Miami real estate agents report this week that Miami-Dade County’s total home sales and total dollar volume increased year-over-year in January 2024, as real estate in South Florida continues to outpace the nation, even as mortgage rates return to the 7% range. Total home sales in Miami-Dade increased 0.9% and total dollar volume jumped 19% year-over-year in January 2024.
“Miami real estate continues to lead the country, even with mortgage rates now back to 7 percent,” said Gus Fonte, board chairman of the Miami Realtor Association. “Nearly half of all Miami-Dade buyers pay with cash, so South Florida is more insulated from high rates. And migration from South Florida, both domestically and internationally, remains high according to new data on the exchange of driving licenses.”
Miami-Dade’s total sales increased 0.9% in January 2024, from 1,402 to 1,414. 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 8.6% year-over-year in January 2024, from 593 to 644. Yet existing condo sales in Miami decreased 4.8% from year over year, falling from 809 in January 2023 to 770 in January 2024. The condo market was further impacted by lack of inventory at key price points and high mortgage rates.
The total number of new listings in Miami increased 21.7% year over year in January 2024, from 3,257 to 3,963. The Miami-Dade market remains seller-friendly, but new supply listings will provide more options for buyers.
New single-family home listings in Miami increased 14.78% while new condo listings in Miami jumped 25.90% year-over-year.
Total inventory is down 39.5% from Miami’s historical average. The monthly historical average of Miami-Dade’s existing inventory is 20,302 and the current inventory is 12,277.
The total number of active listings at the end of January increased 14% year-over-year, from 10,769 to 12,277.
Single-family home inventory decreased 2.7% year over year in January 2024, from 3,964 active listings last year to 3,856 last month. Condo inventory increased 23.7% year-over-year, from 6,805 to 8,421 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 7.4 months, indicating a balanced market. A balanced market between buyers and sellers offers a supply of between six and nine months.
Median prices for single-family homes in Miami-Dade County increased 15.6% year over year in January 2024, from $545,000 to $630,000. Median single-family home prices in Miami have increased for 146 consecutive months (12.2 years), the longest consecutive streak on record. Median prices of existing condominiums increased by 1.4% year-over-year, from $400,000 to $405,750. Median condo prices have remained stable or increased in 146 of the past 152 months.
Miami’s total dollar volume was $1.3 billion in January 2024. Single-family home dollar volume increased 32% year over year to $777 million. Condominium dollar volume increased 4.75% year over year to $566 million.
Just 1.5% of all closed residential sales in Miami were distressed last month, including REOs (bank-owned properties) and short sales, down from 1.8% in January 2023. In 2009 , distressed sales accounted for 70% of sales in Miami.
Short sales and REOs represented 0.3% and 1.2% year-over-year, respectively, of Miami’s total sales in January 2024.
The percentage of distressed sales in Miami is lower than the national figure. Nationally, distressed sales accounted for 2% of sales in January, virtually unchanged from last month and the year before.
The median percentage of initial list price received for single-family homes was 95.7% in January 2024. The median percentage of initial list price received for existing condominiums was 94.9%.
The median number of days from listing to contract date for single-family home sales in Miami was 32 days, up from 39 days last year. The median sales time for single-family homes was 80 days, compared to 85 days last year.
The median number of days from listing date to contract date for condos was 47 days, compared to 44 days. The median number of days to sell a condo was 90 days, down from 86 days.
Cash sales accounted for 42.6% of closed sales in Miami in January 2024, up from 43.2% in January 2023. About 32% 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 52.5% of all existing condo sales in Miami and 30.7% of single-family transactions.
