WRE News: South Florida Condo Sales Drop, Single-Family Homes Surge

Miami, FL – August 24, 2024 – South Florida’s condo market is feeling the heat as sales continue to dip, putting pressure on sellers already burdened by rising financial obligations.

In July, condo sales in Miami-Dade and Broward Counties fell by 2% and 5% respectively, with 1,114 and 1,132 deals closed. Despite the declines, median sales prices remained stable or slightly increased, driven by demand for newer buildings.

However, condo owners are grappling with surging HOA fees, special assessments, and stricter regulations following the Surfside tragedy.

On the other hand, the single-family home market is thriving, with transactions up by 11% in Miami-Dade and 8% in Broward, pushing median sales prices to new highs.