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Miami Real Estate Market Sees Decline in Home Sales Despite Increased Inventory Availability and Cash Transactions

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Miami Real Estate Market Sees Decline in Home Sales Despite Increased Inventory Availability and Cash Transactions

Miami Real Estate Market Sees a Decrease in Sales

Miami, Florida – Last March, the real estate market in Miami experienced a significant slowdown, with a 15% decrease in total home sales. According to the monthly report of the Miami Association of Realtors, there were 2,141 sales of single-family homes and condominiums in Miami-Dade County in March, compared to 2,513 sales in the same month of the previous year.

Broward County also experienced a similar trend, with only 1,084 houses sold in March 2023 compared to 3,133 sold 12 months ago. This marks the first double-digit drop in South Florida since last August, indicating increasing pressure on home buyers.

There are two key pressures facing real estate buyers in the current market – mortgage rates and historically high prices. The average sales price for single-family homes in Miami-Dade is close to $650,000, while condos are listed at $445,000. In Broward, the average price for houses is $607,000 and for condos, it is $288,750.

Buyers are facing more residential options, with Miami-Dade having 4.3 months of supply of houses and 8.2 months of condominiums, while Broward has 3.9 months of houses and 7.2 months of condos. A healthy state consists of six to nine months of inventory.

Cash transactions are becoming a trend in the current market, with 37.2% of deals in Miami-Dade and more than 42.6% in Broward closing in cash. Looking ahead, interest rates are expected to be the key factor influencing buyers and sellers in the medium term.

Overall, the real estate market in Miami is facing challenges, but experts remain hopeful for a turnaround in the near future.

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