MIAMI-DADE COUNTY MIDYEAR HIGHLIGHTS

Note

- Miami has undergone a significant shift, evolving from a destination primarily sought after by travelers for vacation homes, to an enduring market f or permanent residences

- On the whole, the average prices for sales have reached unprecedented highs and have stayed significantly above the levels seen before the pandemic

- There has been a historical and monumental wealth and talent migration into the area Miami continues to set and break records

- Although sales volumes are not as high as they were during the pandemic-induced housing boom last year, most markets have seen a significant increase in sales that exceeds the usual seasonal pattern

- The housing market is transitioning from an unprecedented boom to more normal levels of activity with surge in prices as quality inventory remains at record low levels

- Substantial price gains from 2019; single-family homes are up by 80% and condos/townhomes have surged nearly 70%

- The number of sales fell from the heightened levels of the unprecedented Covid year

- Prices remained steady or increased, while markets that saw a decrease in prices tended to also witness a shift towards smaller average sizes due to increased prices per square foot

The highlights of Miami-Dade County are meant to cover the entire county, not just the specific neighborhood or metropolitan area known as Miami. The urban landscape dominates the northern, central, and eastern areas of the county including Miami Beach, Brickell, Coconut Grove, parts of Coral Gables, Sunny Isles Beach and more. Conversely, in southern Miami-Dade County lies the Redland and Homestead regions which form an integral part of the county’s agricultural economy.

Additionally, we wanted to provide an overview of the report on a larger scale, as we have analyzed data for various neighborhoods of Miami-Dade County

MIAMI-DADE COUNTY SINGLE-FAMILY HOMES

Single-family homes are up an astounding 80% from pre-Covid 2019. Average sales price for condos/townhomes has surged 73% from pre-Covid 2019. Excluding previous year boom, average sales price Miami-Dade County is at historic levels.

MIAMI-DADE COUNTY CONDOS/TOWNHOMES

MIAMI-DADE COUNTY AVERAGE SALES PRICE

Excluding the exceptional growth of the previous year, the average sales price per square foot in Miami-Dade County is currently at record highs. Single-family homes have experienced a remarkable 80% increase compared to the pre-Covid levels of 2019. Similarly, the average sales price per square foot for condos and townhomes has also seen a substantial rise, reaching nearly 70%.

- Condo/townhome transactions are starting to normalize following the previous elevated levels with number of condos sold cut in half

- Overall market is way above pre-pandemic levels 61%

- The average sales price for all condos/townhomes expanded during the initial half of 2023 as number of transactions fell

- Average sales price per square foot expanded

- The $1M+ levels had an 6.4% increase in average sales prices since 2019

- Number of days it took to sell increased less than 10%

- The overall condo/townhome market has a 5 months supply of inventory (MSI) based on closed sales