Miami-Dade Older Condominiums Continue Selling Faster than Newer Units; Affordable Condo Sales Surge

by Chris UmpierreDecember 19, 2025

Miami-Dade Older Condominiums Continue Selling Faster than Newer Units Affordable Condo Sales Surge

MIAMI — Miami-Dade County older condominiums continue selling faster than newer units showing that demand for well-priced, older condos remains strong in a market posting surging affordable condo transactions, total sales and single-family transactions, according to November 2025 statistics released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).

Miami-Dade condos in older buildings (30+ years) are spending less time on the market than those in newer ones (29 years or less); 66 days versus 81, respectively, according to year-to-date data. Sales for affordable Miami-Dade condos priced between $200,000 to $400,000 increased 21% year-over-year in November 2025, from 135 to 164 sales.

“New state condo regulations are making Miami condos more resilient, financeable, stronger and safer and buyers know older condos boast location, value and affordability,” MIAMI Chairman of the Board Eddie Blanco said. “Many of Miami’s older condos are in prime locations in a market where land is limited. Some have a lot of charm with great layouts and the key is affordability. Condos have always been South Florida’s entry point for first-time homebuyers.”

New state condo regulations went into effect in Jan. 2025 requiring inspections of older condominium buildings, and adequate reserves for repairs. Condo buildings that were previously not financeable because they didn’t have the proper reserves, will now be financeable. This will increase buyer affordability and opportunity.

South Florida market fundamentals point to more growth in 2026:

• Rising Population: Florida gains a new taxpayer every two minutes. California loses a taxpayer every minute via the National Taxpayer Union Foundation
• Job Growth: Over the six-year period from August 2019 through August 2025, the Miami MSA saw a cumulative 9.5% increase in non-farm employment compared to 5.5% nationally.
• Rising Multifamily Permits: Miami ranks No. 7 in the U.S. in multifamily permits via RealPage. Miami had 10,695 multifamily units permitted year-ending August 2025, a year-over-year increase of 43.9%.
• Rising Wealth Migration: Out-of-state job movers typically earn more in the destination job in the Miami Metro Area than in-state job switchers, led by job movers from Washington ($190,656), and California ($186,004) in 2024 Q2 (latest data)

Miami Total Sales and $1M & Up Transactions Rise, Underscoring Wealth Migration

Total Miami-Dade sales increased 0.5% year-over-year in November 2025, from 1,510 to 1,518.

The growth was fueled once again by total $1M and up transactions, which increased 13.2% year-over year in November 2025 from 272 to 308. Wealthy home buyers have been encouraged by Wall Street’s continued bullish performance, the extension of federal tax cuts and Florida’s own favorable tax picture.

South Florida is on pace to post the second-most $10M and up home sales for a calendar year. At its current selling pace, South Florida is projected to have 426 ultra-luxury sales by the end of the year. That would be just shy of the record 444 set in the pandemic home-buying craze of 2021.

The sales total doesn’t include South Florida’s new construction, pre-construction and condo conversion sales because they are largely not reported in the MLS. But MIAMI led the charge to publish two new construction reports.

International buyers purchased 49% of new South Florida construction, pre-construction and condo conversion sales over an 18-month period ending in July 2025, according to MIAMI REALTORS® first-ever New Construction Global Sales Report in collaboration with industry leaders.

Our second New Construction Global Sales Report, published in November 2025, showed an increase in global sales and buyers from 73 countries, according to the MIAMI REALTORS® November 2025 Global Sales Report in collaboration with industry leaders.

Miami-Dade Single-Family Home Sales Rise for Third Consecutive Month

Miami single-family home sales increased for the third consecutive month. Miami single-family home sales increased 5.31% year-over-year in November 2025, from 716 to 754.

Miami existing condo sales decreased 3.78% year-over-year in November 2025, from 794 to 764.

Sales for affordable Miami-Dade condos priced between $200,000 to $400,000 increased 21% year-over-year in November 2025, from 135 to 164 sales.

The lack of Federal Housing Administration loans for many existing Miami condominium buildings is preventing further market strengthening. Of the 2,397 condominium buildings in Miami-Dade, Broward and Palm Beach counties, only 21 are approved for FHA loans, according to statistics from the U.S. Department of Housing and Urban Development.

Just 0.9% of South Florida condo buildings are approved for FHA loans. Florida is the only state in the U.S. that requires a client to put down 25% for a limited review if the condo building doesn’t have enough in reserves. The requirement for every other state is 10%.

Miami-Dade Condominium Sale Prices Have Appreciated 95% in the Last 10 Years

Miami condo prices have risen 94.6% from November 2015 to November 2025, from $203,000 to $395,000. While Miami existing condo median prices decreased 9.48% year-over-year in November 2025, from $436,354 to $395,000, the price appreciation remains among the highest in the nation.

Miami condo median prices have stayed even or increased in 162 of the last 174 months, a span that covers 14.5 years.

Miami-Dade County single-family home median sale prices increased 3.27% year-over-year in November 2025, from $650,000 to $671,250. Miami single-family median prices have risen in 167 of the last 168 months (14 years).

Miami single-family prices have risen 144.8% from November 2015 to November 2025, from $274,200 to $671,250.

Miami’s surging multifamily market and the Florida Live Local Act should boost affordability in the future. Miami ranks No. 7 in the U.S. in multifamily permits via RealPage. Miami had 10,695 multifamily units permitted year-ending August 2025, a year-over-year increase of 43.9%. This is important because it adds more overall housing/apartment supply to a city, creates more affordability and adds to Miami’s economic growth.

Florida’s Live Local Act, which was passed in 2023 and amended in May 2024, is encouraging developers to build more affordable housing. The Live Local Act gives developers the highest density allowed in a local area if they allocate 40% of its units for affordable housing. The state law defines an affordable unit as being at or below 120% of an area’s median income.

