“The Miami real estate landscape is ever-evolving, and in the First Quarter of 2024, there are signs of resilience and opportunity, even in the face of price hikes and interest rate concerns. A steady increase in single-family home sales across the Miami Beaches points to a market on the rise, and with luxury sales bolstering price growth, there’s a grounded optimism for the coming months. The Miami area’s coastal properties have an endless appeal. With supply up for all housing types annually across the region, Miami’s desirable lifestyle is ready and waiting for motivated buyers.”
– Pamela Liebman, Corcoran’s President & CEO
Miami Beaches Highlights
Rising prices, high interest rates and climbing homeownership costs continued to weigh on the Miami Beaches in 1Q 2024.
- Annual shifts in sales mimicked last quarter, with condo sales down but single-family sales up for a second consecutive quarter.
- Lower demand drove inventory above 2023 figures, with condo listings up 26% and single-family home listings up 10%.
- Despite lower sales and higher supply, condo and single-family price figures grew versus a year ago due to an increase in luxury sales among both product types.
Condo sales and dollar volume fell over 10% annually this quarter in the Miami Beaches — the seventh time in two years that demand declined by double digits versus the year prior.
- Closings fell 21% annually to 667 sales, the slowest since First Quarter 2020. Inventory climbed 26% annually to over 3,500 units — a three-year high. With sales down, sellers are looking to cash out while prices are high.
- Price and price per square foot grew YOY due to a higher market share of sales over $3M. Average price per square foot hit an all-time high of $1,052 thanks to luxury waterfront sales.
- This quarter’s most expensive condo sale was The Surf Club Four Seasons #PH4, which closed for $48M ($6,587 per square foot), Miami-Dade County’s highest-priced condo sale since 2015.
For the second consecutive quarter, single-family closings and sales volume increased by double-digits YOY.
- Single-family home sales rose 24% versus a historically slow First Quarter 2023 to 88 closings.
- Single-family inventory hit over 400 units, its highest first quarter level since 2021. This is the sixth consecutive quarter that has seen an increase in inventory.
- Alongside the increase in sales, median price rose 12% annually due to an increase in the market share of sales from $5M to $10M.
- Average price and price per square foot fell year-over-year, as last year’s figures were skewed by a $32.5M Palm Island sale. Without that sale, average price stats would be up versus 2023.
Miami Coastal Mainland
Both the condo and single-family home markets along the Miami Coastal Mainland showed mixed signals in 1Q 2024.
- Condo and single-family home sales fell versus a year ago, each now roughly 50% below their peak in first quarter 2021.
- Price metrics rose across-the-board for both product types as sales shifted to higher price points within each submarket.
- Like last quarter, inventory spiked for both product types, as fewer sales combined with an increase in new listings.
Condo closings and sales volume fell annually by 13% and 3%, respectively, in the first quarter — the seventh consecutive quarter that both statistics declined on an annual basis. Closings fell by double digits versus 2023 to 779 sales – the slowest first quarter since 2019.
- Echoing last quarter, supply jumped to the highest first quarter level since 2021 — just under 3,500 listings, a 29% increase YOY.
- All price figures increased compared to a year ago as the market share of sales over $1M rose YOY. Median price, average price and average price per square figures all reached record highs.
- First Quarter 2024 saw the lowest first-quarter days on market figure in over a decade. More than 60% of all condo sales signed in under 90 days. Last year, 50% of closings signed in that amount of time.
Compared to 1Q 2023, single-family closings fell a marginal 3%, while sales volume increased by 7%. Single-family home sales fell 3% annually to about 200 closings, a six-year first-quarter low.
- As with the condo market, all price figures increased versus last year for the first time in more than a year, driven by an influx of luxury closings over $5M.
- Although sales fell only slightly, supply skyrocketed 68% year-over-year. This was the highest total we’ve seen in over three years, at 502 active listings.
- Days on market declined 78% to 75 days – a record First Quarter low for single-family homes. The significant decrease was the result of 66% of all single-family transactions that signed in under 80 days.