South Florida — March presented a mixed picture for South Florida’s residential real estate market, with notable shifts in supply and pricing across condos and single-family homes. While more properties hit the market than at any point in nearly six years, trends diverged between condos and houses — with condo prices slipping and single-family home prices climbing.
Inventory Surges, But Condo Sales Lag
The number of homes and condominiums listed for sale rose across Miami-Dade, Broward, and Palm Beach counties last month, adding to growing inventory levels. However, sales of existing condos continued to slide across the region — though the rate of decline slowed compared to earlier months.
Condo-heavy areas such as Miami Beach, Aventura, and Brickell were among the hardest hit, posting year-over-year declines in sales ranging from 5% to more than 20% during the first quarter. Despite the drop in activity, median prices in those neighborhoods held steady, buoyed by demand for newer buildings not affected by recent legislative changes.
New Regulations Create Headwinds for Older Condos
New state requirements for older condominium buildings are contributing to the slower pace of sales. Buildings over 30 years old must now undergo structural inspections, and any identified issues may trigger costly repairs or special assessments — financial burdens that often deter potential buyers.
In addition, recent laws prevent condo associations from waiving regular monthly contributions toward building maintenance. Associations are now mandated to reserve funds for future repairs, prompting fee hikes that have further cooled buyer interest.
These pressures are more acute in areas with aging housing stock. In Broward County, cities like Pompano Beach, Tamarac, and Sunrise saw condo sales decline by roughly 10%, alongside price drops as residents face rising monthly costs and pending assessments.
In Palm Beach County, however, the picture is slightly brighter. West Boca Raton bucked the trend with an increase in closed condo sales, possibly fueled by a dip in median prices—down more than 6% year-over-year—which made properties more attractive to cost-conscious buyers.
Single-Family Homes Tell a Different Story
In contrast to condos, South Florida’s single-family home market remained strong in March. Prices held firm at elevated post-pandemic levels, with the median sale price across the tri-county region exceeding $600,000. While price growth has slowed, increased listings have improved selection, contributing to what industry experts describe as a more balanced market.
“We’re seeing healthy demand, especially in the $600,000 to $1 million range,” said Eddie Blanco, Chairman of the Miami Association of Realtors. “But we still need more inventory at critical price points to meet demand from both domestic and international buyers.”
Miami-Dade County reported a rise in home sales within the $600,000–$1 million range, while Broward saw a 2% uptick in homes selling for more than $1 million. In Palm Beach County, total home sales grew by 2.4% across all price points.
Outlook: Condo Market Faces Structural Challenges
As structural inspection mandates take hold across Florida’s aging condo infrastructure, the outlook for the condo market remains uncertain. With added financial burdens on both existing owners and prospective buyers, older condos may continue to lose ground unless policy changes or market adjustments ease those concerns.
Meanwhile, the single-family home sector continues to perform steadily, with consistent interest and strong pricing—particularly in higher-end segments.
