In South Florida, condo sale prices have surged over the past decade but are now experiencing a decline. Data from March 2025 shows a decrease in average prices compared to the previous year, attributed to limited financing options and inventory issues. Despite this decline, sales volume increased from February to March 2025. Rising costs related to insurance, association fees, and repair assessments are also impacting the market, as highlighted by local real estate associations. Nonetheless, some areas are still seeing median price increases in single-family homes.
The statistics would be much stronger if they included South Florida's robust developer new construction market and volume. The decline is due to lack of condo financing and inventory.
Year-over-year decline in prices confronting South Florida condo owners could also stem from spiraling costs, including insurance and monthly association dues and steep repair assessments.
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