MIAMI — Miami-Dade County total home sales and total dollar volume rose year-over-year as South Florida real estate continues to outpace the nation even as mortgage rates return to the 7% range, according to January 2024 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
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 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, Single-Family Home Sales Increase
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. 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.
Total Miami New Listings Increase for Fifth Consecutive Month
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.
7% Mortgage Rates are Back, but MIAMI Chief Economist Predicts Decline Later this Year
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.77% as of February 15. That’s up from 6.64% the previous week and 6.32% one year ago. Mortgage News Daily’s survey has the 30-year fixed rate at 7.14% on Feb. 21, 2024.
“In recent weeks, mortgage rates have started to rise again as inflation rose more than expected in January,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “The Fed remains cautious at cutting rates. Tate cuts will likely commence in June, so we should see a stronger rebound in the second half.”
Miami-Dade Inventory is Still Down 39.5% From Historical Average
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.
Nationally, total housing inventory registered at the end of January was 1.01 million units, up 2.0% from December and 3.1% from one year ago (980,000). Unsold inventory sits at a 3.0-month supply at the current sales pace, down from 3.1 months in December but up from 2.9 months in January 2023.
Miami Real Estate: 12+ Years of Consecutive Home Price Appreciation
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.
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 MLS 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 $172 Million Local Economic Impact in January 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 1,414 homes in January 2024 for a local economic impact of $172.5 million.
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.
Miami Distressed Sales Remain Low, Reflecting Healthy Market
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.
Miami Median Price Appreciation Outperforming Nation, State
In Florida, closed sales of single-family homes statewide totaled 14,851 in January 2024, up 0.6% year-over-year, while existing condo-townhouse sales totaled 6,008, down 1.2%. 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 – elevated 3.1% from December to a seasonally adjusted annual rate of 4.00 million in January. Year-over-year, sales slipped 1.7% (down from 4.07 million in January 2023).
The statewide median sales price for single-family existing homes was $405,000, up 3.8% 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 $320,000, up 3.2% 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 January was $379,100, an increase of 5.1% from one year ago ($360,800). All four U.S. regions posted price increases.
Miami Real Estate Attracting Near List Price
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.
Miami Cash Sales 33.1% More than National Figure
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.
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
