Miami-Dade County total home sales increased 5.4% year-over-year as single-family home transactions and condo sales rose 6.5% and 4.5%, respectively, in April 2024, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).

MIAMI, May 22, 2024 /PRNewswire-PRWeb/ -- Miami-Dade County total home sales increased 5.4% year-over-year as single-family home transactions and condo sales rose 6.5% and 4.5%, respectively, in April 2024, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).

"Miami real estate is less impacted from elevated mortgage rates than other markets because of our high percentage of cash buyers and massive wealth migration," MIAMI Chairman of the Board Gus Fonte said. "Miami cash buyers jumped double digits year-over-year and helped fuel the condo market to one of its best months in recent memory. Condo sales from the $300,000 price level and up each increased year-over-year."

Miami Condo Sales Increase 4.5% as Total Sales, Single-Family Home Transactions Rise Too
Total Miami-Dade sales increased 5.4% in April 2024, from 2,222 to 2,342. 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 6.5% year-over-year in April 2024, from 1,000 to 1,065. Miami existing condo sales increased 4.5% year-over-year, from 1,222 in to 1,277.

The following price buckets for the Miami condo market each had an increase in sales: $300,000 to $400,000 (3% sales increase); $400,000 to $600,000 (5.3%); $600,000 to $1M (8.1%); and $1M and up (45%)

Total Miami $1M & Up Transactions Jump 29.4%
Total Miami $1M & up home sales increased 29.4% year-over-year in April 2024, from 340 to 440.

Condo $1M & up transactions jumped 45% in April 2024, from 140 to 203. Single-family home transactions increased 18.5%, from 200 to 237.

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.

MIAMI Chief Economist: South Florida's Strong Job Growth, Migration Boosting Market
"We're seeing a South Florida housing market that is amazingly defying the gravity of rising interest rates, particularly in Miami-Dade, Broward, and St. Lucie.," MIAMI REALTORS® Chief Economist Gay Cororaton said. "Strong job growth, elevated migration, and more cash buyers are mitigating the blow of higher mortgage rates."

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.02% as of May 16. That's down from 7.09% the previous week but up from 6.39% one year ago.

Miami New Listings Nearing Pre-Pandemic Level, Giving Buyers More Options
Miami new listings have increased for eight 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 33.3% year-over-year in April 2024, from 2,879 to 3,839.

Miami-Dade Inventory is Still Down 35.5% From Historical Average
Total inventory is down 35.5% from the historical average for Miami. The monthly historical average for Miami-Dade existing inventory is 20,302 and current inventory is at 13,094.

Total active listings at the end of April increased 39.6% year-over-year, from 9,378 to 13,094.

Inventory of single-family homes increased 27.3% year-over-year in April 2024 from 3,036 active listings last year to 3,864 last month. Condominium inventory increased 45.5% year-over-year from 6,342 to 9,230 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 8.3 months, 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 April was 1.21 million units, up 9% from March and 16.3% from one year ago (1.04 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, up from 3.2 months in March and 3.0 months in April 2023. For homes priced $1 million or more, inventory and sales increased by 34% and 40%, respectively, from a year ago.

Miami Real Estate: 12+ Years of Consecutive Home Price Appreciation
Miami-Dade County single-family home median prices increased 9% year-over-year in April 2024, increasing from $600,000 to $654,000. Miami single-family median prices have risen for 149 consecutive months (12.4 years), the longest running-streak on record. Existing condo median prices increased 7% year-over-year from $414,900 to $444,000. Condo median prices have stayed even or increased in 149 of the last 155 months.

Despite the increase in prices, Miami 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).

South Florida's Incredible Wealth Migration
With elevated levels of out-of-state migration into Southeast Florida and its strong economy that has attracted business expansions and relocations, the share of million-dollar homes to total sales has steadily climbed since 2019. In 2023, the share of million-dollar homes to total single-family sales listed on the MIAMI SEFMLS rose to 17% in 2023 (6% in 2019); for condos/townhomes, the share rose to 9% (5% in 2019).

Migration into Southeast Florida remains strong. In 2023, 153,347 driver licenses were exchanged for a Florida license in the counties of Miami-Dade, Broward, Palm Beach, and Martin, up 8.3% from the level in 2022 (141,621). New York, New Jersey, and California continue to be the market's top feeder states.

Miami Real Estate Posts $285 Million Local Economic Impact in April 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 $122,000, according to NAR. Miami-Dade sold 2,342 homes in April 2024 for a local economic impact of $285 million.

Miami total dollar volume totaled $2.2 billion in April 2024. Single-family home dollar volume increased 29.9% year-over-year to $1.2 billion. Condo dollar volume decreased 27.5% year-over-year to $1 billion.

Miami Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.9% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, lower than 1.3% in April 2023. In 2009, distressed sales comprised 70% of Miami sales.

Short sales and REOs accounted for 0.1% and 0.7% year-over-year, respectively, of total Miami sales in April 2024.

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

Miami: Highest Appreciating U.S. Housing Market in 2023 via CoreLogic
In Florida, closed sales of single-family homes statewide totaled 24,682 in April 2024, up 5.8% year-over-year, while existing condo-townhouse sales totaled 10,228, up 1.9%. 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 – slid 1.9% from March to a seasonally adjusted annual rate of 4.14 million in April. Year-over-year, sales fell 1.9% (down from 4.22 million in April 2023).

The statewide median sales price for single-family existing homes was $429,900, up 4.9% 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 $330,000, up 3.1% over the year-ago figure. 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 April was $407,600, an increase of 5.7% from the previous year ($385,800). All four U.S. regions registered price gains.

Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 96.7% in April 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 28 days, down from 30 days last year. The median time to sale for single-family homes was 70 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 37 days. The median number of days to sale for condos was 85 days, up from 75 days.

Miami Cash Sales 43.9% More than National Figure
Cash sales represented 40.3% of Miami closed sales in April 2024, compared to 37.9% in April 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 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 52.4% of all Miami existing condo sales and 24.2% of single-family transactions.

To access April 2024 Miami-Dade 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 http://www.MiamiRealtors.com

Media Contact

Chris Umpierre, MIAMI Association of REALTORS, 3054687047, chris@miamire.com, www.MiamiRealtors.com

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SOURCE MIAMI Association of REALTORS