London Foster Realty at Dadeland
Liz Kenneally | Realtor

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As a realtor in the Miami real estate market, I see firsthand the exceptional trends and opportunities that make this area unique. It’s no surprise that Miami-Dade County's May sales and appreciation continue to outperform both the nation and the state.

Miami Real Estate: Defying National Trends

Miami real estate is thriving, defying national trends. While other U.S. markets experience declines, Miami's home equity has surged, doubling the national average over the past 15 years.  This is due to the influx of high-income households from the Northeast and a high percentage of cash buyers, which helps mitigate the effects of elevated mortgage rates.

Home Equity Gains in Miami-Dade County

Miami-Dade homeowners have seen remarkable equity gains, nearly double the national average. Over the last 15 years, the average home equity in Miami-Dade has increased by $533,955 compared to the U.S. average of $287,111, based on single-family homes purchased in Q1 2009 and sold in Q1 2024.

Consistent Single-Family Home Sales Growth

Miami single-family home sales have grown consistently, with a 6% year-over-year increase in May 2024, rising from 1,040 to 1,102 sales. This marks the sixth year-over-year gain in the past seven months.

Overall Home Sales Slight Decline

Overall home sales in Miami experienced a slight decline of 0.6% year-over-year in May 2024, from 2,412 to 2,397.

Condo Market Fluctuations

Existing condo sales dropped by 5.6% year-over-year in May 2024, from 1,372 to 1,295, primarily due to limited inventory at key price points. About 53% of new condo inventory is priced at $600,000 or above.

Luxury and Mid-Market Condo Sales Surge

Sales of homes priced at $1 million and above surged 9.5% year-over-year in May 2024, from 409 to 448. Mid-market condos, priced between $400,000 and $600,000, saw a 7.5% year-over-year increase, from 334 to 359.

Miami: A Top Market for Luxury Growth

Miami ranks No. 1 in the U.S. for luxury residential market price growth and is recognized as an Emerging Wealth Hub by Knight Frank’s 2024 Wealth Report. Additionally, Miami ranks as the No. 4 U.S. city for millionaire growth rate over the past decade, with a 75% increase.

Price Appreciation Outlook

Gay Cororaton, MIAMI REALTORS® Chief Economist, predicts continued price appreciation despite high mortgage rates. This trend is driven by a rising share of million-dollar home sales and strong competition for lower-priced homes. Mortgage rates are expected to decrease slightly, potentially boosting market activity.

Increased Listings Offering More Choices

New listings in Miami have increased for nine consecutive months, nearing pre-pandemic levels. This rise in inventory provides more options for buyers. In May 2024, new listings increased by 14.12% year-over-year, from 3,280 to 3,743.

Inventory Levels and Market Balance

Miami-Dade's inventory remains 33.9% below the historical average, with significant year-over-year increases in active listings. Single-family home inventory rose 30.8% and condo inventory increased 49.8% in May 2024. The current months' supply of inventory indicates a seller’s market for single-family homes and a balanced market for condos.

Ongoing Home Price Appreciation

Miami-Dade County has seen single-family home median prices rise 6% year-over-year in May 2024, marking 150 consecutive months of price increases. Condo median prices also saw a 2.4% year-over-year increase, continuing a long-term upward trend.

Economic Impact and Market Health

Each home sale in Miami significantly impacts the local economy, contributing to a total economic impact of $294 million in May 2024. The market remains healthy, with distressed sales comprising only 0.9% of all closed residential sales in May 2024, much lower than the national average.

National and State Comparisons

Miami's real estate market outperforms national and state trends. While Florida saw slight declines in closed sales, Miami continues to attract buyers and maintain strong sales figures. The median sales prices for homes in Florida also showed year-over-year increases, reflecting a resilient market.

Cash Sales Prevalence

Cash sales accounted for 38.5% of Miami's closed sales in May 2024, significantly higher than the national average. This high percentage is driven by foreign buyers and those moving from more expensive U.S. markets.

As your dedicated realtor in the Miami market, I am here to help you navigate these trends and make the most of the incredible opportunities available. Whether you're buying or selling, you can count on my expertise to guide you through every step of the process. Let's make your Miami real estate dreams a reality!


About the Author Liz Kenneally is a seasoned real estate agent in Miami with extensive experience in the city's dynamic market. Licensed in community association management, Liz specializes in the coveted neighborhoods of Coral Gables, Dadeland, Continental Park, East Kendall, Palmetto Bay, Pinecrest, South Miami, and The Falls. Fluent in both English and Spanish, she ensures smooth transactions for her diverse clientele. Contact her at 786-423-3348 or through the EMAIL AGENT form provided alongside this blog.













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What my clients are saying  

Efficient, Effective, and Ethical! Working with Liz Kenneally was an absolute pleasure. Her efficient and effective approach to real estate made the entire process seamless and stress-free. From the moment we met Liz, we knew we were in good hands. She took the time to listen to our needs and preferences, ensuring that we found the perfect home in South Miami. Liz's commitment to ethical practices and transparency gave us peace of mind throughout the transaction. We highly recommend Liz to anyone looking for a trustworthy and reliable realtor in Miami.

 

~ Michael and Jennifer D.

I hired Liz Kenneally to lease out my apartment, and within just 1-2 weeks, she secured long-term tenants who have been a great to work with for the past three years. Her efficiency, professionalism, and warm demeanor made the entire process seamless. Liz understood my needs and executed flawlessly. I couldn't be happier with the outcome. I wholeheartedly recommend Liz!

