Greater Miami Home, Condo Prices Continue to Rise in May

Greater Miami Home, Condo Prices Continue to Rise in May

Residential News » Miami Edition | By Michael Gerrity | June 26, 2024 8:07 AM ET

Based on new data from the Miami Association of Realtors, greater Miami-area total residential sales slightly declined 0.6% year-over-year in May 2024, from 2,412 to 2,397.

Miami single-family home sales increased 6% year-over-year, from 1,040 to 1,102. Miami single-family home sales have posted year-over-year gains in six of the last seven months.

Miami existing condos, which rose in April 2024, decreased 5.6% year-over-year in May 2024, from 1,372 to 1,295. The condo market declined due to a lack of inventory at key price points. About 53% of new condo inventory is at $600,000 or above.

Total $1M & up Miami home sales surged 9.5% year-over-year in May 2024, from 409 to 448. The upper end market is posting sizable sales gains because that's where most of the new inventory is.

Miami mid-market condos, priced between $400,000 to $600,000, increased 7.5% year-over-year in May 2024, from 334 to 359.

According to Freddie Mac, the 30-year fixed-rate mortgage was 6.87% as of June 20. That's down from 6.95% the prior week but up from 6.67% one year ago.

Miami new listings have increased for the ninth consecutive month and are nearing pre-pandemic levels. This has added to total inventory and is giving home buyers more variety.

Miami total new listings increased 14.12% year-over-year in May 2024, from 3,280 to 3,743.

Total inventory is down 33.9% from the historical average for Miami. The monthly historical average for Miami-Dade existing inventory is 20,302 and current inventory is at 13,405.

Total active listings at the end of May increased 43.7% year-over-year, from 9,331 to 13,405.

Inventory of single-family homes increased 30.8% year-over-year in May 2024 from 3,018 active listings last year to 3,949 last month. Condominium inventory increased 49.8% year-over-year from 6,313 to 9,456 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 8.6 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 6% year-over-year in May 2024, increasing from $620,000 to $650,000. Miami single-family median prices have risen for 150 consecutive months (12.5 years), the longest running-streak on record. Miami single-family prices have risen 242.1% from May 2012 to May 2024, from $190,000 to $650,000.

Existing condo median prices increased 2.4% year-over-year in May 2024, from $415,000 to $425,000. Condo median prices have stayed even or increased in 150 of the last 156 months. Miani condo prices have risen 183.3% from May 2012 to May 2024, from $150,000 to $425,000.

Only 0.9% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, lower than 1.1% in May 2023. In 2009, distressed sales comprised 70% of Miami sales.

Short sales and REOs accounted for 0.2% and 0.8% year-over-year, respectively, of total Miami sales in May 2024.

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

The median percent of original list price received for single-family homes was 96.2% in May 2024. The median percent of original list price received for existing condominiums was 95.2%.

The median number of days between listing and contract dates for Miami single-family home sales was 33 days, down from 27 days last year. The median time to sale for single-family homes was 76 days, down from 71 days last year.

The median number of days between the listing date and contract date for condos was 46 days, up from 36 days. The median number of days to sale for condos was 87 days, up from 77 days.

Cash sales represented 38.5% of Miami closed sales in May 2024, compared to 40.9% in May 2023. About 28% of U.S. home sales are made in cash, according to the latest NAR statistics.

Cash sales accounted for 48.9% of all Miami existing condo sales and 26.2% of single-family transactions.

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