Home sales in Miami-Dade County climbed nearly 10% in February compared to the previous year, extending an upward streak to six consecutive months. The gains spanned both ends of the market, from condos under $500,000 to ultra-luxury properties above $5 million.
FULL STORY: Home sales are up in Miami-Dade. Check the trends for condos and prices
Here are key takeaways:
View of the downtown Miami skyline, from Watson Island, on Wednesday July 31, 2024. Pedro Portal pportal@miamiherald.com
• Single-family home sales in Miami-Dade were up more than 4% year-over-year in February, while existing condo sales jumped nearly 15%, according to Miami Association of Realtors data.
• Sales of properties over $5 million rose 11%, and condos priced between $400,000 and $500,000 were up 19%. Median single-family home prices increased more than 4%.
• The Miami Association of Realtors has named South Florida the No. 1 ultra-luxury market in the U.S., with a home sale over $10 million happening every day in the region on average. Mark Zuckerberg broke Miami-Dade’s record with a $170 million mansion purchase in Indian Creek.
• It’s still a buyer’s market for Miami-Dade condos, with more than 13 months of available inventory — well above the six months that signals a balanced market. But condo inventory decreased year-over-year in February for the first time since July 2023.
• Broward County told a different story: Total home sales dipped 0.8%, and existing condo sales fell nearly 3%. Million-dollar-and-up transactions, however, rose nearly 20%.
This report was produced with the assistance of a proprietary tool powered by artificial intelligence and using our own originally reported, written and published content. It was reviewed and edited by our journalists.