Florida Condo Sales Reach 10-Year Low as Median Price Dips, Report Shows

January 28, 2025

Florida condominium sales last year reached their lowest point in almost a decade, according to a Florida Realtors report. It’s another measure of the financial crisis that has gripped condo owners and associations in the state since the deadly collapse of the Champlain Towers South in 2021.

The Realtors group reported that closed sales in 2024 barely topped 90,000, a far cry from the high point of 160,000 units sold in 2021. Sales in 2016, the earliest publicly available report, were just above the 100,000-sold mark.

From 2023 to last year, closed sales, not including foreclosures and short sales, fell by 10.5%. Correspondingly, the available inventory of condo units in Florida has tripled since 2021, the report noted.

Brokers and condo owners have said that rules imposed by the Florida Legislature in 2022 have forced condominium associations to beef up their reserve funding and pay for costly new structural inspections and overdue repairs. At the same time, property insurance premiums have soared as multiple carriers have curtailed writing condos and have raised rates.

That has all meant thousands of dollars in new monthly costs for unit owners, and many have said they have little choice but to sell, sometimes at prices well below what they had expected. The report indicated that the median sale price rose steadily from 2016 to 2023 but dropped a bit in 2024 to about $322,000.

Many condo associations and owners had hoped to see a special session of the Florida Legislature this winter that would allow more time for associations to build reserves and make repairs. But so far, that has not happened. Instead, a session called unexpectedly this week has focused only on immigration concerns.

The 2024 Realtors’ report can be seen here.

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