Miami-Dade County single-family
home sales rose year-over-year in Q2 2024 and are on pace to
surpass last year's total as $600K
and up existing condo transactions surged 99% versus pre-COVID
(June 2019).
MIAMI, July 23,
2024 /PRNewswire-PRWeb/ -- Miami-Dade County single-family home sales
rose year-over-year in Q2 2024 and are on pace to surpass last
year's total as $600K and up existing
condo transactions surged 99% versus pre-COVID (June 2019), according to statistics released by
the MIAMI Association of Realtors
(MIAMI) and the MIAMI Southeast Florida Multiple Listing
Service (SEFMLS).
"Miami
condo demand for properties priced above $600,000 are significantly outperforming
pre-COVID sales numbers"
"Miami condo demand for
properties priced above $600,000 are
significantly outperforming pre-COVID sales numbers," MIAMI Chairman of the Board Gus Fonte said.
"While active condo listings are up year-over-year, Miami condo inventory is still 38% below
pre-COVID."
Miami Single-Family Homes Post More Sales in First Half of 2024
vs. First Half of 2023
Miami-Dade County single-family
homes posted a stronger first half of 2024 versus last year with
transactions up 2.3%, from 5,457 in 1H 2023 to 5,582 in 1H
2024.
Miami-Dade single-family home
sales rose 2.9% year-over-year in Q2 2024, from 3,044 in Q2 2023 to
3,133 in Q2 2024. Miami condo
sales declined 7.5% year-over-year in Q2 2024, from 3,954 to
3,657.
As for June 2024, Miami-Dade total sales decreased 13.2%
year-over-year, from 2,364 to 2,051. Miami single-family sales declined 3.8%
year-over-year, from 1,004 to 959. Miami-Dade single-family sales have posted
gains in six of the last eight months.
Miami existing condo sales
decreased 20.2% year-over-year in June
2024, from 1,360 to 1,085. The decline is due to a lack of
inventory at key price points and elevated mortgage rates. Also,
there is the unknown regarding the upcoming presidential election
and new state regulatory condominium building changes that go into
effect in 2025. Senate Bill 4-D mandates comprehensive structural
safety inspections and the establishment of structural integrity
reserve studies for buildings three stories or taller.
Miami Condo Inventory is Down Vs. Pre-COVID and $600K and Up Condo Demand is Up
Inventory is down 38% for Miami
condos in comparison to pre-COVID, from 15,488 listings in
June 2019 to 9,601 in June 2024.
Condos priced at $600K and above
have rising demand versus pre-COVID (June
2019), an important marker as the ultra-low interest rates
the market enjoyed from 2020-22 likely won't return.
$600K and up existing Miami condo transactions surged 99.3% versus
pre-COVID (June 2019), from 150
transactions in June 2019 to 299 in
June 2024.
$1M and up existing Miami condo transactions jumped 85.5% versus
pre-COVID (June 2019), from 76 sales
in June 2019 to 141 in June 2024.
The sales numbers point to the wealth migration South Florida has received since the 2020
global pandemic.
Migration Bolstered South Florida's Household Income by
$10 Billion
Migration bolstered Southeast
Florida's aggregate household income by at least
$10 billion in 2022, according to a
new Miami Association of REALTORS® (MIAMI) analysis of the recently released
Internal Revenue Service migration data.
In Miami-Dade County, the
average adjusted gross income of households who moved to the county
(total adjusted gross income of movers divided by number of tax
returns) was $175,600, which is 78%
higher than the average income of households who left the county
($98,800) and 79% higher than the
income of households who lived in the same county ($98,100).
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: Interest
Rates Poised to be Below 6% by End of 2025
Mortgage rates are poised to decrease as many expect an upcoming
Federal Reserve rate cut with signs that the U.S. economy could be
slowing down.
"Higher interest rates took a toll on home sales in the first
half of the year except in Miami-Dade
County which has seen continued strong migration from
high-income movers and job growth that has outpaced the nation,"
MIAMI REALTORS® Chief
Economist Gay Cororaton said. "I
expect a broader recovery in the second half of the year. The
housing market downturn has reached its end, with interest rates
poised to continue to decline to below 7% for the remainder of the
year and below 6% by end of 2025."
