Residential Real Estate News
Greater Miami Area Residential Sales Rise in April
Based on new data from the Miami Association of Realtors, Miami-Dade County total home sales increased 5.4% year-over-year as single-family home transactions and condo sales rose 6.5% and 4.5%, respectively, in April 2024.
"Miami real estate is less impacted from elevated mortgage rates than other markets because of our high percentage of cash buyers and massive wealth migration," MIAMI Chairman of the Board Gus Fonte said. "Miami cash buyers jumped double digits year-over-year and helped fuel the condo market to one of its best months in recent memory. Condo sales from the $300,000 price level and up each increased year-over-year."
Total Miami-Dade sales increased 5.4% in April 2024, from 2,222 to 2,342. The statistics would be much stronger if they included South Florida's robust developer new construction market and volume.
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, from 1,222 in to 1,277.
The following price buckets for the Miami condo market each had an increase in sales: $300,000 to $400,000 (3% sales increase); $400,000 to $600,000 (5.3%); $600,000 to $1M (8.1%); and $1M and up (45%)
Miami new listings have increased for eight consecutive months and are nearing pre-pandemic levels. This has added to total inventory and is giving home buyers more variety.
Miami total new listings increased 33.3% year-over-year in April 2024, from 2,879 to 3,839.
Total inventory is down 35.5% from the historical average for Miami. The monthly historical average for Miami-Dade existing inventory is 20,302 and current inventory is at 13,094.
Total active listings at the end of April increased 39.6% year-over-year, from 9,378 to 13,094.
Inventory of single-family homes increased 27.3% year-over-year in April 2024 from 3,036 active listings last year to 3,864 last month. Condominium inventory increased 45.5% year-over-year from 6,342 to 9,230 listings during the same period in 2023.
Months' supply of inventory for single-family homes is 4.4 months, which indicates a seller's market. Inventory for existing condominiums is 8.3 months, which indicates a balanced market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory registered at the end of April was 1.21 million units, up 9% from March and 16.3% from one year ago (1.04 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.2 months in March and 3.0 months in April 2023. For homes priced $1 million or more, inventory and sales increased by 34% and 40%, respectively, from a year ago.
Miami-Dade County single-family home median prices increased 9% year-over-year in April 2024, increasing from $600,000 to $654,000. Miami single-family median prices have risen for 149 consecutive months (12.4 years), the longest running-streak on record. Existing condo median prices increased 7% year-over-year from $414,900 to $444,000. Condo median prices have stayed even or increased in 149 of the last 155 months.
Only 0.9% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, lower than 1.3% in April 2023. In 2009, distressed sales comprised 70% of Miami sales.
Short sales and REOs accounted for 0.1% and 0.7% year-over-year, respectively, of total Miami sales in April 2024.
Miami's percentage of distressed sales is lower than the national figure. Nationally, distressed sales represented 2% of sales in April 2024, virtually unchanged from last month and the prior year.
The median percent of original list price received for single-family homes was 96.7% in April 2024. The median percent of original list price received for existing condominiums was 95.2%.
The median number of days between listing and contract dates for Miami single-family home sales was 28 days, down from 30 days last year. The median time to sale for single-family homes was 70 days, down from 71 days last year.
The median number of days between the listing date and contract date for condos was 46 days, up from 37 days. The median number of days to sale for condos was 85 days, up from 75 days.
Cash sales represented 40.3% of Miami closed sales in April 2024, compared to 37.9% in April 2023. About 28% of U.S. home sales are made in cash, according to the latest NAR statistics. Cash sales accounted for 52.4% of all Miami existing condo sales and 24.2% of single-family transactions.
