Condo inventory explodes 67 percent, single family listings up 37 percent
According to new data from the Miami Association of Realtors, total residential sales in Greater Miami dropped 8.1% year-over-year, from 2,178 transactions to 2,002. However, Miami single-family home sales saw a slight 1.7% increase, rising from 948 to 964 transactions. Single-family sales in Miami-Dade County have seen gains in eight of the last 10 months. On the other hand, total condo sales in Miami fell by 15.6% in August 2024, from 1,230 to 1,038 year-over-year.
The median sale price for single-family homes in Miami-Dade County increased 3.2% in August 2024, going from $620,000 to $640,000. Miami’s single-family home median prices have now risen for 153 consecutive months (12.75 years), marking the longest streak on record. Meanwhile, median condo prices remained stable, showing a slight year-over-year decrease of 0.2% or $1,000, from $416,000 to $415,000. Condo prices have either increased or stayed level in 152 of the past 159 months (13.25 years).
Total housing inventory in Miami is still down 42.2% from the historical average. The long-term average for Miami-Dade existing inventory stands at 20,302, but the current figure is 14,277. Active listings at the end of August rose by 50.8% year-over-year, increasing from 9,467 to 14,277. The inventory of single-family homes climbed 36.6%, rising from 3,062 listings in August 2023 to 4,183 in August 2024. Similarly, condo inventory surged 57.6%, from 6,405 to 10,094, although this figure remains below pre-pandemic levels. Compared to August 2019, active condo listings have decreased by 37.1%, down from 16,049 to 10,094.
Miami’s months of inventory supply for single-family homes stands at 4.7 months, reflecting a seller’s market. Condo inventory has a 9.5-month supply, which also suggests a seller’s market, as a balanced market typically offers a 6- to 9-month supply.
Distressed sales, which include bank-owned properties (REO) and short sales, made up just 0.9% of Miami’s residential sales in August, down from 1.2% in August 2023. In 2009, distressed sales comprised 70% of Miami’s total sales. Specifically, short sales accounted for 0.2% of total sales, while REO sales made up 0.7%. Miami’s share of distressed sales mirrors the national rate, which was also 1% in August 2024, consistent with figures from the prior month and year.
Cash transactions made up 32.9% of Miami’s closed sales in August 2024, compared to 40.3% the year before. Nationally, about 26% of home sales are cash-based, according to the latest statistics from the National Association of Realtors (NAR). In Miami, cash sales represented 43% of all condo transactions and 22% of single-family home sales.
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