Condo sales rebound across South Florida and Key Biscayne | Real Estate

Condo sales appear to be regaining momentum across Miami-Dade County and South Florida, a trend that is also reflected in Key Biscayne’s market, where inventory remains limited and demand steady despite high prices.

The range across Miami-Dade County and throughout South Florida includes affordable, luxury and even older units.

According to a report from Realtor.com, older condos — those over 30 years old — are moving faster than newer condos: 66 days versus 81 days. New inspection regulations and the condo boards’ ability to finance reserve funds might be behind that surge, but lower interest rates also might be helping.

As 2025 came to a close, the average rate on 30-year fixed home loans decreased to 6.18% for the week ending Dec. 24. Rates averaged 6.85% during the same period in 2024.

Overall, the Miami-Dade condo market has seen existing-unit sales down 3.78% (from 794 to 764) from November 2024.

But, sales of units priced between $200,000 and $400,000 were up an astonishing 21% (from 135 to 165) compared to November 2023, according to statistics released by the Miami Association of Realtors and the Miami Southeast Florida Multiple Listing Service.

Luxury condos — $1 million-plus transactions — increased 13.2% year over year in November 2025, from 272 to 308. However, the increase in sales hasn’t been as much as condos priced between $200,000 and $400,000.

As far as the price structure, Miami condo prices have risen 94.6% from November 2015 to Novemeber 2025, from $203,000 to $395,000, according to Miami Realtors.

And, that report noted, that while Miami existing condo median prices decreased 9.48% year-over-year in November 2025, from $436,354 to $395,000, the price appreciation remains among the highest in the nation.

What’s happening with condo sales in Key Biscayne right now?

Key Biscayne also had its share of condos available in December, according to Key Biscayne Homes’ market report.

There were 102 condo units on the market at an average listing price of $2,406,325 ($1,294 per square foot) and 126 condos for rent with an average listing price of $9.826 ($6 per square foot).

Over the past 12 months, the 148 condos sold came in at an average purchase price of $1,826,519 ($1,051 per square foot) with an average of 98 days on the market.

Location, value and affordability are the primary reasons for the sales surge in a market where available land is limited, said Eddie Blanco, Chairman of the Board for the Miami Association of Realtors.

“Condos have always been South Florida’s entry point for first-time home buyers,” he said.