Miami remains a bargain in comparison to other global cities. For $1M, homebuyers can purchase 58 square meters of prime property in Miami, according to the 2025 Knight Frank Wealth Report. That is almost four times more than Monaco (19 square meters), nearly two times more than New York (34) and London (34) and more than Paris, Sydney, Tokyo and more.

Miami Real Estate Home Equity & Appreciation is Nearly 2X the National Figure

Home equity is crucial for wealth building, provides a financial safety net, investment opportunities, refinancing options and more.

Miami’s home equity gains are nearly two times the national figure. Home equity gains on a Miami single-family home purchased in Q4 2009 and sold in Q4 2024 is $555,900 versus the U.S. average at $306,600, according to MIAMI REALTORS® Research.

Home equity gains on a Miami condo purchased in Q4 2009 and sold in Q4 2024 is $342,600 versus the U.S. average of $252,000.

Over the last five years, the average homeowner’s wealth has increased by $140,900, according to NAR. Research also shows a growing wealth gap between owners and renters: Based on the latest Federal Reserve Survey of Consumer Finance, NAR projected in March that homeowners’ median net worth would reach $430,000 in 2025 versus $10,000 for renters.

Mortgage Rates Declining

Mortgage rates, which were above 7% at the start of the year, are trending down after the third Fed rate cut of the year in December 2025. According to Freddie Mac, the 30-year fixed-rate mortgage was 6.25% in November 2025.

“Falling mortgage rates in the second half of the year really kicked up homebuying, with single-family sales up for the third consecutive month in November across all Southeast Florida counties,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “With this positive momentum, the housing market is poised for a turnaround in 2026, with single-family sales projected to increase 5% and single-family prices forecasted to increase 4%.”

Total Miami Inventory is 17% Below Pre-Pandemic; New Listings Drop

New listings are trending down and active listings are not growing as fast as they were at the start of the year.

Total Miami-Dade inventory (18,287) is 16.7% below November 2019 pre-pandemic inventory (21,942)

Total active listings at the end of November 2025 increased 13.5% year-over-year, from 16,117 to 18,287. Homebuyers are in a great position to find the right home and negotiate for a better price.

Inventory of single-family homes increased 15.78% year-over-year in November 2025 from 4,797 active listings last year to 5,554 last month.

Condominium inventory increased 12.48% year-over-year in November 2025, from 11,320 to 12,733 listings during the same period in 2024, but the total is still significantly below pre-pandemic. Current Miami condo inventory (12,733) is 17.2% below November 2019 pre-pandemic inventory (15,369).

Months’ supply of inventory for single-family homes is 6.5 months, which indicates a balanced market. Inventory for existing condominiums is 14.1 months, which indicates a buyer’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Nationally, total housing inventory is 1.43 million units, according to NAR. That is up 7.5% from November 2024 (1.33 million). There is 4.2-month supply of unsold inventory, up from 3.8 months in November 2024.

Miami Real Estate: $195 Million in Local Economic Impact
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).

The total economic impact of a typical Florida home sale is $129,000, according to NAR. Miami-Dade sold 1,518 homes in November 2025 for a local economic impact of $195 million.

Miami-Dade total dollar volume increased 8.49% year-over-year in November 2025 to $1.4 billion.

Single-family home dollar volume increased 10.02% year-over-year to $861 million. Condo dollar volume increased 6.36% year-over-year to $581 million.

Miami Distressed Sales Remain at Historic Lows, Reflecting Healthy Market
Only 2.4% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales. In 2009, distressed sales comprised 70% of Miami sales.

Short sales and REOs accounted for 0.3% and 2.0%, respectively, of total Miami sales in November 2025.

Nationally, distressed sales were 2% in November 2025, unchanged from a year ago.

National and State Statistics

In Florida, closed sales of single-family homes statewide totaled 17,674 in November 2025, up 3.4% year-over-year, while existing condo-townhouse sales totaled 6,099 up 1.6%.

The statewide median sales price for single-family existing homes was $410,000, down 0.2% year-over-year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $299,320, down 3.8% vs. last year. The median is the midpoint; half the homes sold for more, half for less.

Nationally, total existing home sales decreased 1% year-over-year to a seasonally adjusted annual rate of 4.13 million, according to NAR. Median existing home prices increased to $409,200, up 1.2% from one year ago ($404,400) – the 29th consecutive month of year-over-year price increases.

Miami Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 94% in November 2025. The median percent of original list price received for existing condominiums was 93%.

The median number of days between listing and contract dates for Miami single-family home sales was 46 days, up from 36 days last year. The median time to sale for single-family homes was 83 days, up from 81 days last year.

The median number of days between the listing date and contract date for condos was 72 days, up from 50 days. The median number of days to sale for condos was 111 days, up from 93 days.

Miami Cash Sales More than National Figure
Cash sales represented 36.8% of Miami closed sales in November 2025, compared to 37.4% in November 2024. About 27% of U.S. home sales are made in cash, according to the latest NAR statistics.

Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects Miami’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.

Cash sales accounted for 49.8% of all Miami existing condo sales and 23.6% of single-family transactions.

To access November 2025 Miami-Dade Statistical Reports, visit http://www.SFMarketIntel.com

Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.

About the MIAMI Association of REALTORS®

The MIAMI Association of REALTORS® (MIAMI) was chartered by the NATIONAL ASSOCIATION OF REALTORS® in 1920, and is celebrating 105 years of service to REALTOR® members, the buying and selling public, and the communities in South Florida. Composed of six boards: MIAMI- RESIDENTIAL, MIAMI- COMMERCIAL; BROWARD-MIAMI, a division of MIAMI REALTORS®; JTHS-MIAMI, a division of MIAMI REALTORS® in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the Corporate Board of Directors. MIAMI REALTORS® represent 58,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local REALTOR® association in the U.S. and has official partnerships with 299 international organizations worldwide. MIAMI’s official website is www.miamirealtors.com

73 countries

MIAMI — Global buyers increased their purchases of Miami new construction units in November 2025 as buyers from 73 countries purchased South Florida new construction over the last 22 months, according to a new international sales report aggregated by the MIAMI Association of REALTORS® (MIAMI) in collaboration with industry leaders. MIAMI announced the report Tuesday during its 28th MIAMI Global Real Estate Congress.

