Florida condo market insights reveal price declines and buyer hesitation, but market patterns suggest potential recovery ahead.
Condominiums have become a central focus for many homeowners and buyers in Florida. In the aftermath of the tragic condo collapse in South Florida in 2021, the state enacted major legislative reforms. These included stricter structural integrity testing and tighter financial oversight for condo associations.
At the same time, insurance premiums have gone up. These changes have caused monthly condo fees to rise. As a result, many buyers have pulled back, and prices have started to drop.
But the market is not static, and real estate moves in cycles. After the housing crisis from 2008 to 2012, the market eventually recovered. What goes down often comes back up. Florida’s condo market may follow the same pattern in the near future.
Let’s take a look at the market statistics as of April 2025 and what they could indicate about the future of condominiums.
Home Prices in Northeast Florida (Duval, St. Johns, Clay, and Nassau Counties)
1. Single-family homes 🏠 - The median sales price for single-family homes across Duval, St. Johns, Clay, and Nassau counties was $390,000, reflecting a 2.5% decrease from the previous month.
2. Condominiums 🏬 - Condos in the same areas saw a sharper price drop of about 10%, with a month’s supply of just under 10 months. This indicates that condos currently have double the inventory relative to demand compared to single-family homes.
“Condo sales are more complex than regular home sales and require a closer look at the numbers.”
Pending Sales Activity (Week Ending May 17, 2025)
1. Single-family homes 🏡 - For the week ending May 17, 2025, new pending sales in Northeast Florida continued to decline across both single-family homes and condominiums. Single-family homes recorded 269 new pending contracts, down 34.5% compared to the same week in 2024 when there were 411. This also represents a 1.8% decline from the previous week’s total of 274.
2. Condominiums 🏢 - There are 21 new pending sales, a 43.2% decrease from 37 pending sales during the same week last year and a 22.2% drop from the prior week’s 27.
While both figures indicate a slower pace of market activity, the gap between them is not as significant as one might expect. Based on weekly tracking, the difference is less dramatic than anticipated, which suggests that both markets are cooling at a relatively similar rate.
If you own a condo, are planning to buy one, or are helping someone who is, it’s important to know that condo transactions are more complex than regular home sales. You need to look closely at things like building reports and the financial health of the condo association. If you have questions or need guidance, please reach out. You can call me at 904-405-1995 or send an email to Jeff@PursuitRealEstate.com. I look forward to hearing from you
