Greater Miami Overall Residential Sales Uptick 1 Percent in February

In February, residential sales in Greater Miami increased by 1% compared to the same period last year. This modest uptick suggests stability in the local housing market, potentially driven by factors such as favorable interest rates, demand for real estate investments, or improving economic conditions in the region.

Total New Listings In Miami Increased 26 Percent In February

Based on new data from the Miami Association of Realtors, Miami-Dade County overall residential sales rose year-over-year 0.8% in February 2024.

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.

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). But Miami-Dade inventory is still down 37.3% from its historical average.

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.

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.

In addition, 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 was lower than the national figure. Nationally, distressed sales represented 3% of sales in February, virtually unchanged from last month and the prior year.

Miami cash transactions 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 sales breakdown for greater Miami was 54.9% of all existing condo sales and 29.1% of single-family home transactions.

Source: World Property Journal