Buyers seeking older condos, report says. See the latest on sales, prices

Condos in Miami-Dade County’s older buildings have started selling more quickly than those in new structures, according to a new July sales report released by the Miami Association of Realtors.

That trend might have been influenced by a new Florida condo safety law that went into effect on July 1 mandating inspections with immediate repairs and maintaining structural integrity studies to help prevent another Surfside condo collapse.

READ MORE: Tragedy in Surfside

Condos inside buildings that have been around for 30 years or older are spending an average of 62 days on the market once listed for sale. That’s fewer than the 79 days on the market for condos in newer buildings.

“Older buildings, even those from the ‘60s — the buildings that have been well maintained over the years — those are the ones buyers are purchasing,” Alfredo Pujol, the Miami Association of Realtors’ chairman-elect, told the Miami Herald.

For some condo owners, the increase in inspections, repairs and reserve funding has led to a jump in assessments, spurring them to sell. But those same mandates may also assure buyers that older condos will be safer long-term investments.

“Property values are continuing to increase, and a lot of homeowners are downsizing,” Pujol said. “We’re seeing buyers coming in from New York and Chicago who know what they’re getting into and that the repairs and upgrades being done will add value in the future.”

In the last decade, the median price of a Miami condo has risen by more than 117%, and jumped 6% in just the last year. Older condos selling at lower prices remain the essential entry point for many first-time buyers.

But rising costs and struggles with securing financing are keeping many prospective buyers out of the market.

Overall, Miami condo sales fell 12.9 percent in June, compared with last June. Sales of high-end condos, on the other hand, have continued their steady rise across Miami-Dade, with June seeing 150 condos sold for $1 million or more, a 6.4% increase since last year.

Here’s a breakdown of costs and sales in the South Florida housing market in June 2025 compared to the same period a year ago:

What is the median sales price of a condo?

Miami-Dade: $445,000 in June, up slightly from $420,000 a year ago. The price has increased somewhat since May, when the median was $425,000.

Broward: $269,950 in June, down from $287,500 a year ago and a slight fall from May, when the price was $275,000.

What is the median sales price of a single-family house?

Miami-Dade County: $670,000 in June, up from $657,000 a year ago.

Broward County: $629,950 in June, down from $640,000 a year ago.

How much did prices increase from a year ago?

Miami-Dade: 2% for houses, and 6% for condos compared to a year ago.

Broward: Prices for both houses and condos have fallen; houses fell by 1.6%, and condos 6.1% compared to a year ago.

How many single-family houses sold?

Miami-Dade: 898 sales in June, down from 966 a year ago.

Broward: 1,030 sales in June, down from 1,138 a year ago.

What were total condo sales?

Miami-Dade: 945 sales in June, down from 1,085 a year ago.

Broward: 908 sales in May, down from 1,068 a year ago.

What is the housing inventory in South Florida?

Miami-Dade: 6.6 months of houses, up from 4.4 months a year ago; 14.1 months of condos, up from 9 months a year ago.

Broward: 6.0 months of houses, up from 4.3 a year ago; 12.3 months of condos, up from 7.9 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.