According to data from the Miami Association of Realtors, the residential market in the area continues to soar as businesses, remote workers and Snowbirds migrate to South Florida, although some markets have experienced monthly declines for the first time this year.
Inventory is becoming scarcer. In Miami-Dade County and Broward County, the number of homes on the market fell by about one-third, and in Palm Beach County, it fell by 44%. Due to shortages in inventory supply, the number of single-family home sales fell. Miami-Dade County and Broward County fell by 3.5% and 2.8%, respectively, and Palm Beach County fell by 10.7%.
The median apartment prices in Palm Beach and Broward increased by 10.1% and 7.9% year-on-year, respectively. The exception is Miami-Dade, where apartment prices have risen by 26.4% since August last year to $335,000. As with the single-family residential market, the median selling price of Miami-Dade and Palm Beach saw monthly declines for the first time this year, falling by 1.4% and 0.4% respectively between July and August. Traditionally the cheapest, Broward is the only market with rising prices, with median sales increasing by 2.3% month-on-month. Even with the monthly decline, Miami County continued to outstrip its neighbors, with total sales increasing by 129.2% year-on-year to $1.1 billion. Broward and Palm Beach grew by 61.9% and 41.4%, respectively, which was just over $500,000.
Although the supply of market apartments in the three counties has fallen by about half, the number of sales continues to surge—unlike the single-family residential market. Broward and Palm Beach's transaction volume increased by 26.8% and 20.7%, respectively. Miami-Dade once again topped the list with a growth rate of 70%.
There are fewer and fewer properties available to buy in Florida. The best time to invest is now.
