Property Sales

• Best March sales month in Miami history and No. 3 among the highest sales months trailing only April 2021 and June 2021
• Marks 18th consecutive month of double-digit year-over-year condo gains
• Existing condo sales year-over-year surged 14.9%, median prices increased 31.1% and have increased in 126 of last 130 months
• Single-family home sales year-over-year decreased 9% from low inventory, median prices increased 13.1% and have risen for 124 consecutive months (10.33 years), the longest running-streak on record
• Both condo and single-family homes priced between $400K to $600K increased in transactions, 110.4% and 15.8% respectively
• Luxury condo ($1-million-and-up) sales surged 40.4% year-over-year; single-family luxury transactions decreased 14.1% 
• Luxury condo and single-family homes months of supply continues to trend downward for all property types due to robust demand
• Increase in foreign homebuyers — South Florida is No. 1 destination in the U.S. for foreign investment
• On par with national figure, Miami distressed closed sales only 1.3% vs 70% in 2009, including year-over-year increased REO (bank-owned properties) 1% and decreased short sales 0.3%

Listing Activity

• Attracting multiple bids and going over-list price
• Median percent of original list price received for single-family homes 100%, existing condo 98.6%
• Median number of days between listing and contract dates single-family home 18 days decrease from 28 days last year, existing condo 31 days down from 62 days 
• Median time to close single-family home 61 days decrease from 76 days last year, existing condo 73 days decrease from 104 days 

Mortgage Rates

• Rates increased to near 5%, highest point in more than a decade
• Federal Reserve raised rates for first time in three years in February and plans for six more rate hikes by year’s end
• March financed closed sales had rates established in January and February when rates were mid to high 3%
• Freddie Mac reported average commitment for 30-year, conventional, fixed-rate mortgage was 4.17% in March, up from 3.76% in February vs all of 2021 was 2.96%
• Projected to land at about 4.5% at year-end 2022, according to NAR; still low vs all-time average 8% in the U.S.
• Long term, higher rates growth rate of pricing cooling; historically, inventory expands six months after rates rise, but today’s market is unlike any other 

Cash Terms

• 43.5% of closed sales in March 2022 compared to 36.2% in March 2021, vs 28% national figure in March 2022
• 28.2% of single-family, 52.1% of existing condo

Source: Miami Association of Realtors
Miami Real Estate Posts Third-Highest Sales Month in History; Miami Condo Sales Surge for 18th Consecutive Month



Contact me for perspective on sale listing inventory and for contacts to knowledgeable local mortgage lending experts with a variety of specialties — self-employed, 3% down, condo hotel, investment 15 - 30% down, foreign national financing, non-QM loans for lower credit score or prior bankruptcies et al.