Global buyers purchased 52% of new South Florida construction, pre-construction and condo conversion sales over the last 22 months, according to data aggregated from new construction condominium projects in the Miami market area. MIAMI’s first trailblazing report, released in July 2025, showed a 49% global buyer share of new construction units.

“We’ve built the greatest city in the United States in the shortest amount of time,” Cervera Real Estate Managing Partner and Principal Alicia Cervera Lamadrid said Tuesday during a new construction panel at the MIAMI Global Real Estate Congress. “We know we are the number 1 city for billionaires, but early on we didn’t have the billionaire product. So, we created that product.”

MIAMI collaborated with Fortune Christie’s International Real Estate, Cervera Real Estate, ISG World, PMG, SERHANT. New Development and ONE Sotheby’s International Realty for the report.

“Global buyers are looking for security in investment because they lack that security in their countries,” Fortune Christie’s International Real Estate Vice President of Sales and Operations Daniel Guerra said Tuesday during a new construction panel at the MIAMI Global Real Estate Congress. “The opportunity to have a revenue stream, to have appreciation, to be able to have a place where they can relocate their businesses.”

Top Countries Buying Miami New Construction Units

MIAMI’s revised new construction report shows the top countries buying Miami new construction, pre-construction and condo conversions in November 2025. Colombia and Mexico bought the most units, respectively.

Top Countries Buying Miami New Construction

Buyer Share

Source: MIAMI REALTORS® New Construction Report, November 2025

“Miami offers world-class amenities at a global discount,” MIAMI Chairman of the Board Eddie Blanco said. “73 countries buy Miami new construction, and it’s because we are the most diversified and the most welcoming city in the world. The American dream is alive, and Miami is the gateway.”

The new data correlates with other new global buyer/migration reports:

• Global buyers purchased $56 billion worth of U.S. existing homes from April 2024 through March 2025, a 33.2 % increase from the previous 12-month period via 2025 National Association of REALTORS® report
• For the 16thconsecutive year (every year the study has been conducted), Florida is the Top U.S. destination for Global Buyer purchases via 2025 NAR Report
• Nearly Half of Florida’s International Purchases Happen in South Florida via Florida REALTORS® report
• Miami ranked No. 1 U.S. Market for International Homebuyers in Q1 2025 via Realtor.com
• Miami-Dade County Continues to Rank No. 1 in International Migration

Wealth Migration to Miami Evident in South Florida New Construction Condo Sales

Miami real estate continues to boast major international and domestic demand. Domestic buyer share of South Florida new construction condos is 48%, according to the new report.

“Miami has demonstrated consistent strength in the real estate market over the past 25 years, driven by the dynamism of both international and domestic demand,” PMG President of Residential Sales Sergio Pintos said. “We can expect this strength to continue in the coming years as the domestic market consolidates, and the international market expands.”

Domestic buyers, particularly from high-taxed, high-density states such as California, New York and New Jersey, continue to purchase and move to Miami. Miami-Dade out-of-state driver license exchanges are 22% above pre-pandemic, according to the latest data. Miami has no state income tax, a business-friendly government, all-year sunny weather, low crime, an emerging FinTech hub and more.

Miami ranked No. 4 in the world for Highest Number of Ultra Wealthy Individuals with either a primary residence or secondary home via new 2025 Altrata report. Miami ranked No. 1 in the world for most popular second-home city globally among ultra wealthy individuals

Miami remains a bargain for prime property ($1M and up) compared to other global cities, according to the 2025 Knight Frank Wealth Report. For $1M, homebuyers can purchase 58 square meters of prime property in Miami. That is almost four times more than Monaco (19 square meters), nearly two times more than New York (34) and London (34) and more than Paris, Sydney, Tokyo and more.

When Latin American Governments Go Left, the Money Goes North

Of South Florida new construction global sales, about 86% are by Latin Americans. Nearly all international buyers were Latin Americans in Miami Beach (75%), Brickell (77%), Coral Gables (82%) and West Palm Beach (96%).

“Miami continues to solidify its position as a premier destination and global safe haven for international buyers,” said Daniel de la Vega, President of ONE Sotheby’s International Realty. “Fueled by political and economic uncertainty abroad, buyers are drawn to Miami’s stability, long-term investment potential, and enduring value.”

High mortgage rates, rising median prices and even new immigration policies are not stopping Latin American buyers from purchasing South Florida new construction condominiums.

Political instability overseas has historically led to more investment in Miami, the No. 1 U.S. destination for global buyers. Left-leaning governments in Latin America now include the following presidents: Mexico (Claudia Sheinbaum); Brazil (Luiz Inácio Lula da Silva); Colombia (Gustavo Petro); Chile (Gabriel Boric); Bolivia (Luis Arce); Honduras (Xiomara Castro); Venezuela (Nicolás Maduro); Cuba (Miguel Diaz-Canel); Uruguay (Yamandú Orsi) and Nicaragua (Daniel Ortega).

Latin American buyers and all global buyers largely pay in all-cash, which means they are less likely impacted by high mortgage rates. Local currencies are often weak in Latin America so people with money are looking for a place to invest for safety, security and investment. One Brazilian Real, for instance, converts to 0.19 USD.

People want to invest in preconstruction buildings because they know the dollar is safe for the long-term, and they like that they can pay cash over a period instead of in a lump sum. Global buyers want to get their money into the U.S. now before the dollar goes up more and before property values increase.

“The world is watching Miami, and they’re not just watching — they’re buying. From Latin America to Europe to every tax-burdened state, buyers are chasing Miami’s sunshine, vibrant culture, and business climate,” said Ryan Serhant, CEO of SERHANT. New Development.

