Monthly market report key numbers give an insight into what's happening in the Miami Real Estate Market. We're here to help you you can take advantage of the ups and downs to get the best deal on what you are looking for.
You are viewing the report for Single Family Homes. There is a separate report for Townhouses and Condos.
The Key Numbers:
| May 2024 | May 2023 | % Up/Down | |
|---|---|---|---|
| Home Sales | 1,102 | 1,040 | 6.0% |
| Median Price | $ 650,000 | $ 620,000 | 4.8% |
| Listings | 3,949 | 3,018 | 30.8% |
| Months Supply | 4.4 | 3.3 | 33.8% |
What does it all mean?
What does it all mean?
May 2024 Monthly sales report - Key Data
Number of Condo Sales - 1295 DOWN - 5.6%
Number of Single Family Sales 1102 - UP 6.0%
Median Condo Price UP - 2.4% from last year
Median SFH price UP - 4.8% from last year
Inventory for Sale:
Condos UP - 49.8%
SFH UP - 30.8%
Days on Market:
Condos - 76 days
SFH - 87 days
Months of Supply:
Condos - 8.6 months
SFH - 4.4 months
Unit sales in May 2024 are down for CONDOS and UP for Single Family Homes... -5.6% and +6.0% respectively, compared to May 2023. However, these stats would be much stronger if they included South Florida's robust developer new construction market and volume.
There is 8.6 month supply of condo inventory and 4.4 months supply of single family homes. This means that if no new listings came on the market then it would take that many months to completely sell out the current inventory. The "Months of Inventory statistic" has increased dramatically since last year.... look out below!!
A balanced real estate market is considered to be six to nine months of inventory. We are still in a Sellers market but rapidly approaching an equilibrium market where prices will rise at approximately the CPI rate.
Miami-Dade County
Total unit home sales in Miami-Dade County stayed the same, year-over-year. However, these stats would be much stronger if they included South Florida's robust developer new construction market and volume.
The median sale price of single-family homes in Miami-Dade ROSE 4.8 percent, to $650,000. Condo sale prices grew 2.4% percent to $425,000.
Total dollar volume in the county ROSE in May 2024 to $2.240 billion from $2.083 billion in May 2023. Single-family homes closed $1.300 million in dollar volume, up almost 22.0% percent compared to the same month of last year. Condos closed $944 million in sales, DOWN 4.0 percent, year-over-year.
To say the market is shifting would be an UNDERSTATEMENT!!
If you are thinking about selling real estate in the Miami Coastal Market, or know someone who is, please contact us for a COMPLIMENTARY property price analysis.
If you are interested in buying a residence, vacation home, or rental property (residential or commercial), or know someone who is, again, please contact us to get comprehensive information of properties that are available and that meet your requirements.
We work as Single Agents adhering to a Fiduciary Standard, the legal term for putting customers' interests first!
View the complete report (.pdf)
Often times people have real estate needs, regardless of what the market is doing. We're here to help. If you are looking and buying or selling a condo or home in the Miami area, contact us. Use the form below to find out what your condo is worth ... or just send an email and tell us what you are looking for.
View the complete report (.pdf)
Oftentimes people have real estate needs, regardless of what the market is doing. We're here to help. If you are looking and buying or selling a condo in the Miami area, contact us. Use the form below to find out what your condo is worth ... or just send an email and tell us what you are looking for.