According to Freddie Mac, the 30-year fixed-rate mortgage 6.77%
as of July 18. That's down from 6.89%
one week ago and 6.78% one year ago.
Miami-Dade Inventory is Still Down 33.4% From Historical
Average
Total inventory is down 33.4% from the historical average for
Miami. The monthly historical
average for Miami-Dade existing
inventory is 20,302 and current inventory is at 13,517.
Total active listings at the end of June increased 49.7%
year-over-year, from 9,027 to 13,517.
Inventory of single-family homes increased 35% year-over-year in
June 2024 from 2,911 active listings
last year to 3,929 last month. Condominium inventory increased
56.8% year-over-year from 6,116 to 9,588 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 8.9 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
June was 1.32 million units, up 3.1% from May and 23.4% from one
year ago (1.07 million). Unsold inventory sits at a 4.1-month
supply at the current sales pace, up from 3.7 months in May and 3.1
months in June 2023. The last time
unsold inventory posted a four-month supply was May 2020 (4.5 months).
Miami Single-Family Home Prices Have Risen 245.8% Since
June 2012
Miami-Dade County single-family
home median prices increased 5.5% year-over-year in June 2024, increasing from $622,500 to $657,000. Miami
single-family median prices have risen for 151 consecutive months
(12.5 years), the longest running-streak on record.
Miami single-family prices have
risen 245.8% from June 2012 to
June 2024, from $190,000 to $657,000.
Existing condo median prices increased 0.5% year-over-year in
June 2024, from $418,000 to $420,000. Condo median prices have stayed even or
increased in 151 of the last 157 months.
Miani condo prices have risen 162.5% from June 2012 to June
2024, from $160,000 to
$420,000.
Miami ended 2023 as the highest
appreciating U.S. housing market via CoreLogic.
Florida's Live Local Act, which
was passed in 2023 and amended in May
2024, is encouraging developers to build more affordable
housing. The Live Local Act gives developers the highest density
allowed in a local area if they allocate 40% of its units for
affordable housing. The state law defines an affordable unit as
being at or below 120% of an area's median income.
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).
Miami Real Estate Posts $252
Million Local Economic Impact in June
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 $123,000, according to NAR. Miami-Dade sold 2,051 homes in June 2024 for a local economic impact of
$252.2 million.
Miami total dollar volume
totaled $2 billion in June 2024. Single-family home dollar volume
increased 17.15% year-over-year to $1.2
billion. Condo dollar volume decreased 11.84% year-over-year
to $830 million.
Miami Distressed Sales Remain Low, Reflecting Healthy Market
Only 1.1% of all closed residential sales in Miami were distressed last month, including
REO (bank-owned properties) and short sales, lower than 1.4% in
June 2023. In 2009, distressed sales
comprised 70% of Miami sales.
Short sales and REOs accounted for 0.2% and 0.8% year-over-year,
respectively, of total Miami sales
in June 2024.
Miami's percentage of
distressed sales are lower than the national figure. Nationally,
distressed sales represented 2% of sales in June 2024, virtually unchanged from last month
and the prior year.
Miami Sales, Appreciation Outperforming Nation, State
In Florida, closed sales of
single-family homes statewide totaled 23,183 in June 2024, down 11.1% year-over-year, while
existing condo-townhouse sales totaled 8,339, down 20.5%. 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 – receded 5.4% from May to a seasonally adjusted annual rate
of 3.89 million in June. Year-over-year, sales also dropped 5.4%
(down from 4.11 million in June
2023).
The statewide median sales price for single-family existing
homes was $427,000, up 1.7% 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
$324,900, even with last year. 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 June was $426,900, an all-time
high and an increase of 4.1% from one year ago ($410,100). 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 96.5% in June
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
28 days, up from 27 days last year. The median time to sale for
single-family homes was 69 days, down from 71 days last year.
The median number of days between the listing date and contract
date for condos was 50 days, up from 32 days. The median number of
days to sale for condos was 90 days, up from 77 days.
Miami Cash Sales 35.4% More than National Figure
Cash sales represented 37.9% of Miami closed sales in June 2024, compared to 43.5% in June 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 49.9% of all Miami existing condo sales and 24.6% of
single-family transactions.
To access June 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
Twitter
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SOURCE MIAMI Association of
REALTORS