Unit Owners Flood South Florida Market With Listings At Start Of 2025 Condo Cliff
In this latest issue of the Miami Condo Market Intelligence Report™, we examine the surging number of resale listings on the market which now represent more than 11 months of supply.
Volume 2025, Issue 2 (Subscribe here)
For this week’s Miami Condo Market Intelligence Report™ newsletter, we are sharing some of the information that we have collected about the South Florida condo market at the start of the 2025 Florida Condo Association Financial Cliff.
In anticipation of our upcoming Jan. 15, 2025, seminar entitled the 2025 State Of The Miami Condo Market Outlook, we dug into the final 2024 condo statistics for the tricounty South Florida region of Miami-Dade, Broward and Palm Beach.
What we discovered is, the South Florida condo market - which was a sellers market in 2021, 2022 and less so in 2023 - is now flooded with resale listings, making it firmly a buyers market.
Currently, South Florida has about 11.4 months of resale listings on the market at the start of the 2025 Condo Cliff.
In 2024, buyers purchased an average of nearly 2,217 condo units monthly in South Florida.
If the 2024 transaction pace were to continue in 2025, it would take nearly a year for all of the units to trade if no new listings were put on the market, which seems unlikely given skyrocketing maintenance fees and hefty special assessments.
As a rule of thumb, a balanced market has about six months of supply available for resale. More months indicates a buyers market and less months a sellers market.
Not surprisingly, Vintage condos - those units in buildings that are at least 30 years old - dominate the share of resale listings on the market, accounting for about 70 percent of the nearly 25,315 South Florida listings, according to a new report.
Unfortunately for sellers hoping to achieve their asking prices, Vintage condos are available at significantly lower prices compared to the overall market.
For example, the average asking price for a Vintage condo is about $430,028 per unit and $355 per square foot. Compare this to the overall South Florida condo market where the average asking price is about $915,835 per unit and nearly $545 per square foot.
As a result, condo sellers could increasingly be faced with the likelihood of having to reduce their asking prices in the upcoming year to get deals done.
Industry watchers have said that value-minded buyers may be willing to once again consider Vintage condos - despite the Surfside condo collapse - if the units are located in buildings that have completed their necessary life-safety examinations as required by the revised Florida Condo Law.
It is worth noting that we share a portion of our research for free with subscribers to our newsletter and readers of MiamiCondo.Club.
If you want access to all of our published information and charts, we would encourage you to join the Miami Condo Investing Club™.
The objective of the Club is to create a community that shares realtime, actionable information on the latest real estate trends, opportunities and service providers in South Florida.
The Club is ideally suited for Do-It-Yourself (DIY) condo buyers and real estate professionals, alike, who can rely on our latest statistics, expert opinions and access to consulting services.
Additionally, we encourage you to listen or view our podcast wherever you get podcasts. The podcast is available on Apple, Spotify and/or YouTube.
As a reminder, we are always available for consulting, expert witness work and buyside brokerage services just as we have been since 2006.
If you are seeking information on condo resales in South Florida, please visit CondoVulturesRealty.com or call the office at 305.865.5859.
— Peter Zalewski, Founder of the Miami Condo Investing Club™
Story 1
South Florida Awash With 11 Months Of Vintage Supply At Start Of 2025 Condo Cliff
Vintage condos are units located in buildings that are at least 30 years old. Florida requires Vintage condos to undergo strenuous Milestone Studies to ensure life safety for residents.
Story 2
Watch: 1st Monthly Meeting Of Florida's 2025 Condo Association Financial Cliff
This is the full video of the January 2025 Monthly Meeting of the Miami Condo Investing Club™ featuring expert Peter Zalewski.
Story 3
Miami Condo Cliff Index™ Update As Of 01/07/25
Here is the latest update to the Miami Condo Cliff Index™. The index is updated every Tuesday.
Story 4
Florida's Legendary 1920s Land Boom Peaked Nearly 100 Years Ago This Week
The legendary Florida land boom of the 1920s that reinforced Miami's "Magic City" moniker peaked nearly 100 years ago with the sinking of a tall ship in Biscayne Bay.
Story 5
Talk Condos, Network At Meetup Event In Greater Downtown Miami On Jan. 21
You are invited to our latest Meetup event of the Miami Condo Investing Club™ at 5.30 pm Tuesday, Jan. 21, 2025, in Greater Downtown Miami.
The views and opinions expressed in this report is for general informational purposes only. It is believed to be accurate and complete based on current market trends but cannot be guaranteed or warranted as circumstances change without notice. It should not be considered as financial, legal, tax or investment advice. This content should not be relied upon as the sole basis for making any financial decisions. Before making any investment or financial decisions, you should consult with a qualified professional to determine the suitability of any investment or strategy for your individual circumstances and goals.
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