The real estate market in South Florida has experienced a notable resurgence in April, following a slowdown in residential transactions since December. Wealthy buyers have largely returned, driving both sales and prices to new historic highs.
In Miami-Dade County, there were 2,342 home sales recorded, an increase of 5.4% compared to April 2023, according to the latest monthly report from the Miami Association of Realtors.
The average sales prices reached a new peak of $654,000 for single-family homes, surpassing the previous peak of $650,000 in February and March. Condominiums remain at $444,000.
In Broward County, the activity was even higher. Condo sales increased for the first time since March 2022. They managed to close 2,538 home sales agreements, a 6.1% increase.
The average sales price was $635,000 for single-family homes and $282,500 for condominiums, the highest of the year in the county, so far.
The strong demand, limited supply, and wealthy buyers continue to dominate the market. Data indicates that almost half of the purchases are made in cash, with Miami-Dade at 40.3% of transactions and Broward at 41.5%, well above the national average of 28%.
This dynamic highlights the ongoing confidence in the real estate market of Miami-Dade and Broward, despite national slowdown trends.
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