S
outh Florida's real estate sector, particularly in Miami-Dade and Broward counties, is undergoing a significant shift, favoring condominium buyers. Inventory levels have surged, resulting in a broader supply of properties. In Miami-Dade, inventory reached 10.6 months in October 2024, surpassing the 9-month threshold that indicates an oversupply, making it more favorable for buyers. Broward County also shows an increase, reaching 9.2 months of inventory, nearing a buyer's market.

    Experts note that a balanced market occurs when inventory levels are between 6 and 9 months. Despite the increased supply, condominium prices continue to rise in both counties. In Miami-Dade, the median sale price is $415,000, a 3% increase from last year, while in Broward it stands at $280,000, reflecting similar growth.

    The high demand for luxury condominiums and newer buildings constructed within the last 30 years drives this trend. Concerns about structural repairs and new laws requiring higher maintenance reserves have led buyers to favor modern properties. The condominium market is showing a clear shift: more options for buyers, rising prices, and a preference for new buildings.

    The real estate market in South Florida is shifting in favor of buyers due to increased inventory levels. Condominium prices continue to rise despite the increase in supply. Luxury properties and newer buildings are driving demand, with concerns about structural repairs and maintenance reserves leading buyers to prefer modern properties.