The latest data released by the Miami Association of Realtors reveals a slight uptick of 0.8% in overall residential sales within Miami-Dade County during February 2024 compared to the same period last year.
Notably, the sales of single-family homes in Miami experienced a notable surge of 5.1% year-over-year, rising from 727 to 764 transactions. Conversely, sales of existing condominiums witnessed a marginal decline of 2.5% year-over-year, decreasing from 965 in February 2023 to 941 in February 2024.
The surge in new listings observed in Miami is predominantly attributed to a comparison with a notably low baseline. Throughout late 2022 and early 2023, new listings in South Florida and the entire state of Florida experienced an abnormal decrease due to the impact of rising interest rates.
For six consecutive months, Miami has witnessed a steady increase in new listings, bringing them closer to pre-pandemic levels. This surge in listings has substantially augmented the overall inventory, thereby providing homebuyers with a wider array of options.
In February 2024, Miami recorded a significant year-over-year increase of 25.87% in total new listings, soaring from 3,089 to 3,888. However, when juxtaposed with February 2020 figures, new listings in Miami experienced a slight decline of 1.7%. Despite this, the inventory in Miami-Dade County remains 37.3% lower than its historical average.
The current market scenario indicates a seller’s market for single-family homes with a 4.4 months’ supply of inventory, whereas existing condominiums reflect a balanced market with a 7.8 months’ supply. A balanced market typically offers between six and nine months’ supply of inventory, ensuring equilibrium between buyers and sellers.
Median prices for single-family homes in Miami-Dade County surged by 17.1% year-over-year in February 2024, escalating from $555,000 to $650,000. This upward trajectory marks the 147th consecutive month of price appreciation, setting a record for the longest-running streak. Similarly, existing condominium median prices experienced a year-over-year increase of 7.7%, rising from $390,000 to $420,000, maintaining a consistent upward trend over the past 12.25 years.
Distressed sales, including REO (bank-owned properties) and short sales, accounted for only 0.9% of all closed residential transactions in Miami during February 2024, slightly higher than the 0.8% recorded in February 2023. This figure starkly contrasts with the distressed sales peak of 70% observed in 2009.
In February 2024, short sales and REOs constituted 0.06% and 0.9%, respectively, of total Miami sales, reflecting a minute presence compared to previous years. Moreover, Miami’s proportion of distressed sales remains below the national average, which stood at 3% during February 2024, demonstrating a resilient and stable market.
Cash transactions continued to represent a significant portion of Miami’s closed sales, accounting for 43.3% in February 2024, a marginal increase from 43% in February 2023. This surpasses the national average of 33% of home sales conducted in cash, as per the latest statistics from the National Association of Realtors.
Breaking down the cash transactions, approximately 54.9% of all existing condo sales and 29.1% of single-family home transactions in greater Miami were conducted in cash during February 2024.