 

~ Sofia I.

Finding office space for my company was made effortless thanks to Liz Kenneally's exceptional service. Referred to her by a trusted source, I quickly understood why she comes highly recommended. Liz guided us through every step with professionalism and expertise, ensuring we secured the perfect space to meet our needs. The office space exceeded my expectations, boasting a prime location, generous square footage, and excellent amenities. Liz's attention to detail facilitated a seamless transition into our new workspace. Her responsiveness and proactive communication made the leasing process a breeze. Working with Liz Kenneally was a pleasure, and I wholeheartedly recommend her to anyone in search of commercial real estate. Five stars all around!

 

~ Paul M.

Professionalism Personified! Liz Kenneally is the epitome of professionalism. Her attention to detail, proactive communication, and tireless work ethic set her apart from other realtors. Liz guided us through the process of buying our dream home in Coral Gables with ease and confidence. She was always one step ahead, anticipating our needs and addressing any issues promptly. Liz's commitment to excellence and integrity made us feel confident and reassured throughout the entire transaction. We cannot recommend Liz highly enough!

 

~ James and Amanda R.

Liz Kenneally proved to be an exceptional real estate agent. Her expertise in Dadeland area homes, our preferred locale, was truly impressive. Liz's dedication to understanding our needs, preferences, and budget constraints was evident throughout our interactions. She tirelessly worked to find us the perfect home, keeping us updated and promptly addressing all our questions. Liz made the entire process enjoyable, turning house hunting into an adventure. I enthusiastically endorse her to anyone in the market to buy or sell. Thank you, Liz, for your outstanding service!

 

~ Camila I.

5 Stars for Responsiveness, Negotiation skills, Professionalism and communication, Market expertise, Was on point at every turn, from offer to closing.

 

~ Jordi B

Liz went above and beyond to market our property effectively, attracting a flood of interested buyers. Her attention to detail and commitment to showcasing our home in the best possible light truly paid off. We couldn't believe it when offers started pouring in, and even more so when the final sale price exceeded our initial expectations! It was the highest sold price in the community! Liz was responsive, proactive, and always had our best interests at heart. Her negotiation skills were impeccable, ensuring that we got the best possible deal for our property.

 

~ Willy and Gloria P.

Liz was the listing agent for a Miami property I called on and made an appointment to see . That's how it all started.I wasn't working with any agent and I told Liz I didn't want to commit to anyone. She stated she understood, nevertheless, she was relentless in keeping in touch with me. Finally, in one of her phone calls, Liz asked me if she was working hard to get my business ? I said yes, of course. Then she stated, "Imagine, what I am capable of doing in finding and negotiating for you in a tough and competitive Miami market?". That clinched it !

 

~ Arile R.

I want to thank this wonderful Lady that stuck with me until I found just the right place. I am very satisfied and you will always have a friend here. Thank you for everything Liz, you're the best.

 

~ Manny

We trusted her strategy and ended up buying the property that we were initially turned down on. You can say Liz turned that No into a Yes for less money! She is relentless. Thank you, Liz, you are a hard worker, trustworthy, on top of your game and simply a pleasure to team up with you

 

~ Alex Y.

As a business man, one of the things that impressed me about Liz is is her negotiation skills, patience and cool under pressure. She looks for a win-win even though at times we were just being one sided. Liz reminded us it's a sellers' market with properties selling quickly at or little above asking price in the area we wanted to buy.Whatever we weren't familiar with, Liz simplified it so we felt comfortable and understood the transaction.

 

~ Vincent S.

"...One of her best qualities is her ability to stand back, listen to your needs, present you all the alternatives and let you make the original decisions. She is not assertive with her opinion but when she says you better listen because it will be in your own best interest..."

 

~ Ioannis L.

I had a great experience with Liz in the sale and purchase of my new home. She was always available to answer questions with great confidence and knowledge. I consider her a personal friend since we met, through the process of buying this home. Highly recommend her to anyone looking to sell or buy.

 

~ Maria D

Ms Liz Keneally was a angel sent. I was going through personal hardship. And having a hard time not only selling The property but with the result of impending foreclosure. Which at the time was a very difficult time in my life. And she came along. And got a contract within a week. And I have nothing but gratitude towards her and her team. That treated me and my children like family.

 

~ Xenia L.

Liz has been a wonderful real estate agent for us. She is an excellent communicator, and communicates in a very timely manner. Liz provided easy to understand comparisons when we had multiple offers for the property that we were selling. Liz makes sure that all the details are taken care of, and most importantly perseveres in resolving the many issues that arise in a real estate transaction. We have been extremely happy with the work that Liz has done for us. We would highly recommend her for anyone who is seeking to sell or buy property.

 

~ Gary N

As a first time home buyer, I was nervous and worried about being taken advantage of. Liz calmed my nerves and guided me through the process. She was easy to communicate with and took the time to educate me.There were times, we had to negotiate and Liz always made sure to keep the deal alive, while protecting my interests. I have only wonderful things to say about her and would work with her again.

 

~ Sarah S.

Liz was professional from the exploratory stages of home buying to its completion. As a first-time buyer, I was looking into foreclosures. I did not expect the unexpected to say the least. From negotiations to paperwork, I am truly grateful for Liz's knowledge and skills. She guided me through the process and stood by my side when delays arose and frustrations even larger. Her calmness and verbal prowess ultimately helped me secure my very first home! Thank you, Liz!

 

~ Hennifer M

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