In Miami-Dade County, August experienced a significant drop in condo sales and prices. Sales fell to $470 million from $624 million in July, with closed sales decreasing from 810 to 712. The median sale price of condos dropped from $407,500 to $380,000, and the price per square foot fell from $416 to $388.

This decline is partly due to new building safety regulations following the Champlain Towers collapse in 2021. These regulations require extensive inspections and reserve funds for older buildings, increasing costs for condo owners. Monthly fees and special assessments are rising, adding financial strain, especially for owners of older properties.

Increased regulatory costs and economic pressures have led to higher inventory levels and lower demand, putting downward pressure on prices. Despite these issues, the market remains resilient, with newer buildings and properties in better condition, maintaining stable prices. Florida’s strong job growth continues to support overall market stability.

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(source: therealdeal.com, finance.yahoo.com, realestate.usnews.com, picture: Oskar Kadaksoo)