eu9 What’s happening with condo sales in Miami and Broward? Look at the prices and supply

Costs of condos and single-family homes in Miami and Fort Lauderdale area, including sales trends as condo market affected by association fees. MATIAS J. OCNER [email protected] READ MORE Condo crisis in South Florida

Aging buildingseu9, 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.

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Aging buildingseu9, new laws and spiraling fees and assessments have affected condominium residents and the real estate market in Miami-Dade and Broward.

How much have your condo HOA fees increased in Miami and Broward? See for yourself August 12, 2024 7:43 AM Florida condos need a spending plan to make repairs — but there’s an issue with the law September 19, 2024 4:33 PM DeSantis won’t call lawmakers to Tallahassee to address condo crisis. At least not yet September 19, 2024 2:17 PM No rush from Florida Legislature to address ‘anxiety’ over post-Surfside condo laws August 16, 2024 4:03 PM Looking to buy a condo in Miami-Dade County? You now have the upper hand. Here’s why September 20, 2024 6:48 AM Should a condo and park replace Jungle Island? Question could go to November’s ballot June 11, 2024 11:37 AM What’s happening with condo sales in Miami and Broward? Look at the changing numbers August 26, 2024 9:25 AM Another sign of trouble? South Florida condo sales drop by double-digits, report shows July 20, 2024 5:00 AM Where would you live? Here’s what $3,000 a month gets you in Miami’s urban core June 13, 2024 5:00 AM Are condo sellers down on their luck? Miami-Dade and Broward feel the pressure on deals August 23, 2024 5:00 AM Back to Story

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