"Why are savvy buyers choosing to invest in South Florida real estate, even with the current record-breaking high prices?"

In April, South Florida saw a resurgence in home sales, particularly among high-end buyers. Miami-Dade County had 2,342 home sales, up 5.4% from April 2023, while Broward recorded 2,538 residential deals, a 6.1% increase. This uptick in activity defied the national trend of declining home sales, showcasing the region's housing market resilience.

The market's robustness is evident as buyers continue to show interest in high-priced properties, driving median sales prices to new heights. In Miami-Dade County, the median sales price for single-family homes reached $654,000, surpassing the previous peak. Condo prices averaged $444,000. Similarly, Broward County experienced a surge, with a median sales price of $635,000 for single-family homes and $282,500 for condos.

The demand has been primarily fueled by high-profile individuals like Citadel CEO Ken Griffin and Amazon Founder Jeff Bezos, along with others in their industry, who have chosen to relocate to South Florida. However, the region is facing a shortage of single-family homes and condos, with inventory levels below the balanced market threshold. Miami-Dade has 4.4 months of houses and 8.3 months of condos, while Broward has four months of houses and 7.4 months of condos.

Despite the supply challenges, there is some positive news for buyers as inventory levels have increased compared to the previous year. Miami-Dade had 3.3 months of houses and 4.9 months of condos in April 2023, while Broward had 2.5 months of houses and 3.3 months of condos. Affluent buyers, undeterred by high prices, are driving the market, with nearly half of the transactions closing with cash. Miami-Dade saw 40.3% of its transactions close with cash, and Broward saw 41.5%, significantly higher than the national average of 28%.