Florida Condo Market Overview: Trends, Challenges, and Insights

Economy Consumer Behavior

Explore the latest trends and challenges in the Florida condo market, from high inventory levels to rising home insurance premiums. Discover key insights and data points shaping the current real estate landscape in Florida.

Low Sales and High Inventory

⏬March condo sales at an 8-year low despite high inventory levels

📈Condo inventory in Florida at a five-year high, increasing by 269% in the past two years

🔍Upcoming news and trends in the Florida condo market compared to previous years

Price Deceleration and Market Shifts

📉Home prices in Florida have been decelerating since November, despite remarkable growth since March 2019.

💰Median condo prices in Florida have increased by about 74% over the past 5 years, providing more options for home buyers.

📊The percentage of original list price received is a lagging indication of market direction, based on closed home sales.

Market Activity and Listings

⏬Pending home sales decreased by 12.6% year-over-year in March.

📉New listings have been decreasing for five consecutive months since November 2023.

📈New listings increased by 11% year-over-year, lower than previous months.

Inventory Supply and Home Sales

📈Month supply of inventory in Florida condos has been steadily rising since August 2020, now at 6.6 months, the highest since at least 2016.

⬇️Closed home sales by price segment in Florida are all decreasing.

FAQ

What is the current trend in Florida condo sales?

March condo sales are at an 8-year low despite high inventory levels.

How much have condo prices increased in Florida over the past 5 years?

Median condo prices have increased by about 74% over the past 5 years.

Why are new listings decreasing in Florida?

New listings have been decreasing for five consecutive months since November 2023.

What is the current month supply of inventory in Florida condos?

Month supply of inventory in Florida condos is at 6.6 months, the highest since at least 2016.

Are home sales by price segment increasing or decreasing in Florida?

Closed home sales by price segment in Florida are all decreasing.

How much have home insurance premiums surged in Florida from May 2021 to May 2023?

Home insurance premiums in Florida surged by 68% from May 2021 to May 2023, the highest nationwide.

What is the impact of new condo regulations post-Surfside collapse on HOA fees in Florida?

HOA fees in Florida are rising due to new condo regulations post-Surfside collapse.

Why are pending home sales decreasing in Florida?

Pending home sales decreased by 12.6% year-over-year in March.

How has the percentage of original list price received evolved in the Florida condo market?

The percentage of original list price received is a lagging indication of market direction, based on closed home sales.

What is the percentage increase of condo inventory in Florida in the past two years?

Condo inventory in Florida has increased by 269% in the past two years.

Summary with Timestamps

💥 0:00Florida condo market facing significant challenges with record low sales and high inventory levels.

📉 3:48Florida condo market experiencing deceleration in home prices and increasing affordability.

📉 7:26Decrease in pending home sales and new listings in Florida condo market.

📈 11:32Florida condo market experiencing increasing month supply of inventory since August 2020, reaching highest levels since 2016.

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