Greater Miami Overall Residential Sales Uptick 1 Percent in February

Greater Miami Overall Residential Sales Uptick 1 Percent in February

Residential News » Miami Beach Edition | By Michael Gerrity | March 25, 2024 8:24 AM ET

Total new listings in Miami increased 26 percent in February

Based on new data from the Miami Association of Realtors, Miami-Dade County overall residential sales rose year-over-year 0.8% in February 2024.

Miami single-family home sales increased 5.1% year-over-year in February 2024, from 727 to 764. Miami existing condo sales decreased 2.5% year-over-year, from 965 in February 2023 to 941 in February 2024.

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 six 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 25.87% year-over-year in February 2024, from 3,089 to 3,888. But when you compare new listings to pre-pandemic, February 2024 Miami new listings are down 1.7% in comparison to February 2020 (3,955). But Miami-Dade inventory is still down 37.3% from its historical average.

Months' supply of inventory for single-family homes is 4.4 months, which indicates a seller's market. Inventory for existing condominiums is 7.8 months, which indicates a balanced market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Miami-Dade County single-family home median prices increased 17.1% year-over-year in February 2024, increasing from $555,000 to $650,000. Miami single-family median prices have risen for 147 consecutive months (12.25 years), the longest running-streak on record. Existing condo median prices increased 7.7% year-over-year from $390,000 to $420,000. Condo median prices have stayed even or increased in 147 of the last 153 months.

In addition, only 0.9% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, lower than 0.8% in February 2023. In 2009, distressed sales comprised 70% of Miami sales.

Short sales and REOs accounted for 0.06% and 0.9% year-over-year, respectively, of total Miami sales in February 2024.

Miami's percentage of distressed sales was lower than the national figure. Nationally, distressed sales represented 3% of sales in February, virtually unchanged from last month and the prior year.

Miami cash transactions represented 43.3% of Miami closed sales in February 2024, compared to 43% in February 2023. About 33% of U.S. home sales are made in cash, according to the latest NAR statistics.

Cash sales breakdown for greater Miami was 54.9% of all existing condo sales and 29.1% of single-family home transactions.

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