Residential Real Estate News
Greater Miami Residential Sales Slide 13 Percent Annually in June
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 Q2 2024, with transactions on track to surpass last year's total. Sales of existing condos priced at $600K and above surged by 99% compared to pre-COVID levels (June 2019).
"Miami condo demand for properties priced above $600,000 are significantly outperforming pre-COVID sales numbers," Miami Realtor's Chairman of the Board Gus Fonte said. "While active condo listings are up year-over-year, Miami condo inventory is still 38% below pre-COVID."
In the first half of 2024, single-family home sales in Miami-Dade County increased by 2.3%, rising from 5,457 in 1H 2023 to 5,582 in 1H 2024. In Q2 2024, sales grew by 2.9% year-over-year, from 3,044 in Q2 2023 to 3,133 in Q2 2024. However, Miami condo sales dropped by 7.5% year-over-year, from 3,954 to 3,657.
In June 2024, total sales in Miami-Dade decreased by 13.2% year-over-year, from 2,364 to 2,051. Single-family sales declined by 3.8%, from 1,004 to 959, while existing condo sales decreased by 20.2%, from 1,360 to 1,085. This decline is attributed to a lack of inventory at key price points and elevated mortgage rates. Uncertainty surrounding the upcoming presidential election and new state regulations for condominium buildings, effective in 2025, also contributed. Senate Bill 4-D mandates comprehensive structural safety inspections and structural integrity reserve studies for buildings three stories or taller.
Inventory for Miami condos has decreased by 38% compared to pre-COVID levels, dropping from 15,488 listings in June 2019 to 9,601 in June 2024. The total inventory for Miami 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 increased by 49.7% year-over-year, from 9,027 to 13,517.
The inventory of single-family homes increased by 35% year-over-year in June 2024, from 2,911 to 3,929. Condominium inventory rose by 56.8%, from 6,116 to 9,588 listings over the same period. The months' supply of inventory for single-family homes is at 4.4 months, indicating a seller's market, while the inventory for existing condominiums is at 8.9 months, indicating a balanced market. A balanced market is typically characterized by a six- to nine-month supply.
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 sits at a 4.1-month supply at the current sales pace, up from 3.7 months in May and 3.1 months in June 2023. The last time unsold inventory posted a four-month supply was in May 2020 (4.5 months).
In June 2024, the median prices for single-family homes in Miami-Dade County increased by 5.5% year-over-year, from $622,500 to $657,000. Miami single-family median prices have risen for 151 consecutive months (12.5 years), marking the longest running streak on record. Prices have increased by 245.8% from June 2012 to June 2024, rising from $190,000 to $657,000.
Existing condo median prices increased by 0.5% year-over-year in June 2024, from $418,000 to $420,000. Condo median prices have stayed even or increased in 151 of the last 157 months. Condo prices have risen by 162.5% from June 2012 to June 2024, from $160,000 to $420,000.
Miami ended 2023 as the highest appreciating U.S. housing market, according to CoreLogic. Despite rising prices, Miami remains a value compared to other global cities. In Miami, $1M buys at least 60 square meters of prime property, higher than in cities like Sydney (43 sq. meters), Shanghai (42), Paris (40), Los Angeles (38), New York (34), Geneva (34), London (33), Singapore (32), Hong Kong (22), and Monaco (16).
In June 2024, only 1.1% of all closed residential sales in Miami were distressed, including REO (bank-owned properties) and short sales, down from 1.4% in June 2023. In 2009, distressed sales comprised 70% of Miami sales. Short sales and REOs accounted for 0.2% and 0.8%, respectively, of total Miami sales in June 2024. Miami's percentage of distressed sales is lower than the national figure, with distressed sales representing 2% of sales in June 2024.
In Florida, closed sales of single-family homes statewide totaled 23,183 in June 2024, down 11.1% year-over-year, while existing condo-townhouse sales totaled 8,339, down 20.5%. Nationally, total existing-home sales, which include single-family homes, townhomes, condominiums, and co-ops, decreased by 5.4% from May to a seasonally adjusted annual rate of 3.89 million in June. Year-over-year, sales also dropped by 5.4% (down from 4.11 million in June 2023).
In June 2024, the median percent of original list price received for single-family homes was 96.5%. For existing condominiums, it was 94.9%. The median number of days between listing and contract dates for Miami single-family home sales was 28 days, up from 27 days last year. The median time to sale for single-family homes was 69 days, down from 71 days last year. For condos, the median number of days between listing and contract dates was 50 days, up from 32 days. The median number of days to sale for condos was 90 days, up from 77 days.
Cash sales represented 37.9% of Miami closed sales in June 2024, compared to 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 Miami existing condo sales and 24.6% of single-family transactions.
