Residential Real Estate News
Miami Residential Sales Dip in September as U.S. Elections Near
This week, the Miami Association of Realtors reported that total residential sales in Miami-Dade dropped 14.7% year-over-year in September 2024, from 1,984 to 1,692. The decline is attributed to limited inventory at key price points, high mortgage rates, and the uncertainty of the upcoming presidential election.
Miami single-family home sales saw a 9.5% decrease, from 894 to 809, although gains have been recorded in eight of the last 11 months. Meanwhile, existing condo sales fell 19% year-over-year, from 1,090 to 883, even as demand remains high, particularly for cash transactions over $1 million.
The median price for existing condos increased 1.2% from $415,000 to $420,000 in September, marking 153 increases in the past 160 months (over 13 years). Since September 2014, condo prices in Miami have risen 115%, from $195,000 to $420,000. Similarly, the median sale price for single-family homes rose 8.9% year-over-year, from $600,000 to $653,400, marking 154 consecutive months of growth, the longest on record. Single-family home prices have surged by 161% since September 2014.
Miami's home equity gains are nearly double the national average. For example, single-family homes bought in Q1 2009 and sold in Q1 2024 saw average gains of $533,955 in Miami-Dade, compared to the national average of $287,111.
Despite increased inventory levels, they remain 25.9% below Miami's historical average. Total inventory reached 15,035 in September, compared to a historical average of 20,302. Active listings rose 50.3% year-over-year, from 10,003 to 15,035, with single-family listings up 35.7% (from 3,318 to 4,503) and condo listings up 57.5% (from 6,685 to 10,532). However, condo inventory remains below pre-pandemic levels. The supply of single-family homes is at 5.1 months, and condos are at 10.1 months, both indicating a seller's market. A balanced market typically requires a six- to nine-month supply.
Nationally, housing inventory reached 1.39 million units by the end of September, up 1.5% from August and 23% from the prior year. Unsold inventory nationally sits at a 4.3-month supply.
Distressed sales, including bank-owned properties (REOs) and short sales, accounted for just 1.1% of Miami's closed residential sales in September, down from 1.2% in 2023 and significantly lower than the 70% observed in 2009. Nationally, distressed sales remained stable at 2%.
The median percentage of the original list price received was 96% for single-family homes and 94.9% for condos in Miami. The median days between listing and contract was 32 days for single-family homes, up from 21 days last year, with a median time to sale of 71 days. For condos, the median time between listing and contract was 51 days, with a median time to sale of 93 days, both longer than the previous year.
Cash sales represented 32.6% of Miami's closed sales in September 2024, down from 41.2% a year earlier. This is above the national cash sales rate of about 30%. In Miami, cash accounted for 43% of condo sales and 21% of single-family transactions.
