September 2024
MIAMI DADE - MARKET UPDATE
The Miami-Dade County housing market in September 2024 presented a mix of shifts across both single-family homes and townhouse/condo sectors. Here, we break down the latest trends and statistics to help you understand the current market dynamics, whether you're buying, selling, or simply staying informed.
Miami-Dade Single Family Home
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Closed Sales: 809, down 9.5% from last year. This decrease in closed sales reflects a softening in buyer demand compared to September 2023.
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Median Sales Price: $653,400, up 8.9% year-over-year. Rising prices suggest that demand for single-family homes remains strong, despite fewer transactions.
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Active Inventory: 4,503, up 36% from a year ago. The increase in available homes provides buyers with more options than before, likely driven by slower sales.
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Months Supply of Inventory: 5.1 months, up from 3.8 months last year. With more inventory and longer sales cycles, the market is shifting toward a more balanced state, moving away from the seller-dominant conditions of 2023.
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New Listings: 1,479, up 8.2% from a year ago. More homeowners are putting their properties on the market, possibly to capitalize on rising prices.
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New Pending Sales: 839, down 4.1% year-over-year. Fewer pending sales indicate a slower pace of transactions, suggesting that buyers may be adjusting to higher prices and increasing inventory.
Miami-Dade Townhouses and Condos
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Closed Sales: 883, down 19% from last year.
The sharp drop in sales suggests cooling buyer interest, possibly due to increased prices and available inventory.
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Median Sales Price: $420,000, up 1.2% year-over-year.
Prices continue to inch upward, indicating stable demand despite slower sales.
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Active Inventory: 10,532, up 58% from a year ago.
This significant increase in available units provides more opportunities for buyers, reflecting a marked shift toward a buyer-friendly environment.
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Months Supply of Inventory: 10.1 months, up from 5.8 months last year.
A substantial rise in months’ supply indicates that townhouses and condos are taking longer to sell, with higher inventory levels creating more options for buyers.
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New Listings: 2,190, up 14% from last year.
Increased listings suggest that more sellers are entering the market, aiming to take advantage of still-rising prices.
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New Pending Sales: 976, down 15% year-over-year.
The decline in pending sales suggests that the market is experiencing a slower pace of transactions as buyers adjust to both price trends and inventory levels.
The Miami-Dade County market continues to experience notable changes. Single-family home prices remain on the rise, even as sales slow and inventory increases, creating a more balanced market. Meanwhile, the townhouse/condo market is characterized by increased inventory and longer selling times, offering more choices for buyers. This evolving landscape is expected to offer better opportunities for homebuyers while presenting challenges for sellers in maintaining competitive pricing.
