Greater Miami Area Home Sales Uptick in January, Condo Sales Dip

Greater Miami Area Home Sales Uptick in January, Condo Sales Dip

Residential News » Miami Edition | By Michael Gerrity | February 23, 2024 9:49 AM ET

Miami Realtors are reporting this week that greater Miami-Dade County total home sales and total dollar volume rose year-over-year in January 2024, as South Florida real estate continues to outpace the nation even as mortgage rates return to the 7% range. Miami-Dade total home sales increased 0.9% and total dollar volume jumped 19% year-over-year in January 2024.

"Miami real estate continues to lead the nation even with mortgage rates now back at 7%," Miami Realtor Association Chairman of the Board Gus Fonte said. "Nearly half of all Miami-Dade buyers pay with cash so South Florida is more insulated versus high rates. And South Florida migration, both domestically and internationally, remains high according to new driver-license exchange data."

Total Miami-Dade sales increased 0.9% in January 2024, from 1,402 to 1,414. The statistics would be much stronger if they included South Florida's robust developer new construction market and volume.

Miami single-family home sales increased 8.6% year-over-year in January 2024, from 593 to 644. Yet, Miami existing condo sales decreased 4.8% year-over-year, from 809 in January 2023 to 770 in January 2024. The condo market has been more impacted by lack of inventory at key price points and elevated mortgage rates.

Miami total new listings increased 21.7% year-over-year in January 2024, from 3,257 to 3,963. The Miami-Dade market remains in a seller's market but the fresh supply of listings will give buyers more options.

Miami single-family homes new listings increased 14.78% while Miami condo new listings jumped 25.90% year-over-year.

Total inventory is down 39.5% from the historical average for Miami. The monthly historical average for Miami-Dade existing inventory is 20,302 and current inventory is at 12,277.

Total active listings at the end of January increased 14% year-over-year, from 10,769 to 12,277.

Inventory of single-family homes decreased 2.7% year-over-year in January 2024 from 3,964 active listings last year to 3,856 last month. Condominium inventory increased 23.7% year-over-year from 6,805 to 8,421 listings during the same period in 2023.

Months' supply of inventory for single-family homes is 4.4 months, which indicates a seller's market. Inventory for existing condominiums is 7.4 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 15.6% year-over-year in January 2024, increasing from $545,000 to $630,000. Miami single-family median prices have risen for 146 consecutive months (12.2 years), the longest running-streak on record. Existing condo median prices increased 1.4% year-over-year from $400,000 to $405,750. Condo median prices have stayed even or increased in 146 of the last 152 months.

Miami total dollar volume totaled $1.3 billion in January 2024. Single-family home dollar volume increased 32% year-over-year to $777 million. Condo dollar volume increased 4.75% year-over-year to $566 million.

Only 1.5% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, lower than 1.8% in January 2023. In 2009, distressed sales comprised 70% of Miami sales.

Short sales and REOs accounted for 0.3% and 1.2% year-over-year, respectively, of total Miami sales in January 2024.

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

The median percent of original list price received for single-family homes was 95.7% in January 2024. The median percent of original list price received for existing condominiums was 94.9%.

The median number of days between listing and contract dates for Miami single-family home sales was 32 days, down from 39 days last year. The median time to sale for single-family homes was 80 days, down from 85 days last year.

The median number of days between the listing date and contract date for condos was 47 days, up from 44 days. The median number of days to sale for condos was 90 days, up from 86 days.

Cash sales represented 42.6% of Miami closed sales in January 2024, compared to 43.2% in January 2023. About 32% 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 52.5% of all Miami existing condo sales and 30.7% of single-family transactions.

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