Miami-Dade County single-family home sales increased year-over-year in November 2024 as the market is poised to top last year's annual total next month, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
MIAMI, Dec. 19, 2024 /PRNewswire-PRWeb/ -- Miami-Dade County single-family home sales increased year-over-year in November 2024 as the market is poised to top last year's annual total next month, according to statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
Miami single-family home sales have posted year-over-year sales increases in seven of the first 11 months of the year, a significant feat as mortgage rates hovered near 7% all year. Miami single-family home transactions are up 1.3% year-to-date versus 2023. Meanwhile, Miami $1M & up condos posted another month of year-over-year gains (up 1.3% in November 2024).
"Miami real estate heads into 2025 as a top ranked high-demand, low-supply market," MIAMI Chairman of the Board Gus Fonte said. "With its strong housing fundamentals and continued in-migration, the Miami market ranks high on numerous rankings including the newly-released Realtor.com 2025 Top Housing Markets forecast."
Realtor.com ranked Miami-Fort Lauderdale-Pompano Beach, FL as the No. 2 Top Housing Market in the U.S. for 2025, forecasting a 24% year-over-year increase in sales and a 9% increase in median sale prices for 2025. Miami also ranks No. 2 in the U.S. in home-price appreciation, according to the December 2024 CoreLogic Home Price Index.
Miami-Dade Condominium Sale Prices Have Appreciated 129% in the Last 10 Years
Existing condo median prices increased 3.9% year-over-year in November 2024, from $420,000 to $436,354. Condo median prices have stayed even or increased in 155 of the last 162 months, a span that covers 13.5 years.
Miami condo prices have risen 129.7% from November 2014 to November 2024, from $190,000 to $436,354.
Miami-Dade County single-family home median sale prices increased 5.7% year-over-year in November 2024, increasing from $615,000 to $650,000. Miami single-family median prices have risen for 156 consecutive months (13 years), the longest running-streak on record.
Miami single-family prices have risen 165.3% from November 2014 to November 2024, from $245,000 to $650,000.
Miami Real Estate Home Equity & Appreciation is Nearly 2X the National Figure
Miami's home equity gains are nearly two times the national figure. Home equity gains on a single-family home purchased in Q3 2009 and sold in Q3 2024 are: Miami-Dade County at $542,175 versus the U.S. average at $310,232, according to new MIAMI REALTORS® Research.
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 Single-Family Home Transactions on Pace to Top Last Year's Annual Total
Miami-Dade County single-family homes are ahead of last year's pace of transactions having posted 9,909 through the first 11 months of this year versus 9,787 in the same period last year, an increase of 1.25%.
Miami single-family home sales increased 1.3% year-over-year, from 707 to 716. Miami-Dade total sales decreased 8.5% year-over-year, from 1,651 to 1,510. The decline is due to the uncertainty of the presidential election as many of the November deals occurred before the election. The 1% recent rise in mortgage rates to near 7% and lack of inventory at key price points are other reasons.
Both Luxury and Affordable Miami Condo Sales Rise Year-over-Year
Miami-Dade $1M & up condo transactions increased 1.8% year-over-year in November 2024 to 114 transactions. Miami condos priced between $150K to $200K rose 14.7% year-over-year in November 2024 to 39 transactions.
Miami total existing condo sales, which are on pace with the state and nation, decreased 15.9% year-over-year in November 2024, from 944 to 794. The statistics would be much stronger if they included South Florida's robust developer new construction market and volume. The decline is due to lack of condo financing and inventory at key price points.
The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. Of the 2,397 condominium buildings in Miami-Dade, Broward and Palm Beach counties, only 21 are approved for FHA loans, according to statistics from the U.S. Department of Housing and Urban Development.
Just 0.9% of South Florida condo buildings are approved for FHA loans.
Mortgage Rates Stay Elevated Despite Fed Cut
Mortgage rates have increased since the Fed's first rate cut in four years in September.
"High-income buyers, particularly in the million-dollar market, have been the lifeblood of the housing market in 2024," MIAMI REALTORS® Chief Economist Gay Cororaton said. "I think we'll see this trend continuing in 2025 with mortgage rates remaining elevated in 2025. However, we should see interest rate-sensitive buyers jumping in and perking up sales as mortgage rates start to decline in the second half of the year towards the mid- 6%."
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.6% as of December 12. That's down from 6.69% one week ago and 6.95% one year ago.
Miami Condo Active Listings Are 26.3% Below Pre-Pandemic
Total inventory is still down 25.9% from the historical average for Miami. The annual historical average for Miami-Dade existing inventory is 20,302 and current inventory is at 16,117.
Total active listings at the end of November increased 39.2% year-over-year, from 11,576 to 16,117, but not enough to make up for the lack of inventory.
Inventory of single-family homes increased 24.4% year-over-year in November 2024 from 3,856 active listings last year to 4,797 last month.
Condominium inventory increased 46.6% year-over-year from 7,720 to 11,320 listings during the same period in 2023, but the total is still significantly below pre-pandemic. Current Miami condo inventory (11,320) is 26.3% below November 2019 pre-pandemic inventory (15,369).
Months' supply of inventory for single-family homes is 5.4 months, which indicates a seller's market. Inventory for existing condominiums is 11.1 months, which indicates a buyer's market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory registered at the end of November was 1.33 million units, down 2.9% from October but up 17.7% from one year ago (1.13 million). Unsold inventory sits at a 3.8-month supply at the current sales pace, down from 4.2 months in October but up from 3.5 months in November 2023.
Miami Real Estate Posts $185 Million Local Economic Impact in November 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 1,510 homes in November 2024 for a local economic impact of $185 million.
Miami total dollar volume totaled $1.3 billion in November 2024. Single-family home dollar volume increased 2.1% year-over-year to $782 million. Condo dollar volume decreased 14.2% year-over-year to $547 million.
Miami Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.9% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, equal to the figure in November 2023. In 2009, distressed sales comprised 70% of Miami sales.
Short sales and REOs accounted for 0.07% and 0.8%, respectively, of total Miami sales in November 2024.
Miami's percentage of distressed sales less than the national figure. Nationally, distressed sales represented 2% of sales in November 2024, virtually unchanged from last month and the prior year.
Miami Sales, Price Appreciation Outperforming Nation, State
In Florida, closed sales of single-family homes statewide totaled 17,095 in November 2024, down 3.5% year-over-year, while existing condo-townhouse sales totaled 6,002, down 15.6%.
Nationally, total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops – improved 4.8% from October to a seasonally adjusted annual rate of 4.15 million in November. Year-over-year, sales bounced 6.1% (up from 3.91 million in November 2023).
The statewide median sales price for single-family existing homes was $410,700, down 0.6% 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 $311,000, down 5.8% vs. 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 November was $406,100, up 4.7% from one year ago ($387,800). All four U.S. regions posted price increases.
Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 95.6% in November 2024. The median percent of original list price received for existing condominiums was 94.1%.
The median number of days between listing and contract dates for Miami single-family home sales was 36 days, up from 23 days last year. The median time to sale for single-family homes was 81 days, up from 64 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 93 days, up from 72 days.
Miami Cash Sales 49.6% More than National Figure
Cash sales represented 37.4% of Miami closed sales in November 2024, compared to 40.9% in November 2023. About 25% 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 48.7% of all Miami existing condo sales and 24.9% of single-family transactions.
To access November 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 279 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
SOURCE MIAMI Association of REALTORS
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