🇺🇸❤️🇮🇹 South Florida Market Stats for Miami-Dade for the Month of June 2024

[Jacopo Iasiello]

A Closer Look to Miami Single Family Homes in Miami Dade

Closed Sales: In June 2024, Miami had 966 closed sales of single-family homes, just a bit lower than the 1,004 sales in June 2023. This 3.8% decrease is a gentle reminder of the market’s natural ups and downs.

% Paid in Cash: Cash transactions made up 24.6% of sales, down from last year’s 26.6%. Despite this, nearly a quarter of buyers are paying in cash, showing strong confidence in the market.

Median Sale Price: Here’s some great news—median sale prices went up by 5.5%, reaching $657,000. This increase highlights the ongoing demand for single-family homes in Miami.

Dollar Volume: The dollar volume surged by 17.2%, hitting an impressive $1.22 billion. This growth is a clear sign of a healthy, active market.

% of Original List Price Received: Sellers received 97% of their original list prices, the same as last year. This consistency shows a balanced market where buyers and sellers are finding common ground.

Median Time to Contract: Homes are taking a bit longer to sell, with a median of 28 days to contract compared to 27 days last year—a small 3.7% increase.

Median Time to Sales: The total median time to sales decreased by 2.8%, from 71 days to 69 days. This slight drop shows deals are closing a bit faster.

Active Inventory: Active inventory rose significantly by 35%, with 3,929 homes available compared to 2,911 last year. This increase gives buyers more options, making the market more dynamic.

Months Supply of Inventory: Inventory supply jumped by 33.3%, from 3.3 to 4.4 months. This boost is a positive indicator of market stability and buyer choice.

Miami Townhomes & Condos: Trends and Insights

Closed Sales: The market for townhomes and condos saw a sharper decline, with 1,085 closed sales—a 20.2% drop from last year’s 1,360. This change highlights shifting preferences in property types or market adjustments.

% Paid in Cash: Cash purchases made up 49.9% of sales, down from 56.0%. Despite this drop, nearly half of transactions are still cash, showing continued confidence in the market.

Median Sale Price: Prices held steady with a slight increase of 0.5%, reaching $420,000, showing resilience in the condo and townhome segment.

Dollar Volume: Dollar volume decreased by 11.8% to $830.23 million, suggesting fewer high-value transactions compared to last year.

% of Original List Price Received: Sellers received 95% of their original list prices, a small dip from last year’s 96%, indicating minor shifts in negotiating power.

Median Time to Contract: A significant change here, with the median time to contract increasing by 56.3%, from 32 days to 50 days. This longer period might reflect more buyer deliberation or market cooling.

Median Time to Sales: The total median time to sales also rose by 16.9%, from 77 days to 90 days, reinforcing the trend of longer decision-making periods.

Active Inventory: Inventory levels soared by 56.8%, with 9,588 units available compared to 6,116 last year. This substantial increase offers more choices for buyers, promoting a competitive market.

Months Supply of Inventory: The supply of inventory jumped by 78%, from 5 months to 8.9 months. This significant rise points to a more balanced market with ample opportunities for buyers.

Practical Advice and Actionable Insights

For Buyers:

• Leverage Inventory Increases: With active inventory rising significantly for both single-family homes and townhomes/condos, buyers have more choices. Take advantage of this to find properties that meet your specific needs and negotiate favorable terms.
• Consider Cash Offers: While cash transactions are down, they still represent a strong segment of the market. If possible, making a cash offer can give you an edge in negotiations and a quicker closing process.

For Sellers:

• Price Competitively: Despite slight decreases in the percentage of original list price received, pricing your property competitively can attract more buyers and lead to faster sales.
• Highlight Unique Features: With increased inventory, make your property stand out by emphasizing unique features and upgrades that appeal to buyers.

Market Outlook:

• Stability and Growth: The market shows stability with moderate growth in single-family home prices and substantial increases in active inventory. This indicates a healthy environment for both buying and selling.
• Adapting to Trends: The extended time to contract and sales for townhomes and condos suggests a more deliberate buying process. Stay patient and informed to navigate these trends effectively.

Concluding Message

The South Florida real estate market continues to thrive with exciting opportunities for buyers and sellers alike. Remember, every market shift brings new possibilities. Embrace these changes with optimism and confidence. As the legendary Zig Ziglar once said, "You don't have to be great to start, but you have to start to be great." Let’s move forward with determination and seize the opportunities that lie ahead.