{"id":77549,"date":"2024-02-26T05:00:52","date_gmt":"2024-02-26T13:00:52","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77549"},"modified":"2024-02-23T12:10:12","modified_gmt":"2024-02-23T20:10:12","slug":"florida-condo-prices-dropping","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/florida-condo-prices-dropping\/","title":{"rendered":"Florida\u2019s Condo Prices Are Falling As Cost of Insurance and HOA Fees Skyrocket"},"content":{"rendered":"

Florida\u2019s condo market is faltering as the increasing intensity of natural disasters pushes up home insurance costs, and HOA fees soar in the wake of the 2021 Surfside condo collapse.\u00a0\u00a0<\/span><\/i><\/p>\n

Prices of condos in major Florida metros are dropping year over year, and sales are declining. New condo listings are soaring as sellers try to offload their properties. That differs from the U.S. as a whole, where condo prices are rising, sales are holding steady and new listings are increasing at a much slower rate.\u00a0<\/span><\/p>\n

In the Jacksonville metro, for instance, the median condo price declined roughly 7% year over year in January, sales declined 27%, and new listings increased 32%. The story is similar in Miami, where condo prices fell 3%, sales dropped 9% and new listings rose 27%.\u00a0<\/span><\/p>\n

\"\"<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
Florida condo market summary, Jan. 2024<\/b><\/p>\n

Six most populous Florida metros\u00a0<\/span><\/i><\/td>\n<\/tr>\n

<\/td>\nCape Coral<\/b><\/td>\nJackson-<\/b><\/p>\n

ville<\/b><\/td>\n

Miami<\/b><\/td>\nNorth Port<\/b><\/td>\nOrlando<\/b><\/td>\nTampa<\/b><\/td>\nFlorida<\/b><\/td>\nU.S.\u00a0<\/b><\/td>\n<\/tr>\n
Median sale price\u00a0\u00a0\u00a0<\/b><\/td>\n$350,000<\/span><\/td>\n$254,000<\/span><\/td>\n$385,000<\/span><\/td>\n$375,000<\/span><\/td>\n$200,000<\/span><\/td>\n$235,000<\/span><\/td>\n$317,000<\/span><\/td>\n$340,000<\/span><\/td>\n<\/tr>\n
Median sale price, YoY change<\/b><\/td>\n6.5%*<\/span><\/td>\n-6.5%<\/span><\/td>\n-2.5%<\/span><\/td>\n7.1%*<\/span><\/td>\n-4.8%<\/span><\/td>\n-1%<\/span><\/td>\n2.4%<\/span><\/td>\n8.4%<\/span><\/td>\n<\/tr>\n
Sales, YoY change<\/b><\/td>\n-8.4%<\/span><\/td>\n-27.4%<\/span><\/td>\n-8.7%<\/span><\/td>\nflat<\/span><\/td>\n6.6%<\/span><\/td>\n-4.1%<\/span><\/td>\n-6.8%<\/span><\/td>\nflat<\/span><\/td>\n<\/tr>\n
Pending sales, YoY change\u00a0<\/b><\/td>\n-16.4%<\/span><\/td>\n-13.7%<\/span><\/td>\n11.9%<\/span><\/td>\n-10.2%<\/span><\/td>\n32.3%<\/span><\/td>\n-9.6%<\/span><\/td>\n-3.5%<\/span><\/td>\n8.4%<\/span><\/td>\n<\/tr>\n
New listings, YoY change<\/b><\/td>\n32.6%<\/span><\/td>\n32.4%<\/span><\/td>\n27%<\/span><\/td>\n33.7%<\/span><\/td>\n23.3%<\/span><\/td>\n27.3%<\/span><\/td>\n28.2%<\/span><\/td>\n11.1%<\/span><\/td>\n<\/tr>\n
Active listings, YoY change<\/b><\/td>\n85%<\/span><\/td>\n35%<\/span><\/td>\n14%<\/span><\/td>\n82%<\/span><\/td>\n47%<\/span><\/td>\n48%<\/span><\/td>\n40%<\/span><\/td>\n11%<\/span><\/td>\n<\/tr>\n
*Condo prices are rising in Cape Coral and North Port largely because they were at a low point a year ago in the <\/span><\/i>wake<\/span><\/i><\/a> of Hurricane Ian\u00a0<\/span><\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Florida\u2019s market for single-family homes is faring better. Take Miami as an example: The median sale price of single-family homes increased by double digits from a year earlier in January, sales rose 9% and new listings increased 13%. <\/span><\/p>\n

Florida Redfin agents say climbing costs are making condo ownership unattractive<\/h3>\n

Redfin agents report that Florida\u2019s condo sales are slow because the cost of buying a condo has shot up, and listings are skyrocketing because the cost of <\/span>owning <\/span><\/i>a condo has shot up. The average cost of <\/span>homeowners insurance<\/span><\/a> across Florida increased by about 40% in 2023 alone, according to reports, and homeowners association (HOA) fees are multiplying for many condo buildings. In addition to slowing demand, the rising cost of insurance and fees are pushing prices down. <\/span><\/p>\n

While condo prices are down from a year ago, they\u2019re still much higher than they were before the pandemic\u2014an affordability challenge that\u2019s being exacerbated by rising insurance and HOA expenses.\u00a0<\/span><\/p>\n

\u201cCondo costs are shocking,\u201d said Juan Castro<\/a>, a Redfin Premier agent in Orlando. \u201cCondos that used to have a $400 monthly maintenance fee may now have a $700 fee. It\u2019s causing buyers to rethink their plans.\u201d<\/span><\/p>\n

Florida\u2019s HOA fees are increasing because there are new <\/span>condo regulations<\/span><\/a> in place this year in the wake of the <\/span>2021 Surfside condo<\/span><\/a> collapse. The regulations require HOAs to regularly assess the safety of condo buildings, and in many cases collect more money for maintenance and repairs. HOA fees typically include a condo owner\u2019s portion of insurance costs for the exterior of a building, while homeowners have a separate policy covering the interior of their condo.\u00a0<\/span><\/p>\n

In some situations, it\u2019s also more difficult to attain a condo mortgage than a single-family home mortgage, even though condos are often considered a more affordable option. That\u2019s because lenders require borrowers to have enough money to cover HOA dues, and also take into consideration the financial health of the condo building before writing a loan.\u00a0<\/span><\/p>\n

Home insurance costs are skyrocketing in Florida due to the increasing intensity of hurricanes and other natural disasters, with some insurance companies <\/span>leaving<\/span><\/a> the state altogether. Homeowners\u2019 insurance costs <\/span>three times more<\/span><\/a> in Florida than the national average, making it the most expensive state in the U.S. to insure a home.<\/span><\/p>\n

\u201cCondos are sitting on the market much longer than they used to, with less interest from buyers,\u201d said Jacksonville Redfin Premier agent Heather Kruayai<\/a>. \u201cSky-high HOA costs are pushing buyers out of their monthly budget.\u201d\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Florida\u2019s condo market is faltering as the increasing intensity of natural disasters pushes up home insurance costs, and HOA fees soar in the wake of the 2021 Surfside condo collapse.\u00a0\u00a0 Prices of condos in major Florida metros are dropping year over year, and sales are declining. New condo listings are soaring as sellers try to […]<\/p>\n","protected":false},"author":13153,"featured_media":77551,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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