MIAMI — Miami-Dade County $1 million+ luxury home sales continued outperforming pre-pandemic levels as total median sale prices rose once again as the market leads the nation in real estate appreciation, according to April 2023 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

Miami-Dade $1M+ home sales are up 94.3% in April 2023 vs. pre-pandemic April 2019, 340 transactions to 175. The rise continues Miami Dade’s historic luxury sales boom. About 45% of all Miami $1M+ sales since 2008 have happened in the last three years.

“South Florida has benefited from a major wealth migration as buyers from California and New York have relocated their companies and their families to Miami: the city of the future,” MIAMI Chairman Ines Hegedus Garcia said. “With this increased demand, we recognize the need for expanded inventory and new listings at various price points, as this would unlock even greater sales potential in the market.”

Florida ranked No. 1 in the U.S. in the largest net gain of adjusted gross income (AGI) due to domestic migration, gaining $23.7 billion, according to the most recent IRS-SOI migration data. Miami-Dade’s out-of-state homebuyers with a mortgage earn nearly $100,000 in median household income.

Miami ranks No. 4 in super-prime real estate transactions ($10M+) and No. 5 in ultra-prime ($25M+) sales in the world, according to the 2023 Knight Frank Wealth Report.

Miami single-family home sales decreased 19.7% year-over-year, from 1,246 in April 2022 to 1,000 in April 2023 because of its comparison to a historic month and the current market has lower inventory in specific price points and higher rates.

Miami existing condo sales decreased 44.4% year-over-year, from a historic 2,199 in April 2022 to 1,222 in April 2023, due to a lack of inventory and rising mortgage rates.

Miami Home Prices:  Household Income Rise with Wealth Migration

Miami-Dade County single-family home median prices increased 6.2% year-over-year in April 2023, increasing from $565,000 to $600,000. Miami single-family median prices have risen for 137 consecutive months (11.4 years), the longest running-streak on record. Existing condo median prices increased 6.4% year-over-year, from $390,000 to $414,900. Condo median prices have increased in 137 of the last 143 months.

Home prices are determined by supply and demand. Lower supply and higher demand create higher prices. Inventory for Miami single-family homes (3.3 months) and condos (4.9 months) is low. Also, one of the supports for home prices is rents and rents are up.

Miami-Dade Inventory:  New Listings Near All-Time Lows

April 2023 inventory ranks as the second lowest in Miami-Dade history for the month of April, only surpassing April 2022 (7,088). Miami-Dade total inventory is down 53.1% from the historical county average for April. Miami-Dade average inventory for the month of April is 20,081; in April 2023 total inventory was 9,414.

April 2023 new listings rank as the second lowest in Miami-Dade history for the month of April, only surpassing the pandemic month of April 2020 (2,369). Miami-Dade new listings are down 28.8% from the historical county average for April. Miami-Dade average inventory for the month of April is 4,043; in April 2022 new listings totaled 2,879.

Total active listings at the end of April increased 32.5% year-over-year, from 7,077 to 9,378.

Inventory of single-family homes increased 28.3% year-over-year in April 2023 from 2,366 active listings last year to 3,036 last month. Condominium inventory increased 34.6% year-over-year to 6,342 from 4,711 listings during the same period in 2022.

New listings of Miami single-family homes decreased 30.1% to 1,151 from 1,647 year-over-year. New listings of condominiums decreased 25.3%, from 2,287 to 1,709 year-over-year.

Months’ supply of inventory for single-family homes increased 73.7% to 3.3 months year-over-year, which indicates a seller’s market. Inventory for existing condominiums increased 113% to 4.9 months, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Nationally, the total housing inventory at the end of April was 1.04 million units, up 7.2% from March and 1.0% from one year ago (1.03 million). Unsold inventory sits at a 2.9-month supply at the current sales pace, up from 2.6 months in March and 2.2 months in April 2022.

Miami Distressed Sales Remain Low, Reflecting Healthy Market
Only 1.3% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, even with the figure in April 2022. In 2009, distressed sales comprised 70% of Miami’s sales.

Short sales and REOs accounted for 0.3% and 0.9% year-over-year, respectively, of total Miami sales in April 2023.

Miami’s percentage of distressed sales is on par with the national figure. Nationally, distressed sales represented 1% of sales in April, unchanged from last month and the prior year.

Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 96.6% in April 2023, down from 100% last year. The median percent of the original list price received for existing condominiums was 96%, down from 99.4% last year.

The median number of days between listing and contract dates for Miami single-family home sales was 30 days, up from 14 days last year. The median time to sale for single-family homes was 71 days, up from 59 days last year.

The median number of days between the listing date and contract date for condos was 37 days, up from 25 days. The median number of days to sale for condos was 75 days, down from 69 days.

To access April 2023 Miami-Dade Statistical Reports, visit http://www.SFMarketIntel.com

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