A recent report by Miami Association of Realtors (Miami Association of Realtors) reveals that, despite a notable increase in prices, the acquisition of properties in South Florida continues to rise.
This phenomenon occurs in a context where, at the national level, sales of previously occupied homes have been reduced in 2023, as indicated a few weeks ago by the National Association of Realtors (NAR).
The upward trend in housing prices is reflected in an increase ranging between 1% and 16% since January 2023 in Miami-Dade and Broward counties.
Median sales prices in Miami-Dade currently sit around $630,000 for homes and $405,700 for condos, representing a notable increase from $545,000 and $400,000, respectively.
Broward presents a similar story, where median sales prices for homes have climbed to $575,000 from $540,000 and for condos to $275,000 from $269,900.
Contrary to what these figures might suggest, in January 2024, both Miami-Dade and Broward experienced an approximate 1% increase in single-family home and condo sales compared to the same period the previous year.
Miami-Dade reported 1,414 sales and Broward 1,562, marking a positive change and contrasting with the downward trend in sales that predominated throughout last year.
It is important to note that, despite these increases, sales prices in Miami-Dade have not surpassed the historical peaks recorded the previous year, when the median price for single-family homes reached $631,670 and for condominiums reached $420,000.
Broward peaked in June of last year with a median of $615,000 for homes and $280,000 for condos.
The inventory of available properties remains limited, with Miami-Dade offering 4.4 months of available homes and 7.4 months of condos, while Broward has 3.7 and 6.2 months, respectively. A balanced market is generally defined by having between six and nine months of inventory.
Additionally, cash continues to be the preferred payment method for many shoppers in the region, with 42.6% of transactions in Miami-Dade and 44.3% in Broward conducted this way, exceeding the national average of 32%.
