Miami-Dade condo sales saw a slight increase in February compared to the same period last year, reaching $455,000, while Broward County condos fell by 5.21%. However, single-family home sales declined in both counties.
The housing market in Miami-Dade was affected by rising insurance costs and increased association fees for condo owners, who are struggling with spiraling expenses due to the collapse of Champlain Towers South in 2021. The lack of Federal Housing Administration loans for many existing buildings also hindered further market growth.
According to the March housing report, median single-family home prices rose to $655,000 in Miami-Dade, while Broward County saw a decline to $610,000. Condo prices increased by 8.3% in Miami-Dade and 0.8% in houses, compared to a year ago.
Total sales were lower than expected, with 703 single-family homes sold in Miami-Dade and 802 in Broward, compared to the same period last year. The number of condos sold was also down, with 737 units in Miami-Dade and 789 in Broward.
The housing inventory remains a concern, particularly for buyers, with 5.8 months of houses available in Miami-Dade and 12.6 months of condos. Experts attribute the decline to macroeconomic factors such as elevated mortgage rates and a slumping stock market.
Source: https://www.miamiherald.com/news/business/real-estate-news/article302344604.html