Million-dollar condos drive the Miami market. What about the rest? Take a look
Sales of fancy and expensive condos of a million bucks or more are climbing, but a downward trend continues for general condo sales in Miami-Dade and Broward even as prices see small gains. That’s according to a May sales report from the Miami Association of Realtors.
Miami condo prices have increased seven times since February 2024, most recently this February and April, according to Chris Umpierre, communications chief for the Miami Association of Realtors.
But the sales slump continues.
The decline is partly due to struggles in securing condo financing and inventory at lower price points, according to the Realtors group.
“We’re seeing a highly polarized market, with sales moving either in the lower price-tier markets that are affordable for most buyers or in the high-end markets where cash buyers make up about half or more of the sales,” Miami Realtors’ Chief Economist Gay Cororaton said in a statement.
And getting a loan to buy a condo continues to be a challenge. Barely 1% of the nearly 2,400 condominium buildings in Miami-Dade, Broward and Palm Beach are approved for Federal Housing Administration loans, according to the U.S. Department of Housing and Urban Development.
The decline in condo deals in South Florida also is rooted in spiraling costs, including insurance, monthly association dues and steep or surprising repair assessments.
Some relief could be on the way.
The Florida Legislature approved a plan that would ease financial strains on condo unit owners by extending the deadline for inspections and gives associations alternatives to relying on reserves. Gov. Ron DeSantis is expected to sign the bill.
MORE: Bill changing condo-safety laws passed after Surfside tower collapse heading to DeSantis
Here’s a breakdown of costs and sales in the South Florida housing market in April 2025 compared to the same period a year ago:
What is the median sales price of a condo?
Miami-Dade: $445,450 in April, up from $444,000 a year ago.
Broward: $280,000 in March, down from $282,500 a year ago.
What is the median sales price of a single-family house?
Miami-Dade County: $680,000 in April, up from $654,000 a year ago.
Broward County: $630,000, down from $635,000 a year ago.
How much did prices increase from a year ago?
Miami-Dade: 4% houses, 0.2% condos in April 2025, compared to a year ago.
Broward: -0.8% houses, -0.9% condos in April 2025, compared to a year ago.
How many single-family houses sold?
Miami-Dade: 950 sales in April, down from 1,065 a year ago.
Broward: 1,054 sales in April, down from 1,196 a year ago.
What were total condo sales?
Miami-Dade: 1,005 sales in April, down from 1,277 a year ago.
Broward: 1,085 sales in April, down from 1,342 a year ago.
What is the housing inventory in South Florida?
Miami-Dade: 6.3 months of houses, up from 4.4 months a year ago; 13.7 months of condos, up from 8 months a year ago.
Broward: 5.7 months of houses, up from 4 a year ago; 12.4 months of condos, up from 7.4 months a year ago.
Note: A balanced market consists of six to nine months of inventory, with anything below benefiting sellers and anything above benefiting buyers.
This story was originally published May 23, 2025 at 10:13 AM.
