More condos and homes are on the market in South Florida as sales drop – NBC 6 South Florida

For those looking to buy in the South Florida market, now might be the chance as March saw the most homes and condos on the market than there have been in the last six years.

According to data from the Miami Association of Realtors, the number of condos and homes for sale has continued to increase but the prices paint a different picture.

To break it down, Miami-Dade currently has more than 13,000 active condo and townhome listings, which are up 43.5% compared to the same time last year. But the median sale price is down almost 2% and the number of closed sales is down more than 5%.

In March 2024, there were 1,041 closed sales for single-family homes, while in March 2025, there were 961 closed sales.

For townhomes and condos, there were 1,100 closed sales in March 2024 and 1,041 closed sales in March of this year.

In Broward County, inventory is up 43.4% with median prices down 3%.

Closed sales are also down more than 10%.

In March 2024, there were 1,084 closed sales for single-family homes, while in March 2025, there were 1,062 closed sales.

Townhomes and condos saw a large difference in closed sales year-to-year.

In March of 2025, there were 1,197 closed sales compared to this year with only 1,070 in March.

Florida’s condo market has been slumping, potentially because of changes in building codes and regulations.

Buildings 30 years and older must undergo a visual structural inspection and if any issues are found, more in-depth inspections could be warranted.

Following the partial collapse of the Champlain Towers, Florida implemented new condominium inspection laws that included mandatory special assessments, studies for the structural integrity of the building, and more.

Those costs have been known to be added to a condo’s sale price, potentially deterring buyers. Another issue is an increase in HOA fees to also help with those added costs.

But all doesn’t seem bleak for single-family homes.

While sales have decreased, in Miami-Dade, the median price of a listing has increased. The same can be said for Broward County, where sales have also increased.

According to the Miami Association of Realtors, we are in what is considered a balanced market for single-family homes, meaning there is a healthy balance between the number of homes for sale and the demand for them.

As for condos, the organization said it’s a buyer’s market, so buyers may have more leverage in negotiating sale prices.