MIAMI Association of REALTORS®

The MIAMI Association of REALTORS® (MIAMI) was chartered by the NATIONAL ASSOCIATION OF

2025 Foreign Investor Guide

Chris Umpierre

With a team of exceptionally qualified professionals, we are committed to redefining the future of real estate, investments, financial planning, migration facilitation, and the legal and accounting sectors on a global scale. Our organization operates with a clear mission: to deliver comprehensive, strategically crafted solutions that address the evolving needs of individuals, corporations, and international investors navigating an increasingly complex global landscape.

We leverage multidisciplinary expertise to design and implement customized strategies that foster long-term growth, operational efficiency, and sustainable value creation. In the realm of real estate and investment management, our specialists conduct rigorous market analysis, risk assessments, and portfolio optimization to ensure our clients are positioned for measurable success. Our financial advisory teams develop robust frameworks that enhance financial resilience, maximize returns, and support informed decision-making at every stage.

For clients seeking migration support, our dedicated professionals streamline processes, provide regulatory guidance, and ensure full compliance with international standards. Our legal and accounting experts integrate precision, integrity, and innovation to safeguard assets, minimize liabilities, and maintain operational transparency.

Through our expanding global office network, we deliver seamless, localized, and culturally informed service—empowering clients to thrive across borders. By setting new industry standards and embracing a forward-thinking approach, we aim to catalyze unparalleled growth and establish lasting partnerships built on trust, excellence, and shared success. Our commitment to innovation, strategic insight, and global impact remains at the core of everything we do.

China is New No. 1 Country Searching Miami Real Estate

by Chris UmpierreJune 4, 2025

China is New No. 1 Country Searching Miami Real Estate

MIAMI — China registered the most global web searches for South Florida real estate in April 2025, according to a new report by the MIAMI Association of REALTORS® (MIAMI).

China, which last topped the MIAMI rankings in April 2023, surpassed long-time leader Colombia. Colombia has now finished in the top two countries searching Miami real estate in each of the last 37 months (three-plus years).

“South Florida’s clean air, ideal weather and growth as a FinTech destination is a major attraction for Chinese buyers and all buyers,” MIAMI Chairman of the Board Eddie Blanco said. “With the temporary injunction on SB 264 and the federal government’s major import tariff plans against China, Chinese consumers increased their searches for South Florida real estate.”

In February 2024, the 11th U.S. Circuit Court of Appeals issued an injunction temporarily halting the enforcement of SB 264, which banned Chinese nationals without permanent U.S. residency from buying property or land in Florida. Parts of the law are in effect but the legal battle over SB 264 is ongoing.

About 141 countries searched MiamiRealtors.com, which has three consumer-facing property search portals, in April 2025. The top 10 includes countries from four continents: North America, South America, Europe and Asia.

Top 10 Countries Searching MiamiRealtors.com in April 2025:

Share of International Searches

Top Global Markets for South Florida Real Estate
Argentina purchased the most South Florida real estate among foreign countries in 2024, according to the 2024 Profile of International Home Buyers of the MIAMI Association of Realtors (MIAMI). Argentinian buyers purchased 18% of all international purchases in South Florida. Colombia (14%), Canada (8%), Brazil (6%) and Mexico (6%) rounded out the top 5, respectively. Access the report: https://bit.ly/25MiamiGlobalStudy

Florida is the top U.S. destination for foreign buyers (20% of all sales), according to NAR’s 2024 Profile of International transactions in U.S. Residential Real Estate. Florida has been the No. 1 state for foreign home buyers for the last 16 years.

About half of all international home sales (49%) in Florida are in Miami-Fort Lauderdale-West Palm Beach, according to the 2024 Florida Realtors’ annual Profile of International Residential Real Estate Activity in Florida.

One in five of all U.S. international home sales happen in Florida and one in two in Florida are in the Miami metro market.

South Florida secures 10% of all international home sales in the entire U.S. annually.

Miami remains a bargain for prime property ($1M and up) compared to other global cities, according to the 2025 Knight Frank Wealth Report. For $1M, homebuyers can purchase 58 square meters of prime property in Miami. That is almost four times more than Monaco (19 square meters), nearly two times more than New York (34) and London (34) and more than Paris, Sydney, Tokyo and more.

Top 10 International Cities Searching MiamiRealtors.com in April 2025

Virginia No. 1 State Searching for Miami Real Estate
Virginia registered the most domestic Miami real estate web searches in April 2025.

New York was the top state for out-of-state buyers in the South Florida area, according to the 2024 Profile of International Home Buyers of the MIAMI Association of Realtors (MIAMI). Access the report: https://bit.ly/25MiamiGlobalStudy

Top 10 U.S. States Searching MiamiRealtors.com in April 2025

Top 10 U.S. Cities Searching MiamiRealtors.com in April 2025

About the MIAMI Association of REALTORS®

The MIAMI Association of REALTORS® (MIAMI) was chartered by the NATIONAL ASSOCIATION OF REALTORS® in 1920, and is celebrating 105 years of service to REALTOR® members, the buying and selling public, and the communities in South Florida. Composed of six boards: MIAMI- RESIDENTIAL, MIAMI- COMMERCIAL; BROWARD-MIAMI, a division of MIAMI REALTORS®; JTHS-MIAMI, a division of MIAMI REALTORS® in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the Corporate Board of Directors. MIAMI REALTORS® represent 58,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local REALTOR® association in the U.S. and has official partnerships with 283 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com

Welcome to the Belhouse Real Estate Blog and thank you for visiting the Belhouse Real Estate Website. We are thrilled to launch this comprehensive site as your guide to South Florida Real Estate from the Miami Beaches and Islands, to the City Beautiful Coral Gables Homes, and the Golf Community of Doral, and the stunning white sands of Fort Lauderdale, look to Belhouse Real estate for your single family home and condominium needs.

