In the first quarter of 2024, the condominium and single-family home sectors along the Miami Coastal Mainland exhibited conflicting indicators.
Condominium and single-family home sales have declined compared to the same period last year, with each now approximately 50% lower than their peak in the first quarter of 2021. Price indicators have shown a universal increase for both types of properties as sales have gravitated towards higher price brackets within each submarket. Similar to the previous quarter, inventory levels surged for both property types, driven by reduced sales alongside a rise in new listings.
In the first quarter, condominium closings experienced a 13% annual decrease, while sales volume dipped by 3%. This marks the seventh consecutive quarter of decline for both metrics compared to the previous year. Closings dropped by double digits compared to 2023, reaching 779 sales, marking the slowest first quarter performance since 2019.
Compared to a year ago, all price figures surged as the market share of sales over $1 million rose year over year. Median price, average price, and average price per square foot all attained record highs.
In comparison to the first quarter of 2023, single-family closings experienced a slight decrease of 3%, while sales volume saw a modest increase of 7%. Annually, single-family home sales declined by 3% to approximately 200 closings, marking the lowest first-quarter performance in six years.
Despite only a slight decrease in sales, supply surged by 68% year-over-year. This marked the highest total seen in over three years, with 502 active listings available.
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