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Miami-Dade 1Q 2024 Single-Family Home Sales Rise

Miami-Dade 1Q 2024 Single-Family Home Sales Rise
Miami-Dade 1Q 2024 Single-Family Home Sales Rise

MIAMI — Miami-Dade County single-family home sales increased year-over-year in 1Q 2024 as monthly transactions remain in the historically normal pre-pandemic range despite elevated mortgage rates, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the Southeast Florida Multiple Listing Service (SEFMLS).

 

Miami-Dade single-family home sales rose 1.5% year-over-year in 1Q 2024, from 2,413 to 2,449.

 

“Miami real estate demand remains high, and you can see it from new global migration data and new-to-market company relocations,” MIAMI Chairman of the Board Gus Fonte said. “Miami supply is also trending up, which is good news for a high-demand, low-supply market such as ours. Miami buyers have more options in the market, but Miami inventory is still below its historical average, and more new listings are needed at key price points.”

 

Miami continues to lead the nation in two important key metrics: Miami ranked No. 1 for Highest Appreciating U.S. housing Market in 2023 via latest CoreLogic S&P CoreLogic Case-Shiller Indices and Miami ranks No. 1 in the U.S. in international migration via new Census numbers.

 

Miami 1Q 2024 Single-Family Home Sales Rise Despite Elevated Mortgage Rates

Miami-Dade single-family home sales increased. Miami-Dade condo home sales decreased 12% year-over-year in 1Q 2024, from 3,194 to 2,811.

 

Monthly year-over-year statistics, meanwhile, remain in the historically normal pre-pandemic range. The historical average for Miami March single-family home sales from 2008-2019 is 1,095 transactions. In March 2024, Miami-Dade totaled 1,041 single-family home sales.

 

Total Miami-Dade sales decreased 14.8% in March 2024, from 2,513 to 2,141. The statistics would be much stronger if they included South Florida’s robust developer new construction market and volume.

 

Total Miami-Dade single-family home sales increased year-over-year in January 2024 and February 2024, but dipped in March because of the rise in mortgage rates with the Fed looking like it won’t make as many rate cuts as expected because of hot inflation data.

 

Miami single-family home sales decreased 4.8% year-over-year in March 2024, from 1,093 to 1,041. Miami existing condo sales decreased 22.5% year-over-year, from 1,420 in March 2023 to 1,100 in March 2024. The condo market has been more impacted by lack of inventory at key price points and elevated mortgage rates.

 

Miami Luxury Market Continues to Surge

Total Miami $1M & up home sales increased 4.47% year-over-year in March 2024, from 403 to 421.

 

Miami ranks No. 1 in the U.S. in luxury residential market price growth, via Knight Frank’s 2024 Wealth Report. The same publication also ranked Miami among the Emerging Wealth Hubs. Miami is also ranked the No. 4 U.S. City for Millionaire Growth Rate over the Past Decade (75% increase), according to Henley & Partners and New World Wealth 2024 report.

 

MIAMI Chief Economist: Rising Rates Impacted Sales

“Higher mortgage rates that rose to the high 6’s caused a loss in momentum in sales in the last month of the quarter,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “However, the area continues to see solid price gains, particularly in Miami-Dade that saw phenomenal double-digit appreciation in both the single-family and condo market. An increase in sales of single-family homes above $600,000 in the first quarter indicates the strong presence of high-income and wealthy buyers who will continue to drive the sales growth in the spring and summer months, with mortgage rates likely to hover at 7% through June.”

 

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.88% as of April 11. That’s up from 6.82% the previous week and 6.27% one year ago.

 

Miami New Listings Nearing Pre-Pandemic Level, Giving Buyers More Options

Miami new listings are significantly rising year-over-year because they are being compared to a low bar— new listings in South Florida and all of Florida were abnormally low through late 2022 and early 2023. New listings fell in 2022-23 from the shock of rising interest rates.

 

Miami new listings have increased for seven 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 8.9% year-over-year in March 2024, from 3,421 to 3,725.

 

Miami-Dade Inventory is Still Down 36.7% From Historical Average

Total inventory is down 36.7% from the historical average for Miami. The monthly historical average for Miami-Dade existing inventory is 20,302 and current inventory is at 12,856.

 

Total active listings at the end of March increased 30.9% year-over-year, from 9,818 to 12,856.