This blog is here to serve as a portal to all the happenings in South Florida from the Fort Lauderdale Boat Show to the Key Biscayne Miami Open Tennis Tournament. In addition to the local events, we will also be covering national restate and local trends in our blog. The real estate marketplace for south florida single family homes and beachfront condominiums has been constricted in the past four years and there has been a veritable boom of new construction across Broward, Miami Dade, and Palm Beach Counties. Belhouse has been one of the forerunners reporting the new developments in the area and if you are looking for a South Florida Preconstruction we have experts on the ground in Sunny Isles Beach, Brickell, and Miami Beach. We will also be posting periodic buyer and seller tips on this platform. If you are looking to sell your home or purchase a home or condo in South Florida, contact a specialist at Belhouse today. Thank you for visiting our blog and please check in often!

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Broward County Total Pending Sales Rise for Third Consecutive Month

by Chris UmpierreApril 21, 2023

Fort Lauderdale

MIAMI — Broward County total pending sales rose again for the third consecutive month, according to March 2023 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

“Fort Lauderdale and Broward County real estate sales are at pre-pandemic levels as properties continue to appreciate in our high-demand, low supply market,” BROWARD-MIAMI President Alfredo Pujol said. “Total inventory is coming off all-time lows and trending up. More supply is needed to meet the heavy demand domestically and internationally.”

Pending Sales and Showing Appointments Rise for Third Consecutive Month

Total pending sales rose 9.9% month-over-month, from 2,850 in February 2023 to 3,133 in March 2023. Pending sales are an indicator of future sales, but it takes up to 40 days for pending transactions to close and not all pending sales end in deals.

Showing appointments in the Southeast Florida MLS, which is owned by MIAMI REALTORS®, increased 14% month over month to 270,143 showings in March.

Home sales are sensitive to mortgage rate changes and homebuyers are taking advantage of any rate declines. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.27% as of April 13. That’s down from 6.28% from the previous week but up from 5% one year ago.

Broward total home sales decreased 24% year-over-year in March 2023, from a historic 3,703 transactions in March 2022 to 2,813 in March 2023.

In comparison to pre-pandemic March 2019, Broward March 2023 total sales are down 0.6%, from 2,830 to 2,813. Comparisons to pre-pandemic are better comps as 2021 and 2022 sales surged to record highs due to pandemic-fueled homebuying, historic low 2% mortgage rates and other factors.

Single-family home sales decreased 17.5% year-over-year, from 1,541 in March 2022 to 1,271 in March 2023 because of its comparison to a historic March 2022 and the current market has lower inventory in specific price points and higher rates. In comparison to pre-pandemic March 2019, Broward March 2023 single-family sales are down 6.2%.

Broward March 2023 condo sales also increased vs. March 2019, but are down in comparison to last year. Broward existing condo sales decreased 28.7% year-over-year, from a historic 2,162 in March 2022 to 1,542 in March 2023, due to lack of inventory and rising mortgage rates. In comparison to pre-pandemic March 2019, however, March 2023 condo sales increased 4.5%, from 1,475 to 1,542.

Broward Home Prices, Household Income Rise with Wealth Migration

Broward County single-family home median prices increased 3.7% year-over-year in March 2023, increasing from $545,000 to $565,000. Existing condo median prices increased 13%, from $238,500 to $269,500.

Home prices are determined by supply and demand. Lower supply and higher demand create higher prices. Inventory for Broward single-family homes (2.7 months) and condos (3.2 months) are low. Also, one of the supports for home prices is rents and rents are up.

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

Global FinTech powerhouses such as Citadel, Blackstone, Microsoft, etc. have opened offices/headquarters in South Florida.

“What’s been mainly driving South Florida’s housing market are the job growth and sustained in-migration into the area, particularly from higher-tax states like New York, New Jersey, and California, which has been experiencing a layoff of tech workers,” MIAMI REALTORS® Chief Economist Gay Cororaton said.

Broward Active Listings Still Near Historical Lows; More Supply Needed

Total active listings at the end of March 2023 increased 79.1% year-over-year, from 4,112 to 7,365.

Inventory of single-family homes increased 85.8% year-over-year in March 2023 from 1,608 active listings last year to 2,988 last month. Condominium inventory increased 74.8% year-over-year to 4,377 from 2,504 listings during the same period in 2022.

New listings of Broward single-family homes decreased 21.2% to 1,459 from 1,852 year-over-year. New listings of condominiums decreased 14.7%, from 2,307 to 1,968 year-over-year.

Months’ supply of inventory for single-family homes increased 145.5% to 2.7 months year-over-year, which indicates a seller’s market. Inventory for existing condominiums increased 128.6% to 3.2 months, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Nationally, total housing inventory at the end of March was 980,000 units, up 1.0% from February and 5.4% from one year ago (930,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, unchanged from February but up from 2.0 months in March 2022.

Broward Real Estate Posts $316.5 Million Local Economic Impact in March 2023
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).

The total economic impact of a typical Florida home sale is $112,500, according to NAR. Broward sold 2,813 homes in March 2023 and had a local economic impact of $316.5 million.

Broward total dollar volume totaled $1.5 billion in March 2023. Single-family home dollar volume decreased 20.6% year-over-year to $978.2 million. Condo dollar volume decreased 38.5% year-over-year to $539.7 million.

Broward Distressed Sales Remain Low, Reflecting Healthy Market
Only 1.1% of all closed residential sales in Broward were distressed last month, including REO (bank-owned properties) and short sales, compared to 1.2% in March 2022.

Short sales and REOs accounted for 0.2% and 0.8% year-over-year, respectively, of total Broward sales in March 2023.

Broward’s percentage of distressed sales are on par with the national figure. Nationally, distressed sales represented approximately 1% of sales in March, nearly identical to last month and one year ago.

