October 2024
MIAMI DADE - MARKET UPDATE
The Miami-Dade County real estate market continues to reflect the broader economic trends, with distinct variations in the single-family home and townhouse/condo segments. While some metrics point to increased inventory and rising prices, others highlight decreased activity in terms of closed sales and new listings. Here’s a closer look at how these trends are shaping up for October 2024.
Miami-Dade Single Family Home
The single-family home market in Miami-Dade County showcases a nuanced picture, balancing rising inventory levels and prices against slowing sales activity.
- Closed Sales: With 830 transactions, closed sales dipped by 4.7% compared to October 2023, reflecting a tempering in buyer activity amidst higher inventory.
- Median Sales Price: The median price climbed to $670,750, marking an 8.5% increase from a year ago, a testament to steady demand in a supply-heavy environment.
- Active Inventory: Inventory surged by 31% to 4,660 homes, offering more options for buyers and signaling a transition toward a balanced market.
- Months Supply of Inventory: The supply increased from 4.0 months to 5.2 months, a sign of a less competitive market compared to the previous year.
- New Listings: New listings declined by 7.6% to 1,331, potentially reflecting seller hesitation as market conditions shift.
- New Pending Sales: Similarly, new pending sales decreased by 6.4% to 849, underscoring a moderation in buyer activity.
These figures suggest that while prices remain elevated, the increase in inventory provides buyers with more negotiating power. However, the slowdown in new listings and pending sales indicates a cautious market environment as both sellers and buyers adapt to changing conditions.
Miami-Dade Townhouses and Condo
The townhouse/condo market in Miami-Dade County also reflects a dynamic mix of growing inventory, rising prices, and a slowdown in closed and pending sales.
- Closed Sales: The number of closed sales fell by 15% to 939 units, suggesting decreased transactional activity compared to last year.
- Median Sales Price: Prices edged up by 2.5% to $415,000, highlighting sustained demand in this segment.
- Active Inventory: Inventory levels jumped by 51%, reaching 10,946 units, indicating a significant increase in supply.
- Months Supply of Inventory: The supply soared from 6.3 months to 10.6 months, firmly placing this segment in a buyer's market territory.
- New Listings: New listings increased by 4.5% to 2,166, suggesting some sellers are keen to capitalize on higher price points.
- New Pending Sales: New pending sales dropped by 14% to 927, reflecting a cautious approach from buyers amid rising inventory.
The townhouse/condo segment is firmly transitioning into a buyer's market, with a significant increase in inventory and slower sales activity. While prices remain slightly higher than last year, the abundance of options and extended supply suggests buyers are taking their time, leading to reduced competition and slower transactional pace.
