Realtors: Luxury condominiums selling in a stagnant market
UPinprint
Sales of luxury condominiums, upwards of $1 million, are on the rise, according to the Miami Association of Realtors’ June sales report, but the condominium market is sputtering.
Overall condominium sales fell by 25% from last May, according to the report. Broward condominium sales followed the trend by dropping 24%.
High mortgage rates, stricter financing requirements and overall rising costs have kept prospective buyers of affordable and mid-market condominiums at bay.
Miami-Dade’s median condominium price has remained at $425,000, breaking the 14-year steady rise. Broward’s median condominium price dropped to $275,000 from $280,000 last May.
While Miami’s condominium inventory is on the rise, the price point far exceeds the median price and unaffordable to many prospective buyers.
The median home sales price in Miami-Dade was $675,000, up from $650,000 a year ago. The median home price in Broward was $625,000, unchanged from a year ago.
Sales of single-family homes and condominiums dropped in both Miami-Dade and Broward.
Miami-Dade recorded 943 sales in May, compared to 1,102 a year ago, and 970 condominium sales, compared to 1,295.
Broward recorded 1,110 home sales in May, down from 1,249 in 2024, and 1,014 condominium sales, down from 1,334.