MIAMI — Martin County $1M and up single-family home sales rose in Q2 2024, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
“Stuart real estate and Martin County is known for its small-town charm, being the sail fish capital of the world and more,” JTHS-MIAMI President Courtney Smitheman said. “Contact a MIAMI REALTOR® to learn more living, working and playing in South Florida.”
Martin County $600K to $1M Existing Condo Sales Climb in Q2 2024
Martin County $1M and up single-family home sales increased 39.2% year-over-year in 2Q 2024 to 135 transactions.
Martin County $600K to $1M condo sales rose 16.7% year-over-year in Q2 2024 to 21 transactions.
About Q2 2024 sales, Martin County single-family homes declined 2.8% in Q2 2024, from 601 to 584. Martin County condo transactions decreased 3.4%, from 323 in Q2 2023 to 312 in Q2 2024.
In June 2024, Martin County total sales decreased 12.6% year-over-year, from 302 to 264. Single-family home sales declined 6.2%, from 193 to 181. Condo sales declined 23.9% in June 2024, from 109 to 83.
The decline is due to elevated mortgages rates and a lack of inventory, especially below $600,000. Also, there is the unknown regarding the upcoming presidential election and new state regulatory condominium building changes that go into effect in 2025. Senate Bill 4-D mandates comprehensive structural safety inspections and the establishment of structural integrity reserve studies for buildings three stories or taller.
MIAMI Chief Economist: Interest Rates Poised to be Below 6% by End of 2025
Mortgage rates are poised to decrease as many expect an upcoming Federal Reserve rate cut with signs that the U.S. economy could be slowing down.
“Higher interest rates took a toll on home sales in the first half of the year except in Miami-Dade County which has seen continued strong migration from high-income movers and job growth that has outpaced the nation,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “I expect a broader recovery in the second half of the year. The housing market downturn has reached its end, with interest rates poised to continue to decline to below 7% for the remainder of the year and below 6% by end of 2025.”
According to Freddie Mac, the 30-year fixed-rate mortgage 6.77% as of July 18. That’s down from 6.89% one week ago and 6.78% one year ago.
Migration Bolstered South Florida’s Household Income by $10 Billion
Migration bolstered Southeast Florida’s aggregate household income by at least $10 billion in 2022, according to a new Miami Association of REALTORS® (MIAMI) analysis of the recently released Internal Revenue Service migration data.
In Miami-Dade County, the average adjusted gross income of households who moved to the county (total adjusted gross income of movers divided by number of tax returns) was $175,600, which is 78% higher than the average income of households who left the county ($98,800) and 79% higher than the income of households who lived in the same county ($98,100).
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.
Martin County Inventory
Total active listings at the end of June increased 66.8% year-over-year, from 754 to 1,258.
Inventory of single-family homes increased 55.7% year-over-year in June 2024 from 467 active listings last year to 727 last month. Condominium inventory increased 85% year-over-year from 287 to 531 listings during the same period in 2023.
Months’ supply of inventory for single-family homes is 4.5 months, which indicates a seller’s market. Inventory for existing condominiums is 6.2months, 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 June was 1.32 million units, up 3.1% from May and 23.4% from one 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 May 2020 (4.5 months).
Martin County Price Appreciation Continues
Martin County single-family home median prices increased 4.4% year-over-year in June 2024, increasing from $598,500 to $625,000. Existing condo median prices decreased 5.5% year-over-year in June 2024, from $305,900 to $289,000.
Florida’s Live Local Act, which was passed in 2023 and amended in May 2024, is encouraging developers to build more affordable housing. The Live Local Act gives developers the highest density allowed in a local area if they allocate 40% of its units for affordable housing. The state law defines an affordable unit as being at or below 120% of an area’s median income.
Despite the increase in prices, South Florida 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).
Martin County Real Estate Posts $32.4 Million Local Economic Impact in June 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 $123,000, according to NAR. Martin County sold 264 homes in June 2024 for a local economic impact of $32.4 million.
Martin County total dollar volume totaled $193 million in June 2024. Single-family home dollar volume increased 14.96% year-over-year to $161 million. Condo dollar volume decreased 31.59% year-over-year to $28 million.
Martin County Distressed Sales at Zero, Reflecting Healthy Market
Zero closed residential sales in Martin County were distressed last month, including REO (bank-owned properties) and short sales, lower than 0.03% in June 2023.
Short sales and REOs accounted for 0% and 0% year-over-year, respectively, of total Martin County sales in June 2024.
Martin County’s percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 2% of sales in June 2024, virtually unchanged from last month and the prior year.
Martin County Appreciation Outperforming Nation, State
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%. 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 5.4% from May to a seasonally adjusted annual rate of 3.89 million in June. Year-over-year, sales also dropped 5.4% (down from 4.11 million in June 2023).
The statewide median sales price for single-family existing homes was $427,000, up 1.7% 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 $324,900, even with last year. 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 June was $426,900, an all-time high and an increase of 4.1% from one year ago ($410,100). All four U.S. regions registered price gains.
Martin County Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 94.4% in June 2024. The median percent of original list price received for existing condominiums was 94.1%.
The median number of days between listing and contract dates for Martin County single-family home sales was 32 days, up from 22 days last year. The median time to sale for single-family homes was 76 days, down from 66 days last year.
The median number of days between the listing date and contract date for condos was 42 days, up from 36 days. The median number of days to sale for condos was 79 days, up from 77 days.
Martin County Cash Sales Double National Figure
Cash sales represented 56.4% of Martin County closed sales in June 2024, compared to 49.7% in June 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 61.4% of all Martin County existing condo sales and 54.1% of single-family transactions.
To access June 2024 Martin County 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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