Sharing my blog for Miami Dade Market Stats for Month of May 2024

[Jacopo Iasiello]

Welcome to the dynamic world of Miami real estate! If you’re wondering what’s happening in our vibrant market, buckle up. The numbers are in, and they paint an exciting picture of growth and opportunity. Whether you’re a seasoned investor, a first-time homebuyer, or someone just curious about the trends, this report will provide you with actionable insights and a hopeful outlook.

Single Family Homes: A Thriving Market

April 2024 has been a stellar month for single-family homes in Miami. Here’s the lowdown:

• Closed Sales: We saw 1,065 homes changing hands, a 6.5% increase from April 2023. This uptick shows a healthy, active market.
• Cash Sales: An impressive 25.8% of sales were paid in cash, up 13.8% from last year. This trend highlights Miami’s appeal to investors and buyers with strong financial positions.
• Median Sale Price: The median sale price hit $654,000, marking a 9.0% rise. It’s a clear indicator that property values are on the rise, benefiting current homeowners.
• Dollar Volume: Sales generated a whopping $1.2 billion, a 29.9% surge. This increase in dollar volume underscores the robust demand and high value of Miami real estate.
• List Price Success: Sellers received 97% of their original list prices on average, maintaining a steady rate from last year.
• Speed of Sales: Homes moved faster, with a median time to contract of just 28 days (a 6.7% reduction) and a median time to sales of 70 days (a 1.4% decrease).
• Inventory Levels: Active inventory rose by 27.3% to 3,864 homes, and the months’ supply of inventory increased by 33.3% to 4.4 months. More choices for buyers mean more opportunities to find your dream home!

Townhomes and Condos: Steady and Strong

The townhome and condo market also shined brightly:

• Closed Sales: A total of 1,277 units sold, a 4.5% increase year-over-year.
• Cash Sales: Over half (52.4%) of these sales were cash transactions, up by 3.6%. This indicates strong investor confidence in the condo and townhome sectors.
• Median Sale Price: Prices climbed to $444,000, reflecting a 7.0% increase.
• Dollar Volume: The dollar volume skyrocketed by 27.5% to over $1 billion, showing significant investment and buyer interest.
• List Price Success: Sellers received 95% of their original asking prices, a slight dip from last year but still strong.
• Speed of Sales: The market saw a longer median time to contract at 46 days (a 24.3% increase) and a median time to sales at 85 days (a 13.3% increase). Despite this, the interest remains high.
• Inventory Levels: Active inventory saw a substantial rise of 45.5% to 9,230 units, with the months’ supply of inventory surging by 69.4% to 8.3 months. The expanded inventory offers more options for buyers and a healthier market overall.

Actionable Insights

1. For Buyers: Now is a great time to explore the market with the increased inventory. Whether you’re looking for a single-family home or a condo, there are plenty of options to suit your needs. Be prepared to act fast, as desirable properties are still moving quickly.
2. For Sellers: With rising median sale prices and strong demand, you can confidently list your property knowing that buyers are willing to meet your asking prices. Highlight your home’s best features to attract those cash buyers!
3. For Investors: The high percentage of cash transactions indicates a stable market with solid returns. Consider investing in the diverse opportunities Miami offers, from single-family homes to townhomes and condos.