Miami February 2023 Condo Sales Rise vs. February 2019
Miami February 2023 total sales decreased 39.9% year-over-year, from 2,814 to 1,692, because it’s in comparison to a historic February 2022 and the current market has lower inventory in specific price points and higher rates. In comparison to February 2019, however, Miami February 2023 total sales are only down 2.7%.
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Miami February 2023 condo sales increased vs. February 2019, but are down in comparison to last year. Miami existing condo sales decreased 46.6% year-over-year, from 1,807 in February 2022 to 965 in February 2023, due to lack of inventory and rising mortgage rates. In comparison to February 2019, however, February 2023 sales increased 3.3%, from 934 to 965.
Single-family home sales decreased 27.8% year-over-year, from 1,007 in February 2022 to 727 in February 2023 because of its comparison to a historic February 2022 and the current market has lower inventory in specific price points and higher rates. In comparison to February 2019, Miami February 2023 single-family sales are down 9.7%.
South Florida Home Prices, Household Income Rise with Wealth Migration
Miami-Dade County single-family home median prices increased 3.5% year-over-year in February 2023, increasing from $536,000 to $555,000. Miami single-family median prices have risen for 135 consecutive months (11.25 years), the longest running-streak on record. Existing condo median prices increased 2.6% year-over-year, from $380,000 to $390,000. Condo median prices have increased in 136 of the last 141 months.
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 Miami single-family homes (3.8 months) and condos (4.5 months) are low. Also, one of the supports for home prices is rents and rents are up.
Miami Real Estate’s Market Fundamentals Lead the Nation
Price Appreciation
Miami prices keep rising (11+ consecutive years of price appreciation) unlike many other major markets and homes keep selling fast (46 days on average).
Miami 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
Miami’s percentage of cash buyers (43%) is significantly higher than the national average (29%). About 67.1% of Miami-Dade luxury buyers pay all-cash.
Wealth Influx
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 data.
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 Miami, 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 vs. pre-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
Miami 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.
Miami-Dade Active Listings Still Near Historical Lows; More Supply Needed
The average year-end Miami annual active inventory since 2008 is 19,537 and active listings at the end of 2022 totaled 10,730. Miami active listings are down 48.7% versus pre-pandemic (year-end 2022 vs. year-end 2019).
Total active listings at the end of February 2023 increased 37.4% year-over-year, from 7,484 to 10,282.
Republished from Miami Association of Realtors. See full article HERE
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