Miami Overall Residential Sales Slip 5 Percent Annually in October

Miami Overall Residential Sales Slip 5 Percent Annually in October

Residential News » Miami Edition | By Michael Gerrity | November 28, 2023 9:28 AM ET

Cash buyers represented 42 percent of all Miami closings in October

Miami single-family home sales decreased 1.5% year-over-year, from 884 in October 2022 to 871 in October 2023. Miami single-family home sales, which saw an increase in transactions the previous month, still has a lack of inventory in key price points as elevated mortgage rates have impacted buyers looking to finance.

Miami existing condo sales decreased 7% year-over-year, from 1,183 in October 2022 to 1,100 in October 2023. The condo market has been more impacted by lack of inventory at key price points and rising mortgage rates.

Total Miami-Dade sales decreased 4.6% in October 2023, from 2,067 to 1,971. The statistics don't include South Florida's robust developer new construction market and volume.

Miami total pending sales increased 0.51% year-over-year in October 2023 to 1,989 transactions.

Miami new listings increased 10.5% year-over-year in October 2023, from 3,196 to 3,533. 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 6.8% while Miami condo new listings jumped 13% year-over-year.

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.44% as of November 16. That's down from 7.50% the previous week but up from 6.61% one year ago.

Another leading indicator for sales are showing appointments. South Florida showing appointments declined 1% year-over-year in October 2023 to 181,633 appointments. South Florida showing appointments increased five consecutive months year-over-year before October 2023.

Total inventory is down 46.8% from the historical average for Miami. The monthly historical average for Miami-Dade existing inventory is 20,302 and current inventory is at 10,805.

Total active listings at the end of October increased 0.1% year-over-year, from 10,799 to 10,805.

Inventory of single-family homes decreased 14.3% year-over-year in October 2023 from 4,142 active listings last year to 3,550 last month. Condominium inventory increased 9% year-over-year from 6,657 to 7,255 listings during the same period in 2022.

Months' supply of inventory for single-family homes is 4 months, which indicates a seller's market. Inventory for existing condominiums is 6.3 months, which also 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 October was 1.15 million units, up 1.8% from September but down 5.7% from one year ago (1.22 million). Unsold inventory sits at a 3.6-month supply at the current sales pace, up from 3.4 months in September and 3.3 months in October 2022.

Miami-Dade County single-family home median prices increased 7.5% year-over-year in October 2023, increasing from $575,000 to $618,217. Miami single-family median prices have risen for 143 consecutive months (11.9 years), the longest running-streak on record. Existing condo median prices increased 4.2% year-over-year from $388,531 to $405,000. Condo median prices have stayed even or increased in 143 of the last 149 months.

Miami is tied for No. 3 in the U.S. for annual home price appreciation, according to the latest US CoreLogic S&P Case-Shiller Index.

Miami total dollar volume totaled $1.69 billion in October 2023. Single-family home dollar volume increased 11.8% year-over-year to $973.1 million. Condo dollar volume decreased 4% year-over-year to $717.9 million.

Only 1% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, lower than 1.5% in October 2022. In 2009, distressed sales comprised 70% of Miami sales.

Short sales and REOs accounted for 0.3% and 0.8% year-over-year, respectively, of total Miami sales in October 2023.

Miami's percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 2% of sales in October 2023, virtually unchanged from last month and the prior year.

The median percent of original list price received for single-family homes was 96.9% in October 2023. The median percent of original list price received for existing condominiums was 96.6%.

The median number of days between listing and contract dates for Miami single-family home sales was 26 days, down from 30 days last year. The median time to sale for single-family homes was 67 days, down from 75 days last year.

The median number of days between the listing date and contract date for condos was 33 days, up from 31 days. The median number of days to sale for condos was 75 days, up from 71 days.

Cash sales represented 41.9% of Miami closed sales in October 2023, compared to 38.1% in October 2022. About 29% of U.S. home sales are made in cash, according to the latest NAR statistics.

Cash sales accounted for 51.7% of all Miami existing condo sales and 27.4% of single-family transactions.

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