What’s happening with condo sales in Miami and Broward? Look at the prices and supply
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Condo crisis in South Florida
Aging buildings, new laws and spiraling fees and assessments have affected condominium residents and the real estate market in Miami-Dade and Broward.
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The South Florida condo market is in a dive. Prices are dipping. Sales are slowing. Inventory is piling up.
What’s happening?
Condo associations are raising monthly fees and issuing special assessments. A new Florida law is looming that requires a spending plan to pay for major repairs, in response to the Surfside building collapse of 2021.
It’s all adding up to a slowdown.
MORE: What’s the future for Miami condos? Experts to talk on crisis, solutions at Herald panel
Here’s a breakdown of the August prices and sales in South Florida from the Miami Association of Realtor:
What is the median sales price of a condo?
Miami-Dade County: $415,000, down from $416,000 in August 2023.
Broward County: $275,000, the same as a year ago.
What is the median sale price of a single-family house?
Miami-Dade: $640,000, a 3% increase from $620,000 in August 2023.
Broward: $606,000, slightly higher than $600,000 in August 2023.
What were total home sales in August?
Miami-Dade: 2,002 deals, down 8% from a year ago,
Broward: 2,270 deals, a 6% dip from a year ago.
How many South Florida cash deals?
Miami-Dade: 33%
Broward: 34%
National average: 26%
What is the housing inventory in South Florida?
Miami-Dade: 9 1/2 months of inventory of condos, the highest amount since February 2021
Broward: 8.3 months of supply of condos
Note: A balanced market consists of six to nine months of inventory, with anything below benefiting sellers and anything above benefiting buyers.
