MIAMI — Miami-Dade County total home sales rose year-over-year for the second consecutive month as new data shows South Florida leading the U.S. in price appreciation and international migration, according to February 2024 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Miami-Dade total home sales increased 0.8% year-over-year in February 2024.
“Miami’s lifestyle and economic benefits are second to none,” MIAMI Chairman of the Board Gus Fonte said. “The world is in love with Miami and you see it in the international migration data. When you have a market full of multiple offers and record-high housing wealth, the best choice is to pick a proven market, a region that has appreciated for 12 years and is ranked No. 1 in the U.S. in price appreciation.”
New data highlighting Miami: Miami ranked No. 1 for Highest Appreciating U.S. housing Market in 2023 via latest CoreLogic S&P CoreLogic Case-Shiller Indices and Miami ranks No. 1 in the U.S. in international migration via new Census numbers.
Miami Single-Family Home Sales, Mid-Market Condo Sales Increase Again
Total Miami-Dade sales increased 0.8% in February 2024, from 1,692 to 1,705. 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 5.1% year-over-year in February 2024, from 727 to 764. Miami existing condo sales decreased 2.5% year-over-year, from 965 in February 2023 to 941 in February 2024. The condo market has been more impacted by lack of inventory at key price points and elevated mortgage rates.
A closer look at the condo market shows a surge in mid-market condo sales. Condo sales priced between $400,000 to $600,000 increased 16.4% year-over-year in February 2024.
Miami New Listings Nearing Pre-Pandemic Level, Giving Buyers More Options
Miami new listings are significantly rising year-over-year because they are being compared to a low bar— new listings in South Florida and all of Florida were abnormally low through late 2022 and early 2023. New listings fell in 2022-23 from the shock of rising interest rates.
Miami new listings have increased for six 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 25.87% year-over-year in February 2024, from 3,089 to 3,888. But when you compare new listings to pre-pandemic, February 2024 Miami new listings are down 1.7% in comparison to February 2020 (3,955).
MIAMI Chief Economist: Buyers Have More Choices for Seasonal Spring Market Upswing
MIAMI REALTORS® analyzed sales data from 2012 to 2019 in the Southeast Florida counties of Miami-Dade, Broward, Palm Beach, Martin, and St. Lucie to understand the best time to buy and sell a home. Home sales start ramping up from January and peak in May for most counties.
“In the single-family market, the robust demand and more home listings provide a healthy springboard for the seasonal spring market upswing,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “Single-Family home prices amazing continue to appreciate at a double-digit price pace in Miami-Dade County through Martin County, reflecting the housing market’s strength, underpinned by strong job growth and a rising population. More new home listings give buyers more choices at this more competitive time of the market.”
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.74% as of March 14. That’s down from 6.88% the prior week but up from 6.60% one year ago.
Miami-Dade Inventory is Still Down 37.3% From Historical Average
Total inventory is down 37.3% from the historical average for Miami. The monthly historical average for Miami-Dade existing inventory is 20,302 and current inventory is at 12,721.
Total active listings at the end of February increased 23.7% year-over-year, from 10,282 to 12,721.
Inventory of single-family homes increased 7.7% year-over-year in February 2024 from 3,617 active listings last year to 3,895 last month. Condominium inventory increased 32.4% year-over-year from 6,665 to 8,826 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 7.8 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 February was 1.07 million units, up 5.9% from January and 10.3% from one year ago (970,000). Unsold inventory sits at a 2.9-month supply at the current sales pace, down from 3.0 months in January but up from 2.6 months in February 2023.
Miami Real Estate: 12+ Years of Consecutive Home Price Appreciation
Miami-Dade County single-family home median prices increased 17.1% year-over-year in February 2024, increasing from $555,000 to $650,000. Miami single-family median prices have risen for 147 consecutive months (12.25 years), the longest running-streak on record. Existing condo median prices increased 7.7% year-over-year from $390,000 to $420,000. Condo median prices have stayed even or increased in 147 of the last 153 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 such as $1M allows for 43 square meters in Sydney, Australia, 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 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 $208 Million Local Economic Impact in February 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 1,705 homes in February 2024 for a local economic impact of $208 million.
Miami total dollar volume totaled $1.47 billion in February 2024. Single-family home dollar volume increased 8.74% year-over-year to $767 million. Condo dollar volume increased 7% year-over-year to $708 million.
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 0.8% in February 2023. In 2009, distressed sales comprised 70% of Miami sales.
Short sales and REOs accounted for 0.06% and 0.9% year-over-year, respectively, of total Miami sales in February 2024.
Miami’s percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 3% of sales in February, 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 19,040 in February 2024, up 2.2% year-over-year, while existing condo-townhouse sales totaled 7,471, down 2.5%. 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 – bounced 9.5% from January to a seasonally adjusted annual rate of 4.38 million in February. Year-over-year, sales slid 3.3% (down from 4.53 million in February 2023).
The statewide median sales price for single-family existing homes was $415,000, up 5.1% 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 $325,000, 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 February was $384,500, an increase of 5.7% from the prior year ($363,600). 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 96.4% in February 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 35 days, down from 46 days last year. The median time to sale for single-family homes was 77 days, down from 85 days last year.
The median number of days between the listing date and contract date for condos was 49 days, up from 45 days. The median number of days to sale for condos was 87 days, up from 82 days.
Miami Cash Sales 31.2% More than National Figure
Cash sales represented 43.3% of Miami closed sales in February 2024, compared to 43% in February 2023. About 33% 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 54.9% of all Miami existing condo sales and 29.1% of single-family transactions.
