This year, real estate sales in Miami-Dade County may well become the second on record. The statistics from the MIAMI Association of Realtors and the system of Multi-Listing Services for September 2022 shows that the market is gradually moving towards equilibrium after the mortgage rates were raised.
25,990 homes were sold from the beginning of the year through September, which translates into 95 transactions per day, so the annual sales performance may well become second only to the record-setting year 2021.
Compared to last September’s performance, sales are down by 28.1% year-on-year, from 3,031 to 2,178 transactions. This is caused by the higher mortgage rates and low supply in the market.
The combined sales this September have already exceeded the pre-pandemic performance: in September 2018 and 2019, the average number of transactions was 2,129.
Sales of single-family homes are following the same trend, having reduced by 30%, from 1,241 transactions in the top-performing September 2021 to 869 transactions in September 2022. The reason is the shortage of supply in the market and the rising mortgage rates. Condominium sales in the existing homes market of Miami dropped by 26.9% year-on-year, from 1,790 transactions in September 2021 to 1,309 this September.