Summary
Condo prices in Florida have dropped by 9.9% over the past year, marking the largest decline since 2009. Factors such as increased inventory, higher owner costs, and new safety requirements contribute to this trend. The market faces challenges despite financial relief efforts signed into law to assist condo owners.
Key Facts
- Florida condo prices have decreased by 9.9% over the last year.
- This is the largest price drop since the 21.8% fall during 2009.
- Regions like Punta Gorda, Cape Coral, Tampa, and Sarasota saw price drops between 12% and 18%.
- Condo inventory is high, with more than nine months of supply available.
- A balanced real estate market typically has about six months of supply.
- Higher homeowners association fees and insurance costs are prompting sales.
- New safety rules after the Surfside collapse have increased renovation costs.
- In June, Florida Governor Ron DeSantis signed a law to help condo owners financially.
