Most condo sales are down in Miami-Dade — but one type has seen a big swing
Condo sales have been down in Miami-Dade County for much of the past two years, and November was no exception.
But for “affordable” condo units, those priced between $200,000 and $400,000, the opposite was true last month. According to the Miami Association of Realtors, affordable condo sales were up 21% compared to the previous November. Overall existing condo sales, however, were down by 3.78%.
The data also showed that older units, those in buildings over 30 years old, were selling faster than units in newer buildings. That indicates buyers are prioritizing the “location, value and affordability” older condos can offer, said Eddie Blanco, the chairman of the board of the Miami Association of Realtors.
Alfredo Pujol, chairman-elect of the board, said more affordable condos sell well because there’s not much else available for purchase in the Miami-Dade housing market for that price.
Pujol credited the uptick in sales to lower interest rates and recent changes to Florida condo laws. The Federal Reserve has been lowering interest rates in an attempt to stimulate the slowing economy. Lower interest rates generally affect first-time homebuyers and buyers looking for less expensive real estate more than they affect high-end or luxury buyers, Pujol said.
Pujol said it’s a “misconception” that changes in Florida condo laws are discouraging people from buying older or cheaper units. In fact, he said, the law now requires condo associations to disclose more information about the condition of their buildings and the fees residents will be expected to pay for repairs, so “buyers know what they’re getting into.”
Still, condo laws passed after the deadly Surfside condo collapse in 2021 have been widely credited with destabilizing the condo market in South Florida. New rules requiring condo buildings to set aside significant reserves for repairs caused condo fees to skyrocket for many owners and discouraged would-be buyers.
Pujol said he expects a “stable” condo market in 2026. He said condo prices have already been adjusting downward for condos in much of Miami-Dade County, and he doesn’t foresee any spikes or sudden drops in the new year.
Over the past year, the median existing condo price in Miami-Dade decreased by nearly 10%, according to the Miami Association of Realtors. The median single-family home price, however, rose by 3.27%.
Pujol said the movement of prices and sales in Miami-Dade is within a healthy range, and it doesn’t raise major concerns for him.
Million-and-up sales surge in Miami-Dade County
The upper end of the housing market in Miami-Dade also saw an increase, according to November data. Home and condo sales in the $1 million-and-up category increased 13.2% compared to last year. In the $2.5 million-and-up category, condo sales rose 27.3%. Total sales in Miami-Dade were up .5%.
Pujol said in the $1 million-and-up category, the condos purchased are typically new construction. That means the nearly 4% drop in existing condo sales may not fully capture what’s happening in the luxury condo market.
High-profile events and development projects, like the 2026 FIFA World Cup and Citadel CEO Ken Griffin’s planned global headquarters in Brickell, are driving interest from domestic and international buyers, Pujol said. He added that buyers from more expensive cities from New York to Monaco see Miami as a more affordable place to buy luxury real estate.
International buyers, especially those from Latin America, are driving cash sales in Miami, which are significantly above the national average. The Miami Association of Realtors recently published a report that found international buyers purchased 49% of new construction in South Florida over an 18-month period that ended in July.
In Miami, 36.8% of closed sales were cash buys. That’s down slightly from last November, but it remains significantly above the national average of 27%. Nearly half of existing condo sales in Miami were cash purchases. Having a significant number of cash buyers, which are more common in the luxury market, also makes the housing market here more resilient, Pujol said.
What does the data say about Broward County?
Like in Miami-Dade, $1 million-and-up purchases were up in Broward County, and existing condo purchases were down. In Broward, $1 million-and-up purchases were up 5.62% year over year in November. Broward saw a slight decrease in existing condo sales, which were down .12% compared to last November.
Broward also saw a 41% spike in condo sales in the $100,000 to $150,000 range compared to last November.
Single-family home sales are on the rise in Broward. In November, single-family sales were up nearly 14% compared to the previous year. That’s the third straight month single-family sales have been up in the county, according to the Miami Association of Realtors.
Like in Miami-Dade, existing condo prices in Broward have been adjusting over the last year, dropping by about 8% since the previous November. But unlike in Miami-Dade, where single-family home prices have continued to rise, in Broward, the median price for a single-family home dropped by about 3%.
This story was originally published December 23, 2025 at 5:00 AM.
