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Condo Sales Drop in South Florida but Inventory Rises Sharply

Residential Rajkumar Ramkerath November 2, 2024

Condominium sales in South Florida have significantly declined, with August sales dropping by double digits compared to last year. This trend has persisted in Miami-Dade and Broward counties for 11 of the past 12 months, and in Palm Beach County for 10 months. The supply of condos has surged, particularly in Broward (up 100%), Palm Beach (77%), and Miami-Dade (58%). Despite increased inventory, condo prices remain stable, while single-family home prices continue to rise, with median prices in Miami-Dade reaching $640,000.

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