By Howard Cohen
South Florida condo sale prices grew a staggering 104% in Miami-Dade and more than 30% in Broward in the last 10 years. But figures released this week show a continuing decline.
Sale prices fell in March 2025 compared to the same month last year. But more condos were sold in March than in February, according to a report from the Miami Association of Realtors and the Miami Southeast Florida Multiple Listing Service.
“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 at key price points,” the Realtors association said.
The 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.
KNOW MORE: Renters are paying less for apartments in Miami, but there are issues. See the costs
The month’s hottest markets for sellers of single-family homes and condos in terms of months supply of inventory?
In Miami-Dade, the Realtors association ranked Cutler Bay tops for single-family homes and Kendall for condos.
In Broward, Sunrise and Weston led the communities for single family homes and condos, respectively.
Here’s a breakdown of costs and sales in the South Florida housing market in March 2025 compared to the same period a year ago:
What is the median sales price of a single-family home?
Miami-Dade County: $670,000 in March, up from $650,000 a year ago.
Broward County: $635,000, up from $607,000 a year ago.
What is the median sales price of a condo?
Miami-Dade: $437,450 in March, down from $445,000 a year ago.
Broward: $280,000 in March, down from $288,750 a year ago.
How much did prices increase from a year ago?
Miami-Dade: 3.1% houses, -1.7% condos in March 2025, compared to a year ago.
Broward: 4.6% houses, -3% condos in March 2025, compared to a year ago.
What were total single-family home sales?
Miami-Dade: 961 sales in March, down from 1,041 a year ago.
Broward: 1,062 sales in March, down from 1,084 a year ago.
What were total condo sales?
Miami-Dade: 1,041 sales in March, down from 1,100 a year ago.
Broward: 1,070 sales in March, down from 1,197 a year ago.
What is the housing inventory in South Florida?
Miami-Dade: 6 months of houses, up from 4.3 months a years ago; 13.2 months of condos, up from 8 months a year ago.
Broward: 5.4 months of houses, up from 3.9 a year ago; 12 months of condos, up from 7.2 months a year ago.
Note: A balanced market consists of six to nine months of inventory, with anything below benefiting sellers and anything above benefiting buyers.
Miami Herald consumer trends reporter Howard Cohen, a 2017 Media Excellence Awards winner, has covered pop music, theater, health and fitness, obituaries, municipal government, breaking news and general assignment. He started his career in the Features department at the Miami Herald in 1991. Cohen is an adjunct professor at the University of Miami School of Communication. Support my work with a digital subscription
