Miami-Dade County has experienced a notable surge in total home sales, marking a second consecutive month of year-over-year growth. The latest data released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system reveals that South Florida leads the nation in both price appreciation and international migration, highlighting the region's enduring appeal.
In February 2024, Miami-Dade's total home sales increased by 0.8% compared to the previous year, underscoring the sustained demand for properties in the area.
Gus Fonte, Chairman of the Board at MIAMI, attributes this growth to Miami's unparalleled lifestyle and economic advantages, which continue to attract global attention. Fonte emphasizes the significance of choosing a market with a proven track record of appreciation, pointing to Miami's consistent rise in home values over the past 12 years.
Key Highlights from the February 2024 Report
1
. Increased Demand in Single-Family Homes: Miami saw a notable uptick in single-family home sales, rising by 5.1% year-over-year. However, existing condo sales experienced a slight decline of 2.5%, primarily due to inventory constraints and elevated mortgage rates.
2.
Rise in Mid-Market Condo Sales: Despite the overall decrease in condo sales, there was a notable surge in mid-market condo transactions, particularly in the $400,000 to $600,000 price range, which witnessed a 16.4% increase compared to the previous year.
3.
Recovery of New Listings: Miami's new listings have been steadily recovering, nearing pre-pandemic levels. This increase in inventory provides buyers with more options and has contributed to a more competitive market environment.
4.
Optimistic Outlook for Spring Market: With the spring season approaching, MIAMI REALTORS® Chief Economist, Gay Cororaton, anticipates a healthy upswing in the market, fueled by robust demand and a greater inventory of homes. Cororaton highlights the significance of more choices for buyers, particularly in the single-family home segment.
5.
Continued Price Appreciation: Miami-Dade County continues to witness robust price appreciation, with single-family home median prices increasing by 17.1% year-over-year. This marks the longest streak of consecutive price increases on record, underscoring Miami's resilience in the real estate market.
6.
Economic Impact: The local real estate market continues to drive economic growth, with every home sale contributing to job creation, income generation, and new construction activity. In February 2024 alone, Miami's total home sales amounted to a local economic impact of $208 million.
7.
Persistent Cash Sales:Cash transactions remain prevalent in Miami's real estate market, accounting for 43.3% of all closed sales in February 2024. This trend reflects Miami's appeal to foreign buyers and investors, as well as individuals relocating from more expensive U.S. markets.
Overall, Miami-Dade's real estate market demonstrates resilience and continues to attract buyers and investors alike, buoyed by its enviable lifestyle offerings, economic vitality, and sustained price appreciation.
About Author: Liz Kenneally, a seasoned Miami real estate agent, boasts extensive experience in the city's vibrant market. Specializing in sought-after neighborhoods including Coral Gables, Dadeland, Continental Park, East Kendall, Pinecrest, South Miami, and The Falls. Liz is fluent in both English and Spanish, ensuring smooth transactions for her diverse clientele. Contact her at 786-423-3348 or complete the simple EMAIL AGENT form located beside this blog content.