Home sales are up in Miami-Dade. Check the trends for condos and prices
AI-generated summary reviewed by our newsroom.
- Miami-Dade home sales rose nearly 10% year‑over‑year, sixth straight monthly gain.
- Existing condo sales rose nearly 15%; condo inventory fell year‑over‑year in Feb.
- Ultra‑luxury market strong: $170M record sale and avg. $10M+ sale daily.
Home sales were up in Miami-Dade in February compared to the previous year, marking a sixth consecutive month of an upward trend in the county.
Total home sales were up by nearly 10% compared to last February, according to data from the Miami Association of Realtors. Single-family sales were up more than 4%, and existing condo sales were up nearly 15%.
The data showed sales were up at both the luxury and affordable ends of the market. Sales of properties over $5 million were up 11% year-over-year, and sales of condos priced between $400,000 and $500,000 were up 19%. Median prices for single-family homes in Miami-Dade rose by more than 4% year-over-year.
The Miami Association of Realtors has named South Florida the No. 1 ultra-luxury market in the U.S., with a home sale over $10 million happening every day in the region on average.
Miami’s ultra-luxury market has drawn particular attention this year, as a few big-name tech billionaires have purchased waterfront properties in the area.
Google co-founders Sergey Brin and Larry Page have both reportedly purchased megamillion homes in recent months. And Meta founder Mark Zuckerberg broke Miami-Dade’s record for most expensive home sale ever with the purchase of a $170 million mansion in Indian Creek.
READ MORE: 4 of the world’s 5 richest people now have waterfront estates in the Miami area
Is Miami condo market poised for a rebound?
It’s a buyer’s market for Miami-Dade condos, according to the Miami Association of Realtors, with more than 13 months of available inventory. A housing market balanced between buyers and sellers usually has around six months of available inventory.
A buyer’s market keeps prices low, and it may be a good time to score a deal on a condo in Miami-Dade County.
But that may be changing. The county saw condo inventory decrease year-over-year in February for the first time since July 2023. Decreasing inventory means buying a condo in Miami-Dade may be getting more competitive, and that may also push condo prices up.
Broward housing market
Broward County saw a slight decrease in total home sales in February compared to the previous year.
Total home sales were down 0.8%, and existing condo sales were down nearly 3%. But single-family transactions were up about 1%, and sales of homes over $1 million seemed to buoy the market. Million-and-up transactions rose by nearly 20% year-over-year.
But this relatively slow housing market may not last. Inventory for both single-family homes and condos has decreased since last February. Single-family inventory was down around 8% from the previous year, and condo inventory was down 7%.
Still, even as inventory decreases, it’s a buyer’s market for condos. There’s over 11 months of available condo inventory in Broward.
