
As of the end of April, the total number of active listings increased 39.6% year-over-year, from 9,378 to 13,094.
Single-family home inventory increased 27.3% year over year in April 2024, from 3,036 active listings last year to 3,864 last month. Condo inventory increased 45.5% year-over-year, from 6,342 to 9,230 listings over the same period in 2023.
The monthly supply of inventory for single-family homes is 4.4 months, indicating a favorable sellers’ market. The inventory of existing condominiums is 8.3 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 April was 1.21 million units, up 9% from March and 16.3% from a year ago (1, 04 million). Unsold inventory stands at 3.5 months supply at the current sales pace, compared to 3.2 months in March and 3.0 months in April 2023. For homes priced at $1 million or more, inventory and sales increased 34% and 40%, respectively, from a year ago.
Median prices for single-family homes in Miami-Dade County increased 9% year over year in April 2024, from $600,000 to $654,000. Median single-family home prices in Miami have increased for 149 consecutive months (12.4 years), the longest consecutive streak on record. Median prices for existing condos increased 7% year over year, from $414,900 to $444,000. Median condo prices have remained stable or increased in 149 of the last 155 months.
Just 0.9% of all closed residential sales in Miami were distressed last month, including REOs (bank-owned properties) and short sales, down from 1.3% in April 2023. In 2009 , distressed sales accounted for 70% of sales in Miami.
Short sales and REOs represented 0.1% and 0.7% year-over-year, respectively, of Miami’s total sales in April 2024.
The percentage of distressed sales in Miami is lower than the national figure. Nationally, distressed sales accounted for 2% of sales in April 2024, virtually unchanged from last month and the year before.
The median percentage of initial list price received for single-family homes was 96.7% in April 2024. The median percentage of initial list price received for existing condominiums was 95.2%.
The median number of days from listing to contract date for single-family home sales in Miami was 28 days, up from 30 days last year. The median sales time for single-family homes was 70 days, compared to 71 days last year.
The median number of days from listing date to contract date for condos was 46 days, compared to 37 days. The median number of days to sell a condo was 85 days, up from 75 days.
Cash sales accounted for 40.3% of closed sales in Miami in April 2024, up from 37.9% in April 2023. About 28% of U.S. home sales are completed in cash, according to the latest NAR statistics. Cash sales accounted for 52.4% of all existing condo sales in Miami and 24.2% of single-family transactions.