Broward Median Price Appreciation Outperforming Nation, State

In Florida, closed sales of single-family homes statewide totaled 26,161 in March 2023, down 15% year-over-year, while existing condo-townhouse sales totaled 11,188, down 23.5%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

Nationally, total existing-home sales transactions fell 2.4% from February to a seasonally adjusted annual rate of 4.44 million in March. Year-over-year, sales waned 22.0% (down from 5.69 million in March 2022).

The statewide median sales price for single-family existing homes was $405,000, up 2.1% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $320,000, up 3.9% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Nationally, the median existing-home price for housing types in March was $375,700, a decline of 0.9% from March 2022 ($379,300). Prices climbed slightly in three regions but dropped in the West.

Broward Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 96.1% in March 2023, down from 100% last year. The median percent of original list price received for existing condominiums was 96.2%, down from 99.3% last year.

The median number of days between listing and contract dates for Broward single-family home sales was 33 days, up from 10 days last year. The median time to sale for single-family homes was 73 days, up from 50 days last year.

The median number of days between the listing date and contract date for condos was 27 days, up from 16 days. The median number of days to sale for condos was 67 days, up from 59 days.

Broward Cash Sales 50.7% More than National Figure
Cash sales represented 39.9% of Broward closed sales in March 2023, compared to 48% in March 2022. About 27% of U.S. home sales are made in cash, according to the latest NAR statistics.

Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects South Florida’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.

Cash sales accounted for 54.1% of all Broward existing condo sales and 22.8% of single-family transactions.

To access March 2023 Broward Statistical Reports, visit http://www.SFMarketIntel.com

Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.

About the MIAMI Association of Realtors®

The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 103 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents nearly 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 246 international organizations worldwide. MIAMI has been selected to host the prestigious FIABCI World Congress on June 5-9, 2023. MIAMI’s official website is www.MiamiRealtors.com

Colombia Regains Status as Top Country Searching Miami Real Estate; Buenos Aires, Argentina Top Searching Global City

by Chris UmpierreApril 11, 2023

Colombia Regains Status as Top Country Searching Miami Real Estate

MIAMI — Colombia posted the most global web searches for Miami homes in March 2023, according to a new report by the MIAMI Association of REALTORS® (MIAMI). Colombia, which was edged by China last month, has now finished No. 1 or No. 2 among the top list of foreign countries searching Miami real estate in each of the last 13 months.

“Miami is the No. 1 U.S. destination for global homebuyers and the incredible breadth of countries searching each month is a clear indication of how Miami and South Florida has earned its reputation as a world-class destination,” MIAMI Chairman of the Board Ines Hegedus-Garcia said.

Colombia accounted for 11.06% of all international searches on MiamiRealtors.com in March 2023, up from its percentage of searches in March 2022 (10.68%).

Top-10 Countries Searching MiamiRealtors.com in March 2023:

Country Share of International Searches

All other countries 43.98%

Top Global Markets for South Florida Real Estate
Argentina purchased the most South Florida real estate among foreign countries in 2022, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Argentina buyers purchased 16% of all international purchases in South Florida. Colombia (13%), Peru (8%), Canada (8%) and Venezuela (6% rounded out the top 5, respectively. Access the report: https://bit.ly/MIAMIGlobalStudy

Florida has finished as the top destination for international buyers for 14 consecutive years, according to the National Association of REALTORS® 2022 International Transactions in U.S. Residential Real Estate. Florida is the No. 1 destination for foreign buyers from Colombia, Canada, Brazil and other countries, according to the study.

Miami remains a bargain for prime property ($1M and up) compared to other global cities, according to the 2023 Knight Frank Wealth Report. For $1M, homebuyers can purchase 64 square meters of prime property in Miami. That is almost four times more than Monaco (17 square meters), nearly two times more than New York (33) and London (34) and more than Paris, Sydney, Tokyo and more.

When looking at all price ranges, South Florida is also a bargain in comparison to other global cities and U.S. metros, according to the NAR 2022 International Study. Miami-Fort Lauderdale-West Palm Beach’s price per square meter is $3,170, far below at least 30 global cities and 13+ U.S. Metros including markets such as Hong Kong ($28,570), New York City ($17,191), San Francisco-Oakland-Hayward, CA ($8,250), Madrid, Spain ($6,173), Los Angeles-Long Beach-Glendale, CA ($4,740) and Seattle-Tacoma-Bellevue, WA ($4,460).

Top-10 International Cities Searching MiamiRealtors.com in March 2023

Texas No. 1 State Searching for Miami Real Estate for Fourth Consecutive Month
Texas registered the most domestic Miami real estate web searches in March 2023.

New York was the top state for out-of-state buyers in the South Florida area, according to the 2022 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Access the report: https://bit.ly/MIAMIGlobalStudy

Top-10 U.S. States Searching MiamiRealtors.com in March 2023
1. Texas

Top-10 U.S. Metros Searching MiamiRealtors.com in March 2023

About the MIAMI Association of Realtors®

The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 103 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents nearly 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 246 international organizations worldwide. MIAMI has been selected to host the prestigious FIABCI World Congress on June 5-9, 2023. MIAMI’s official website is www.MiamiRealtors.com

Broward County Monthly New Listings Rise to Highest Point in Five Months

by David Garcia, February 21, 2023

Broward County total pending sales rose 37.8% month over month in January 2023, from 1,844 to 2,541. It is the first month-over-month rise of pending sales since August 2022.

MIAMI — Broward County total new listings rose to its highest point in five months, a welcome sight for the high-demand, low-supply market, according to January 2023 statistics released today by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.

“Much needed supply is coming to our Broward and Fort Lauderdale real estate market just as showing appointments and pending sales are increasing month over month,” Broward-MIAMI President Alfredo Pujol said. “Broward’s high percentage of cash buyers plus migration from U.S. individuals and companies continues to fuel demand.”

