Condo sales in Miami-Dade and Broward counties fell nearly 20%, signaling a drop in demand for high-rise housing in South Florida.
According to the Miami Association of Realtors' recent monthly housing report, there was a 19% decrease in Miami-Dade condo sales in September compared to the previous year, dropping from 1.090 transactions to 883.
Broward experienced a comparable drop of nearly 18% from the previous year, falling from 1.122 transactions to 922.
The decline in transactions coincides with rising condo fees, special assessments and impending reservations for condo owners due to recent Florida legislation enacted after the Surfside condo disaster.
Even though the number of transactions decreased, condo prices continued to rise. In Miami-Dade, the median condo price reached $420.000, up from $415.000 in September 2023. Meanwhile, in Broward, the median sales price increased from $270,000 to $366,978.
In August, Miami-Dade condo prices experienced a brief 1% drop, giving would-be buyers a fleeting opportunity to score bargains. However, these prices are rising once again as wealthy buyers aggressively purchase properties valued at $600,000 or more, according to the housing report, which is driving median sales prices higher.
The prices at which houses were sold also increased.
In Miami-Dade, the typical sales price for single-family homes reached $653,400, up from $600,000 in September 2023. Meanwhile, the median home price in Broward is now $615,325, up from $602,000.
