Miami’s $1 million condo sales increase 6% in July and ranked #1 in the country in home price appreciation | Real Estate
Miami-Dade County’s real estate market has been heating up this year as $1 million-plus condominium sales, single-family home sales and total home transactions were up year-over-year through July, according to data released by the MIAMI Association of Realtors (MIAMI) and the MIAMI Southeast Florida Multiple Listing Service (SEFMLS).
Million-dollar condo sales in Miami jumped 6%, while total home sales at, or over, $1 million increased 4% in July over the year’s span.
Three other Miami condo price ranges also showed increases in sales: $100,000-$150,000 (78.6% increase year-over-year); $150,000 to $200,000 (2% increase); and $200,000 to $250,000 (4.6% increase).
And, there was more good news for condo owners, and sellers, according to the latest data in the report, sent to Islander News by Coldwell Banker real estate agent Monica Steinmuller on Key Biscayne.
Existing condo median prices in Miami-Dade increased 1.2% year-over-year in July 2024, from $420,000 to $424,950 and, over the past 10 years, prices have appreciated 123.7%, from a median of $189,950 in July 2014.
Looking at the big picture, condo median prices have stayed even or increased in 152 of the past 158 months.
On the flip side of the coin, certain condo special assessments have become necessary, due to state or county laws, and fees are rising in relation to higher insurance premiums; stricter and more frequent inspections; repair of aging buildings; and Florida’s Condo Safety Act, calling for condo boards to set aside funds for major repairs and conduct reserve studies every decade.
Prices also have continued to rise for single-family homes in Miami-Dade.
Median prices climbed 6.1% year-over-year in July 2024, increasing from $631,670 to $670,000. Miami single-family median prices have risen for 152 consecutive months (12.6 years), the longest streak on record.
Over the past 10 years, from July 2014, Miami single-family prices have soared 161.2%, from a median of $256,500 to $670,000.
Put it all together, and Miami was ranked No. 1 in the U.S. in home price appreciation in August 2024, according to CoreLogic August 2024 U.S. Home Price Insights. Miami’s home equity gains, in fact, are nearly two times the national figure.
For example, home equity gains on a single-family home purchased in the first quarter of 2009 and sold in the first quarter of 2024 (with a 30-year mortgage and 4.36% interest rate) in Miami-Dade would have been $533,955 versus the U.S. average at $287,111, according to MIAMI REALTORS® analysis assuming 10% down payment and more.
The good news for buyers: mortgage rates have declined to their lowest level in more than a year, enhancing buying power locally and nationally. Rates have decreased by more than a percentage point (to 6.49% on Aug. 15) from their October peak of 7.79%. The National Association of Realtors estimates that could reduce monthly payments by over $300.
A quick glance at the Realtors.com website earlier this week, on Wednesday afternoon, showed 135 properties were listed on Key Biscayne, practically all of them condos or townhomes.
Total active listings across the county for all property types at the end of July increased 53.5% year-over-year, from 8,964 to 13,763.
In the report, MIAMI REALTORS® Chief Economist Gay Cororaton predicts: “Pent-up demand will be unleashed in 2025 as mortgage rates fall below 6%, resulting in robust sales activity, more buyer competition, and sustained price appreciation.”
