Is it a good time to buy a home in South Florida? Check the new sales trends
Total home sales were up in Miami-Dade County last month compared to the previous April, the eighth straight month of increased action.
Sales in Miami-Dade rose by more than 5% year-over-year, with single-family home sales up by more than 8%, and condo sales up by nearly 3%, according to data from the Miami Association of Realtors.
With sales rising and inventory declining, the county may see prices going up, too.
When inventory drops, buyers compete for fewer homes, which can drive up prices. Total listings were down about 11% last month compared to the previous April.
The number of single-family homes available dropped by about 14% year-over-year last month, and the number of condos available dropped by 10%. Condo inventory has dropped year-over-year for the last three months, the first time that’s happened since July 2023. That has led to a 1% year-over-year increase in condo prices, and it could signal a rebound in Miami-Dade’s troubled condo market.
But it’s still a buyer’s market for condos, with more than a year’s worth of supply available. A buyer’s market means there are more homes on the market than people looking to buy. So, it could be a good time to negotiate for a lower price on a condo.
The opposite is true on the single-family side, which is in a seller’s market, with five months of supply available.
In a balanced market, which occurs when the number of homes for sale in a market is about the same as the number of buyers, there is typically about six months worth of inventory available.
Home sales also up in Broward
Total home sales increased by more than 4% year-over-year in Broward, with single-family home sales up by about 7% and condo sales up by nearly 2%.
Sales of luxury properties priced over $5 million saw a dramatic increase of 37% compared to the previous April. For more affordable properties, like condos priced between $300,000 and $400,000, the gains were more modest, with sales rising nearly 3% year-over-year.
Like in Miami-Dade County, it’s a seller’s market for single-family homes and a buyer’s market for condos. Broward has four months of single-family homes and 11 months of condos on the market.
Broward County also saw an overall decline in inventory last month compared to the previous April, with total active listings decreasing by 16% year-over-year.
