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Greater Miami area total residential sales decreased 39.9% year-over-year in February 2023, from 2,814 transactions to 1,692, says the Miami Association of Realtors.

Breaking down Miami area sales data further, Miami area condo sales dove 46.6% year-over-year, from 1,807 transactions in February 2022 to 965 sales in February 2023. Meanwhile, Miami area single-family home sales also decreased 27.8% year-over-year, from 1,007 transactions in February 2022 down to 727 sales in February 2023.

Pending Sales and Showing Appointments Rise for Second Consecutive Month

Total pending sales rose 16.9% month-over-month, from 2,288 in January 2023 to 2,674 in February 2023. Pending sales are an indicator of future sales, but it takes up to 40 days for pending transactions to close and not all pending sales end in deals.

Showing appointments in the Southeast Florida MLS, increased 1.6% month over month to 237,395 showings in February.

South Florida Home Prices, Household Income Rise with Wealth Migration

Miami-Dade County single-family home median prices increased 3.5% year-over-year in February 2023, increasing from $536,000 to $555,000. Miami single-family median prices have risen for 135 consecutive months (11.25 years), the longest running-streak on record. Existing condo median prices increased 2.6% year-over-year, from $380,000 to $390,000. Condo median prices have increased in 136 of the last 141 months.

While local median prices have increased so have local household incomes. Miami and West Palm Beach rank in the top-10 in the U.S. in median home buyer growth (2019 vs 2021). Miami median homebuyer income grew 16.9% to $104,000 in 2021, and West Palm Beach median homebuyer income is $110,000 via Redfin report.

Home prices are determined by supply and demand. Lower supply and higher demand create higher prices. Inventory for Miami single-family homes (3.8 months) and condos (4.5 months) are low. Also, one of the supports for home prices is rents and rents are up.