A recent report from the Miami Association of Realtors reveals that home purchases in South Florida have increased despite continuing price increases.
The increase comes amid a complex real estate landscape, as sales of previously occupied homes in the United States fell sharply last year, reaching their lowest level in nearly three decades, according to a report by the National Association of Realtors (NAR).
Currently, home values in Miami-Dade and Broward counties have increased between 1% and 16% compared to January 2023.
For example, in Miami-Dade, median sales prices are around $630,000 for houses and $405,700 for condos, when previously they were $545,000 and $400,000 respectively, evidencing a considerable increase in the same.
In Broward, the situation is similar, with median sales prices reaching $540,000 for houses and $269,000 for condos, rising to $575,000 and $275,000 respectively.
Paradoxically, however, multi-family home and condo sales in both counties rose 1% last month compared with the same month a year earlier.
There were 1414 sales in Miami-Dade and 1562 in Broward, figures that show an upward trend in sales compared to last year.
However, this increase does not mean that the historical peaks of sales prices recorded in Miami-Dade in 2023 have been surpassed, since in July the median price for single-family homes reached $631,670 and for condominiums $420,000.
Broward, meanwhile, recorded its highest figures in June of last year with a median of $615,000 for houses and $280,000 for condos.
Months of inventory for available properties remain low in both South Florida counties. Miami-Dade offers 4,4 months of homes and 7,4 months of condos, while Boroward has 3,7 months of homes and 6,2 months of condos. A balanced market requires between 6 and 9 months of inventory.
Cash is the preferred option for many buyers in both counties, with 42,6% of such transactions in Miami-Dade and 44,3% in Broward, percentages higher than the national average of 32%.
