Condominium values in Miami-Dade County are declining, particularly in coastal areas. Miami saw a 1% decrease for condos built before 2024, juxtaposed with a previous year's increase of 9%. The property appraiser's data indicates a stabilizing market, where buyers have increased leverage as demand decreases. Condo sales experienced a 25% drop in May, yet prices remained stable. An increase in inventory resulted in a 14-month supply of condos, providing more choices for potential buyers, while areas like Aventura and Miami Beach faced significant declines in value and affordable markets showed slight increases.
Condominium values in coastal areas of Miami-Dade County are experiencing notable declines, contrasting with some increases in more affordable markets like Hialeah and Miami Gardens.
In the city of Miami, the largest condo market in Miami-Dade, there was a 1% decrease in values for units built before 2024, following a previous year's 9% increase.
Condo sales dropped by 25% in May while prices remained stable, indicating a cooling shift in market dynamics with buyers gaining more leverage.
Inventory levels have increased, with a 14-month supply of condos available, doubling from the previous year, which provides more options for buyers.
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