The 3,257 new listings in January 2023 is the most in Broward County since August 2022. Overall, Broward total new listings decreased 6.6% year-over-year in January 2023, from 3,486 to 3,257.

Most South Florida Showing Appointments in a Month Since May 2022

Two leading indicators jumped in January 2023: showing appointments and pending sales.

Showing appointments in the Southeast Florida MLS, which is owned by MIAMI REALTORS®, jumped 54.5% month over month to 233,144 showings. It marks the most showings in a month since May 2022 (245,225 appointments).

Broward County total pending sales rose 37.8% month over month in January 2023, from 1,844 to 2,541. It is the first month-over-month rise of pending sales since August 2022.

Homebuyers jumped off the sidelines in January as mortgage rates decreased 1 percent point from the October high of 7.16%, but now in February rates have risen again. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage averaged 6.32% as of February 16. That’s up from 6.12% from the previous week and 3.92% one year ago.

“While homebuyers continue to be challenged by rising mortgage rates, it’s important to note that South Florida is still in a seller’s market,” MIAMI REALTORS® Chief Economist Gay Cororaton said. “Homes are in short supply as the area continues to see stronger job growth than nationally and sustained migration, especially from retirees and relocating workers and companies. Homebuyers should take into consideration that home prices are more likely to keep rising than to decline given the shortage of homes on the market and the decline in new home construction.”

Broward January 2023 total sales decreased 39.4% year-over-year, from 2,559 to 1,552 because it’s in comparison to a historic January 2022 and the current market has low inventory in specific price points and higher rates. Expanding the scope to analyze all Januarys shows the January 2023 total is in line with pre-pandemic numbers.

Single-family home sales decreased 39.2% year-over-year, from 1,113 in January 2022 to 677 in January 2023 because of its comparison to a historic January 2022. Broward existing condo sales decreased 39.5% year-over-year, from 1,446 in January 2022 to 875 in January 2023, due to lack of inventory and rising mortgage rates.

South Florida’s Market Fundamentals Lead the Nation

Price Appreciation

• The Miami MSA is 1 of only 2 U.S. markets forecasted to see price appreciation in 2023 according to Goldman Sachs forecast.

Migration Gains

• South Florida ranked No. 1 in the U.S. for most inbound population gains between 2019 and 2022, a 56.2% increase via United States Postal Service change-of-address data.
• South Florida out-of-state driver license exchanges remain up double digits for relocating New Yorkers, Californians, New Jerseyans and more, according to Florida Department of Highway Safety and Motor Vehicles (FLHSMV) data.
• Florida is fastest-growing state for the first time since 1957 (1,142 net new residents per day in 2022 per U.S. Census)

Cash Buyers

• Broward’s percentage of cash buyers (44.1%) is significantly higher than the national average (29%).

Wealth Influx

• Broward County and Miami-Dade County ranked No. 1 and No. 2, respectively, in the U.S. for $10M+ sales volume on basis of percentage change from 2019 vs 2022 via Compass
• Global companies continue relocating to South Florida, such as Citadel, a multinational hedge fund that manages $57 billion in assets and is developing a $1 billion Miami office tower with plans to have 1,500 employees in 10 years.

Job Growth

• Miami ranked in top-20 in the U.S. for most tech job postings via CompTIA Tech Jobs Report. Tech industry offers some of the highest-paying jobs.
• About 60 companies expanded or relocated to Miami-Dade County in 2021-22, creating 8,000 new direct and indirect high-value jobs with average salary of $97,000, according to Beacon Council.
• South Florida has one of the strongest job markets in the country, with 2% unemployment– lower than the national figure.

Teleworking and Coworking

• Nicknamed the Coworking Capital of the World, Miami saw a 143% increase in demand for flexible office space in 2022 compared to before the pandemic via The Instant Group.
• Expansion of remote work benefits Miami because if you can work wherever why wouldn’t you want to live in sunny Miami?

Global Buyers

• South Florida is the No. 1 U.S. market for global buyers. Foreign homebuyers purchased $6.8 billion of South Florida residential properties in 2022, up 34% from $5.1 billion in 2021, according to our 2022 MIAMI REALTORS® Global Study.

South Florida Home Prices, Household Income Rise with Wealth Migration

Broward County single-family home median prices increased 8% year-over-year in January 2023, increasing from $500,000 to $540,000. Existing condo median prices increased 12.5% year-over-year, from $240,000 to $269,900.

While local median prices have increased so have local household incomes. Miami and West Palm Beach rank in the top-10 in the U.S. in median homebuyer growth (2019 vs 2021). Miami median homebuyer income grew 16.9% to $104,000 in 2021, and West Palm Beach median homebuyer income is $110,000 via Redfin report.

Home prices are determined by supply and demand. Lower supply and higher demand create higher prices. Inventory for Broward single-family homes (3 months) and condos (3.1 months) are low. Also, one of the supports for home prices is rents and rents are up.

Broward Active Listings Still Near Historical Lows; More Supply Needed

The average year-end Broward annual active inventory since 2008 is 14,547 and active listings at the end of 2022 totaled 7,821. Broward active listings are down 36.67% versus pre-pandemic (year-end 2022 vs. year-end 2019).

Total active listings at the end of January 2023 increased 76% year-over-year, from 4,513 to 7,945.

Inventory of single-family homes increased 110.6% year-over-year in January 2023 from 1,640 active listings last year to 3,454 last month. Condominium inventory increased 56.3% year-over-year to 4,491 from 2,873 listings during the same period in 2022.

New listings of Broward single-family homes decreased 13.8% to 1,289 from 1,495 year-over-year. New listings of condominiums decreased 1.2%, from 1,991 to 1,968 year-over-year.

Months’ supply of inventory for single-family homes increased 172.7% to 3 months year-over-year, which indicates a seller’s market. Inventory for existing condominiums increased 93.8% to 3.1 months, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.

