Total home sales in Miami increased 0.9% in January 2024

The Miami Association of Realtors and the Multiple Listing Service (MLS) System released statistics on the dynamics of the real estate market in the Capital of the Sun during January 2024, with very good news for people interested in investing in homes for sale in Miami. According to these entities, total home sales in Miami and Miami-Dade County increased 0.9% compared to the same month in 2023 (from 1,402 to 1,414 units), as did the total volume in dollars, which grew by 19%.

“Miami-Dade County’s total home sales and total dollar volume increased year-over-year, as South Florida real estate continues to outpace the nation, even as mortgage rates return to the 7% range,” the report reads.

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Miami Housing: Why Are Sales Increasing?

Gus Fonte, chairman of the Board of Directors of the Miami Association of Realtors, said one of the reasons sales of homes in Miami in January 2024 it’s because nearly half of shoppers in Miami-Dade pay cash (42.6% of closed sales), “so South Florida is more insulated in the face of high rates. And migration from South Florida, both domestically and internationally, remains high based on new data on driver’s license sharing,” he said.

As for single-family home sales, they grew 8.6%, different from the outlook for existing condominiums, which declined 4.8%, in part due to “the lack of inventory at key price points and high mortgage rates,” the Association said.

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More Miami Real Estate Market Statistics

The state of real estate dynamics in Miami in January 2024 shows that the total number of new listings grew by 21.7% compared to January 2023, reflecting that the Miami-Dade market continues to be attractive to sellers, although the new offer of new listings is growing. homes in Miami It is very attractive for Investing in properties for sale.

A similar picture is evident in the listings of single-family homes, which rose by 14.78%, as well as those of condominiums in Miami, which rose by 25.90%, always contrasting January 2024 against the same month in 2023.

If these statistics seem interesting to you to invest in houses and apartments for sale in Miami, go to www.pfsrealty.com and get to know the portfolio of properties that we have at your disposal. Contact us and we will help you find the best option for your tastes and interests.