Total home sales rose in Miami-Dade County rose last month compared to the previous March.
Miami
Homes sales were up across the market in Miami-Dade County last month compared to the previous March.
Total home sales were up 6.6% year-over-year, according to data from the Miami Association of Realtors. Single-family home sales increased 10.6%, and condo sales 2.9%.
This was the seventh consecutive month the association has reported a year-over-year rise in total sales in Miami-Dade.
The surge in the luxury market was particularly pronounced, as $5 million-and-up sales rose 27% year-over-year. The association has named South Florida the No. 1 ultra-luxury real estate market in the U.S., as the region averages one $10 million home sale daily.
Sales of single-family homes and condos priced over $1 million also rose last month compared to the previous March. Million-and-up single-family sales were up by 19.8%, and sales of condos in the same category were up 9.8% year-over-year.
Inventory drops in Miami-Dade
For the second consecutive month, the association reported that total inventory declined year-over-year in Miami-Dade. Total active listings were down nearly 8%, with single-family home listings dropping by 7% year-over-year, and condo listing dropping by 8%.
This marks the first period of shrinking inventory since September 2023, and it means the market may be tightening after a relatively soft period. Shrinking supply typically leads to more competition for listings, which can drive up prices for houses and condominiums.
The past two months have been the first period of declining condo inventory Miami-Dade has seen since July 2023. The condo market has struggled since then, particularly following post-Surfside legislation with stricter requirements for condo associations setting aside reserves and more regular inspections of older buildings.
But it’s still a buyer’s market for condos, with about 13 months of inventory on the market. For single-family homes, it’s more balanced, with just under six months of inventory available.
How is the housing market in Broward?
Total home sales were up 1.4% year-over-year in Broward last month, with $1 million-and-up sales rising 7.4%.
One of the largest jumps in Broward was in sales of more modestly priced condos. Sales of condos between $500,000 and $600,000 rose by nearly 20% last month compared to the previous March.
But prices are falling for both condos and single-family homes in Broward, according to the association. In March, the median single-family home price was down 5.5%, and the median condo price in the county was down 3.7% compared to the previous year.
The association reports that inventory is shrinking, though, which will likely cause single-family home and condo prices to rise in the coming months. Total active listings were down about 12%, with both condo and single-family listings dropping by about the same percent.
But it’s still a buyer’s market for condos, with more than 11 months of inventory on the market. This means buyers have the upper hand right now and may be able to negotiate better prices. It’s a more balanced market for single-family homes, though, with around five months of invetory on the market.
Miami Herald
Catherine Odom covers real estate for the Miami Herald. She previously interned on the Herald’s government team and has worked as a journalist in Germany and Armenia. She is a graduate of Northwestern University.