 

Inventory of single-family homes increased 14.2% year-over-year in March 2024 from 3,299 active listings last year to 3,768 last month. Condominium inventory increased 39.4% year-over-year from 6,519 to 9,088 listings during the same period in 2023.

 

Months’ supply of inventory for single-family homes is 4.3 months, which indicates a seller’s market. Inventory for existing condominiums is 8.2 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 March was 1.11 million units, up 4.7% from February and 14.4% from one year ago (970,000). Unsold inventory sits at a 3.2-month supply at the current sales pace, up from 2.9 months in February and 2.7 months in March 2023.

 

Miami Real Estate: 12+ Years of Consecutive Home Price Appreciation

Miami-Dade County single-family home median prices increased 14% year-over-year in March 2024, increasing from $570,000 to $650,000. Miami single-family median prices have risen for 148 consecutive months (12.3 years), the longest running-streak on record. Existing condo median prices increased 11.3% year-over-year from $400,000 to $445,000. Condo median prices have stayed even or increased in 148 of the last 154 months.

 

Despite the increase in prices, Miami remains a value in comparison to other global cities. In Miami, $1M nets you at least 60 square meters of prime property, according to the 2024 Knight Frank The Wealth Report. This is much higher than other global cities: Sydney, Australia ($1M only purchases 43 square meters), Shanghai (42), Paris (40), Los Angeles (38), New York (34), Geneva (34), London (33), Singapore (32), Hong Kong (22) and Monaco (16).

 

South Florida’s Incredible Wealth Migration

With elevated levels of out-of-state migration into Southeast Florida and its strong economy that has attracted business expansions and relocations, the share of million-dollar homes to total sales has steadily climbed since 2019. In 2023, the share of million-dollar homes to total single-family sales listed on the MIAMI MLS rose to 17% in 2023 (6% in 2019); for condos/townhomes, the share rose to 9% (5% in 2019).

 

Migration into Southeast Florida remains strong. In 2023, 153,347 driver licenses were exchanged for a Florida license in the counties of Miami-Dade, Broward, Palm Beach, and Martin, up 8.3% from the level in 2022 (141,621). New York, New Jersey, and California continue to be the market’s top feeder states.

 

Miami Real Estate Posts $261 Million Local Economic Impact in March 2024
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).

 

The total economic impact of a typical Florida home sale is $122,000, according to NAR. Miami-Dade sold 2,141 homes in March 2024 for a local economic impact of $261 million.

 

Miami total dollar volume totaled $1.9 billion in March 2024. Single-family home dollar volume increased 13.80% year-over-year to $1.1 billion. Condo dollar volume decreased 19.68% year-over-year to $862 million.

 

Miami Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.8% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, lower than 1.2% in March 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 March 2024.

 

Miami’s percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 2% of sales in March 2024, virtually unchanged from last month and the prior year.

 

Miami: Highest Appreciating U.S. Housing Market in 2023 via CoreLogic

In Florida, closed sales of single-family homes statewide totaled 23,435 in March 2024, down 10.4% year-over-year, while existing condo-townhouse sales totaled 9,332, down 16.6%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

 

Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – receded 4.3% from February to a seasonally adjusted annual rate of 4.19 million in March. Year-over-year, sales waned 3.7% (down from 4.35 million in March 2023).

 

The statewide median sales price for single-family existing homes was $420,600, up 3.9% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $330,000, up 3.1% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

 

Nationally, the median existing-home price for all housing types in March was $393,500, an increase of 4.8% from the previous year ($375,300). All four U.S. regions registered price gains.

 

Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 96.6% in March 2024. The median percent of original list price received for existing condominiums was 95.5%.

 

The median number of days between listing and contract dates for Miami single-family home sales was 31 days, down from 35 days last year. The median time to sale for single-family homes was 70 days, down from 73 days last year.

 

The median number of days between the listing date and contract date for condos was 43 days, up from 37 days. The median number of days to sale for condos was 80 days, up from 76 days.

 

Miami Cash Sales 32.8% More than National Figure
Cash sales represented 37.2% of Miami closed sales in March 2024, compared to 40.7% in March 2023. About 28% of U.S. home sales are made 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 top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.

 

Cash sales accounted for 49.5% of all Miami existing condo sales and 24.2% of single-family transactions.

 

To access March 2024 Miami-Dade Statistical Reports, visit http://www.SFMarketIntel.com

 

Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.

 

About the MIAMI Association of Realtors®

The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 104 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 260 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com

 

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