Condominium prices in South Florida continued to decline in October, with an increase in available units for sale, while single-family home prices rose. New regulations following the Surfside tragedy require older condo buildings to undergo inspections and set aside funds for maintenance, leading to higher monthly assessments and more older condos on the market. Despite rising mortgage rates, cash...
Condo Sales
South Florida condo sales declined sharply in Q3, influenced by high mortgage rates and tight inventory. Miami Beach condo sales ↓ 25% with inventory ↑ 40.6% to over 3,400 listings....
Condominium sales in South Florida have significantly declined, with August sales dropping by double digits compared to last year. This trend has persisted in Miami-Dade and Broward counties for 11 of the past 12 months, and in Palm Beach County for 10 months. The supply of condos has surged, particularly in Broward (up 100%), Palm Beach (77%), and Miami-Dade (58%). Despite increased inventory, condo...
Home sales in Miami-Dade and Broward decreased in May compared to last year, with condo transactions dropping significantly due to inventory issues. Single-family home sales in Miami-Dade increased by 6%, while Broward saw a 0.2% decline. Median home prices in both counties rose, with Miami-Dade at $650,000 and Broward at $625,000. Sellers are holding onto high prices from previous years, while buyers...
In October 2023, Palm Beach County condo sales experienced a slight dip, with 641 units closing for a total volume of $319M. This was a modest decrease from the 644 condo sales totaling $293M recorded last month....