Miami-Dade's June Sales Jump 14% Amid Luxury and Cash Buyer Surge

In June, Miami-Dade County registered the strongest residential sales in existing homes for the month in three years, with 2,107 transactions representing an increase of 14.3% compared to June 2023. Notably, sales of single-family homes rose 16.8% year-over-year to 1,049 transactions, while condominium sales tallied 1,058 transactions for a 12% increase year-over-year. In terms of the upper price bracket, sales of homes valued at $1 million or above registered nearly a 30% increase with consistent demand for luxury homes in the county despite high interest rates for mortgages.

The sales numbers translated to significant gains for the county in terms of residential real estate dollar volume. For June, total existing residential dollar volume climbed to $2.4 billion and rose by 36.4% over the comparable figure from a year ago. On a basis by property type, single family homes tallied up roughly $1.5 billion of that total in dollar volume for the month, followed by condos at around $940 million. On a price basis, current median prices for existing single family homes recorded a gain of 3.7% as they recorded a new high for the month as the housing stock remains under very brisk absorption with current single family homes maintaining a streak of over 15 years in terms of housing stock absorption.

A number of indicators highlight tight supply of homes for sale. Single family home listings for the month declined 22.7% below the same period last year. As a result the single family home supply declined to a 4.9 month supply of available homes for sale, characteristic of a seller27s market and one of the many factors currently driving strong growth in sales and upward pressure on home prices to sustain an absorption streak of almost 15 years at current median price of $695, up 3.7% for the month to $695,000. Condominium inventory also declined but at an 11.5% decrease below same period last year, leaving a very large 12.3 month supply of available condos for sale and characteristic of a buyer27s market of homes for sale.

In terms of paid vs. cash transactions, the cash transactions continued to rule in Miami with 38.1% of all residential sales having closed in cash. This number far exceeds the U.S. average of roughly 25% of all paid transactions. In terms of specific property types, the number of cash transactions closed for condominiums in Miami was nearly half (48.5%) of all paid transactions, thus International investors as well as buyers relocating from other parts of the world looking for pricier markets (relatively speaking) continue to fuel the market27s strength.

Sales continue to remain strong. According to MRIS, the Median Days on Market for existing single family homes and condominiums in Miami-Dade increased slightly to 52 and 85 respectively. The absorption rate remains strong however, for existing single family homes in Miami-Dade County there is only a 4.9 month supply of inventory. As has been the case historically, single family homes are the hot commodity in the Miami market while condominiums are more of a buyer27s market with a 12.3 month supply of inventory currently on the market.

International buyers remain a dominant force behind new project sales as 49% of new and pre-construction residential sales over the last 18 months were purchased by foreign buyers from 73 countries around the world. Miami27s unique standing as the only truly global Luxury market in the nation is further exemplified by the City27s position at the pinnacle of ultra-luxury sales with approximately one $10 million+ residential sale per day taking place throughout the South Florida. On a broader multifamily note, Southeast Florida remains one of the few development hotbeds in the country with over 36,000 residential units currently under construction.

The Investment Angle for Buyers and Investors:

1. Focus on single-family homes: Miami-Dade27s current single-family home inventory and appreciation rate will favor sellers and related investors in the near term.
2. Focus on luxury Condo projects that have significant % of sales as cash deals, typically these have strong presence of overseas buyer ( investors/ end users ) and high net worth individuals that are willing to pay a premium for assets they view as appreciating fast.
3. Watch the supply figures for single-family homes decline below 5 months (as of now): then it becomes a sellers market and less negotiable when it comes to the sales price.
4. The number of days a home has been on the market is up as well. This can allow for more negotiation in respect to price. Condominiums are far and away from the biggest number of days on the market for homes for sale with average time on the market is up to 85 days.

Miami27s Luxury Real Estate Market Offers Buyers and Sellers a Dance 2D Until Prices Stabilize. Despite a softer patch in condo prices, strong demand for luxury homes combined with a tight supply of single family homes should fuel an upsurge in prices for the remainder of 2026. Buyers of homes with high prices using high interest rate, long term mortgages will find sales slower than those who are prepared to close in cash or with strong finance.