Residential Real Estate News
Greater Miami Area Residential Sales Dip 8 Percent Annually in August
Condo inventory explodes 67 percent, single family listings up 37 percentÂ
According to new data from the Miami Association of Realtors, total residential sales in Greater Miami dropped 8.1% year-over-year, from 2,178 transactions to 2,002. However, Miami single-family home sales saw a slight 1.7% increase, rising from 948 to 964 transactions. Single-family sales in Miami-Dade County have seen gains in eight of the last 10 months. On the other hand, total condo sales in Miami fell by 15.6% in August 2024, from 1,230 to 1,038 year-over-year.
The median sale price for single-family homes in Miami-Dade County increased 3.2% in August 2024, going from $620,000 to $640,000. Miami's single-family home median prices have now risen for 153 consecutive months (12.75 years), marking the longest streak on record. Meanwhile, median condo prices remained stable, showing a slight year-over-year decrease of 0.2% or $1,000, from $416,000 to $415,000. Condo prices have either increased or stayed level in 152 of the past 159 months (13.25 years).
Total housing inventory in Miami is still down 42.2% from the historical average. The long-term average for Miami-Dade existing inventory stands at 20,302, but the current figure is 14,277. Active listings at the end of August rose by 50.8% year-over-year, increasing from 9,467 to 14,277. The inventory of single-family homes climbed 36.6%, rising from 3,062 listings in August 2023 to 4,183 in August 2024. Similarly, condo inventory surged 57.6%, from 6,405 to 10,094, although this figure remains below pre-pandemic levels. Compared to August 2019, active condo listings have decreased by 37.1%, down from 16,049 to 10,094.
Miami's months of inventory supply for single-family homes stands at 4.7 months, reflecting a seller's market. Condo inventory has a 9.5-month supply, which also suggests a seller's market, as a balanced market typically offers a 6- to 9-month supply.
Distressed sales, which include bank-owned properties (REO) and short sales, made up just 0.9% of Miami's residential sales in August, down from 1.2% in August 2023. In 2009, distressed sales comprised 70% of Miami's total sales. Specifically, short sales accounted for 0.2% of total sales, while REO sales made up 0.7%. Miami's share of distressed sales mirrors the national rate, which was also 1% in August 2024, consistent with figures from the prior month and year.
Cash transactions made up 32.9% of Miami's closed sales in August 2024, compared to 40.3% the year before. Nationally, about 26% of home sales are cash-based, according to the latest statistics from the National Association of Realtors (NAR). In Miami, cash sales represented 43% of all condo transactions and 22% of single-family home sales.
