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Martin County $1M & Up Single-Family Home Sales Rise

Martin County $1M & Up Single-Family Home Sales Rise
Martin County $1M & Up Single-Family Home Sales Rise

MIAMI — Martin County $1 million-and-up single-family home sales increased year-over-year, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the Southeast Florida Multiple Listing Service (SEFMLS).

 

“Martin County’s downtown Stuart offers an incredible small-town atmosphere that is getting discovered by more people from the North and South each day,” JTHS-MIAMI President Courtney Smitheman said.

 

Total Martin Home Sale Transactions Rise

Total Martin sales decreased 2.8% in April 2024, from 320 to 311.

 

Martin single-family home sales decreased 2% year-over-year in April 2024, from 201 to 197. Martin existing condo sales decreased 4.2% year-over-year, from 119 in to 114.

 

Martin County $1M & Up Single-Family Home Transactions Jump

Total Palm Beach $1M & up home sales increased 22.73% year-over-year in April 2024, from 44 to 54.

 

Condo $1M & up transactions decreased 42.86% in April 2024, from 7 to 4. Single-family home transactions increased 35.14%, from 37 to 50.

 

MIAMI Chief Economist: South Florida’s Strong Job Growth, Migration Boosting Market

“We’re seeing a South Florida housing market that is amazingly defying the gravity of rising interest rates, particularly in Miami-Dade, Broward, and St. Lucie.,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “Strong job growth, elevated migration, and more cash buyers are mitigating the blow of higher mortgage rates.”

 

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.02% as of May 16. That’s down from 7.09% the previous week but up from 6.39% one year ago.

 

Martin Inventory Rises

Total active listings at the end of April increased 55.4% year-over-year, 787 to 1,223.

 

Inventory of single-family homes increased 44.5% year-over-year in April 2024 from 463 active listings last year to 669 last month. Condominium inventory increased 71% year-over-year from 324 to 554 listings during the same period in 2023.

 

Months’ supply of inventory for single-family homes is 4.1 months, which indicates a seller’s market. Inventory for existing condominiums is 6.4 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.

 

Martin Real Estate Home Price Appreciation

Palm Beach County single-family home median prices increased 6.6% year-over-year in April 2024, increasing from $570,000 to $607,500.

 

Existing condo median prices decreased 0.8% year-over-year from $295,000 to $292,500.

 

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 SEFMLS 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.

 

Martin Real Estate Posts $38Million Local Economic Impact in April 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. Martin sold 311 homes in April 2024 for a local economic impact of $38 million.

 

Martin total dollar volume totaled $263 million in April 2024. Single-family home dollar volume increased 0.19% year-over-year to $221 million. Condo dollar volume decreased 18.21% year-over-year to $40 million.

 

Martin Distressed Sales Remain Low, Reflecting Healthy Market
Martin had zero distressed sales last month, including REO (bank-owned properties) and short sales, lower than 0.6% in April 2023.

 

Short sales and REOs accounted for 0% and 0% year-over-year, respectively, of total Martin sales in April 2024.

 

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

 

State and National Statistics

In Florida, closed sales of single-family homes statewide totaled 24,682 in April 2024, up 5.8% year-over-year, while existing condo-townhouse sales totaled 10,228, up 1.9%. 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 – slid 1.9% from March to a seasonally adjusted annual rate of 4.14 million in April. Year-over-year, sales fell 1.9% (down from 4.22 million in April 2023).

 

The statewide median sales price for single-family existing homes was $429,900, up 4.9% 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 April was $407,600, an increase of 5.7% from the previous year ($385,800). All four U.S. regions registered price gains.

 

Martin Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 94.9% in April 2024. The median percent of original list price received for existing condominiums was 94.2%.

 

The median number of days between listing and contract dates for Martin single-family home sales was 36 days, down from 31 days last year. The median time to sale for single-family homes was 82 days, from 77 days last year.

 

The median number of days between the listing date and contract date for condos was 45 days, up from 39 days. The median number of days to sale for condos was 95 days, up from 77 days.

 

Martin Cash Sales More than Double National Figure
Cash sales represented 62.4% of Martin closed sales in April 2024, compared to 56.8% in April 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 South Florida’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 64.9% of all Martin existing condo sales and 60.9% of single-family transactions.

 

To access April 2024 Martin 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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