Posted 3/25/2024, 5:14:47 PM
Florida's Condo Market Plummets as Costs Rise and Buyers Pull Back
- Florida's condo market is in freefall - listings up 30%, prices dropping 1-6.5% in major markets
- Pending sales down or flat compared to last year, indicating decreasing buyer interest
- High insurance premiums, rising HOA fees creating affordability issues for buyers
- Condos sitting longer on market with less interest amid squeezing costs
- Despite dropping prices, condos still more expensive than during pandemic as other costs balloon