By Howard Cohen
South Florida single-family homes and condos may be worth more — especially in Miami-Dade where the median sales price for a condo inched up in February compared to a year ago. That’s good news overall for sellers. But attracting buyers seemed more difficult, according to the March housing report released Thursday by the Miami Association of Realtors and the Miami Southeast Florida Multiple Listing Service. Sales dipped in both Miami-Dade and Broward counties when comparing February 2025 to February 2024. “Macroeconomic reasons out of South Florida’s control such as elevated mortgage rates, a slumping stock market, lack of condo financing and lack of inventory at key price points are reasons for the decline,” the Realtors group said in the report.
South Florida condo owners, drowning under spiraling insurance rates, also are burdened by spiraling expenses. The cost of reoccurring repairs and a new state law calling for reserves after the collapse of Champlain Towers South in Surfside in June 2021, saw association fees soar from 2019 to 2024.
The costs associated with owning a condo may have prospective buyers feeling leery.
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“The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening,” according to statistics from the U.S. Department of Housing and Urban Development, the Miami Realtors report indicated.
Here’s a breakdown of costs and sales in the South Florida housing market in February 2025 compared to the same period a year ago:
What is the median sales price of a single-family home?
Miami-Dade County: $655,000 in February, up from $650,000 a year ago.
Broward County: $610,000, down from $625,000 a year ago.
What is the median sales price of a condo?
Miami-Dade: $455,000 in February, up from $420,575 a year ago.
Broward: $275,000, down from $290,000 a year ago.
How much did prices increase from a year ago?
Miami-Dade: 0.8% houses, 8.3% condos in February 2025, compared to a year ago.
Broward: -2.4% houses, -5.21% condos.
What were total single-family home sales in February?
Miami-Dade: 703 sales in February, down from 764 a year ago.
Broward: 802 sales, down from 831 a year ago.
What were total condo sales in February?
Miami-Dade: 737 sales, down from 941 a year ago.
Broward: 789 sales, down from 986 a year ago.
What is the housing inventory in South Florida?
Miami-Dade: 5.8 months of houses, 12.6 months of condos.
Broward: 5.3 months of houses, 11.4 months of condos.
Note: A balanced market consists of six to nine months of inventory, with anything below benefiting sellers and anything above benefiting buyers.
Read more at: https://www.miamiherald.com/news/business/real-estate-news/article302344604.html#storylink=cpy
