Miami Real Estate Report March 2024 Analytics

Closed Condo sales in March were down 22.5% from March 2023 and 10% down from March 2020 – pre-pandemic - when interest rates were low. The Miami Condo market has a high rate of cash sales accounting for 49.5% in March but because of high interest rates, demand is still sluggish. Many buyers needing financing are still on the sidelines. Inventory is good with a 8.2 month supply (a balanced market is recognized as having a 6-to-9-month supply of inventory) but the high interest rates are keeping the demand slowed down.

Single family home closed sales were down 4.8%, but the number of monthly sales was the highest since last April. Sales in the $1million plus range were up 22.9% and the $600k-$1mil. range up 19.9%. New pending sales for both condos and single family saw a drop starting in 3Q23, but both are experiencing increases in the first 3 months of this year. Median Condo price at $445k was up 11.3% compared to last March while Single family Median Price was up 14%, and all time high. with a 4.4-month supply -still in Seller’s market territory. Year to date, 27.4% of SFH sales were cash – much higher than the national average. Distressed sales represented just 0.8% of all sales. This is not a distressed market. Solid values, strong cash sales, increased inventory are all good indicators, but lower interest rates would increase sales.

?KEY NUMBERS, Compared to March 2023

·?Number of Condo Sales????? Down 22.5%??

·?Number of SFH Sales Down 4.8%

·?Median? Condo Price -

???????Up 11.3%

·?Median SFH Price Up 14%

·?Inventory

??????????? Condos Up 39.4%

???????????? SFH Up 14.2%

·? Days On Market

????????? Condos 43 Days

????????? SFH 31 Days

·?Pending Inventory

???????? Condos Down 8.9%

???????????SFH Down 4%

Months Supply

·?Condos 8.2 months

·?SFH 4.3 months????

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