Condominium sales across South Florida continue falling.
The number of condos sold in August fell by double digits compared to a year ago as thousands more condos hit the market looking for buyers, according to data compiled by the Miami Association of Realtors.
The number of condos sold each month has fallen compared to a year earlier in 11 of the past 12 months in Miami-Dade and Broward counties, and in 10 of the past 10 months in Palm Beach County.
The supply of condos for sale has swelled in recent months as a deadline looms for new costly rules for condominium owner associations.
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Florida lawmakers have passed a series of changes in the three years since the overnight collapse of the Champlain Towers South, killing 98 people and triggering reforms to association governance, transparency and financial management.
In Broward County, there were about twice as many condos for sale in August versus last year. Condos on the market jumped 77% in Palm Beach County and 58% in Miami-Dade.
Despite the sharp increase, the Miami Realtors Association notes supply remains below historic averages.
"Buyers are favoring single-family homes versus condos right now given the condo regulations, but condo sales prices have remained basically unchanged from one year ago," said Miami Realtors Chief Economist Gay Cororaton.
Median condo prices were flat to up 3% across the region compared to a year ago. The average price is helped out by an increase in sales of condos over $1 million.
The market for single-family homes is faring far better, with prices continuing to climb throughout the region.
There were more single-family homes on the market, too. But the number for sale remains below what is considered a balanced market. Average prices for single family home prices kept climbing, up between 2%-4% across the region.
The median price of a single-family home in Miami-Dade was $640,000 in August, up from $620,000 in August 2023. In Broward, it was $606,000, up from $600,000 in the same period. In Palm Beach County, it was $617,500, which is up from $605,000 from last year.
Across all three South Florida’s biggest counties, the price of a median family home has more than doubled in the last decade.