Nationally, total housing inventory at the end of January was 980,000 units, up 2.1% from December and 15.3% from one year ago (850,000). Unsold inventory sits at a 2.9-month supply at the current sales pace, unchanged from December but up from 1.6 months in January 2022.

Broward Real Estate Posts $174.6 Million Local Economic Impact in January 2023
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).

The total economic impact of a typical Florida home sale is $112,500, according to NAR. Broward County sold 1,552 homes in January 2023 and had a local economic impact of $174.6 million.

Broward total dollar volume totaled $840 million in January 2023. Single-family home dollar volume decreased 39.9% year-over-year, from $841 million to $505.3 million. Condo dollar volume decreased 27.3% year-over-year, from $459.8 million to $334million.

Broward Distressed Sales Remain Low, Reflecting Healthy Market
Only 1.4% of all closed residential sales in Broward were distressed last month, including REO (bank-owned properties) and short sales, compared to 1.1% in January 2022.

Short sales and REOs accounted for 0.3% and 1% year-over-year, respectively, of total Broward sales in January 2023.

Broward’s percentage of distressed sales are on par with the national figure. Nationally, distressed sales represented approximately 1% of sales in January, identical to one year ago.

Nearly 40% of all Florida Condo Sales Happened in South Florida in January 2023

South Florida (Miami, Broward, Palm Beach) registered 39.1% of all condo sales in Florida in January 2023. For all properties, South Florida had 28.4% of all sales in Florida.

In Florida, closed sales of single-family homes statewide totaled 14,766 in January 2023, down 32.5% year-over-year, while existing condo-townhouse sales totaled 6,078, down 40.7%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

Nationally, total existing-home sales transactions slid 0.7% from December 2022 to a seasonally adjusted annual rate of 4.00 million in January. Year-over-year, sales retreated 36.9% (down from 6.34 million in January 2022).

The statewide median sales price for single-family existing homes was $389,990, up 4% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $310,000, up 8.8% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Nationally, the median existing-home price for all housing types in January was $359,000, an increase of 1.3% from January 2022 ($354,300), as prices climbed in three out of four U.S. regions while falling in the West. This marks 131 consecutive months of year-over-year increases, the longest-running streak on record.

Broward Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 94.8% in January 2023, down from 100% last year. The median percent of original list price received for existing condominiums was 96.1%, down from 98.1% last year.

The median number of days between listing and contract dates for Broward single-family home sales was 35 days, up from 19 days last year. The median time to sale for single-family homes was 77 days, a 16.7% increase from 66 days last year.

The median number of days between the listing date and contract date for condos was 40 days, up 122.2% from 18 days. The median number of days to sale for condos was 76 days, a 24.6% increase from 61 days.

Broward Cash Sales More than National Figure
Cash sales represented 44.1% of Broward closed sales in January 2023, compared to 41.1% in January 2022. About 29% of U.S. home sales are made in cash, according to the latest NAR statistics.

Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects South Florida’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.

Cash sales accounted for 57.8% of all Broward existing condo sales and 26.4% of single-family transactions.

To access January 2023 Broward Statistical Reports, visit http://www.SFMarketIntel.com

Homeowners in the City of Miami See Highest Increase in Home Values Among 20 Major Cities in January 2023

By Gay Cororaton, Chief Economist, MIAMI Realtors®

Homeowners continue to see the strongest increase in their home values in the city of Miami among 20 major cities tracked by the Case Shiller home price index.[1] Based on single-family homes sold during November 2022-January 2023, prices were up 13.9% on average from one year ago in the city of Miami, compared to 3.8% nationally.

The sustained price gains in Miami contrasts with the price declines in San Francisco (-7.6%), Seattle (-5.1%), San Diego (-1.4%), and Portland (-0.5%) and the slower pace in New York (5.2%), Chicago (4.8%), Boston (4.2%), Washington DC (2.4%), and Los Angeles (0.9%). Tampa was the only other city with double-digit gain (10.5%).

Sure, the current pace is much slower than the 19.3% y/y gain last year, but the past two years were not normal years and the torrid price gains were not sustainable from an affordability perspective. The current pace in line with the pre-pandemic pace (4% in January 2020). The current pace is also lower than the average weekly wage growth of 9.7% in the Miami-Ft. Lauderdale-West Palm Beach metro area (as of 2022 Q3), which means home affordability conditions are improving.

On the other hand, homeowners still have significant home equity gains despite slower price growth and price declines in some areas. In the city of Miami, prices are up about 61% as of January 2023 compared to January 2020, three times the gains in the city of San Francisco. This means that homeowners will most likely make a gain on their home sale if they decide to sell their home today. (Please consult with a Realtor® when selling your home).

Prices have held up more strongly in South Florida compared to nationally because of its stronger economic and demographic fundamentals:

• Jobs are growing faster in the Miami-Ft. Lauderdale-West Palm Beach metro area (3.4% in February) compared to nationally (2.9%), as of February 2023, with 94,300 more people employed in February 2023 compared to one year ago; about 60 companies expanded or relocated to Miami-Dade County in 2021-22, creating 8,000 new direct and indirect high-value jobs with average salary of $97,000, according to the Miami-Dade Beacon Council.

• Florida continues to attract out-of-state movers, with the typical income among homebuyers with a mortgage of nearly $100,000. The largest group of movers are from New York, California, and New Jersey, based on driver license exchange data in 2022 reported by the Florida Department of Highway Safety and Motor Vehicles.

• Miami-Ft. Lauderdale-West Palm Beach has a higher share of cash buyers (34.9%) who are less deterred by higher mortgage rates, compared to nationally (28%), as of February 2022.

• Despite slower housing demand, housing conditions are still tight, with less than 6 month’s supply in Miami-Dade (3.8), Broward (2.8), Palm Beach (3,3), Martin (3.3), and St. Lucie (3.0).

You can find all the information on what sets South Florida’s real estate market apart on the MIAMI Realtors websitewhich has press releases and infographics you can use.