Florida’s Condo Market Is Showing New Momentum

by Angela Ackermann

Florida’s Condo Market Is Showing New Momentum

Florida’s condominium market may be turning a corner.

After several years of navigating higher insurance costs, assessments, and changing regulations, condo and townhouse sales are showing broader signs of improvement.

According to the latest Florida Realtors® data, closed condo and townhouse sales increased 11% year over year in July, marking the 11th consecutive month of annual gains.

And what’s particularly interesting is that buyers aren’t returning at just one price point.

Buyers Are Moving Across the Market

July sales increased across several price ranges:

Below $500,000: up nearly 8%
$500,000–$1 million: up 24%
$1 million+: up more than 31%

That tells me this is becoming more than an affordability story.

Yes, condos remain an attractive option for buyers looking for a more accessible path to Florida homeownership. But we're also seeing renewed activity among buyers shopping at higher price points.

Demand is broadening.

Why Now?

Florida's condo market has had some catching up to do.

New regulatory requirements, rising insurance costs, and assessments created uncertainty for many owners and buyers. Over time, however, associations and owners have had an opportunity to adjust to the changing environment.

That appears to be helping.

As Florida Realtors® Chief Economist Dr. Brad O’Connor explains, the market is showing signs of adjusting as associations and owners become more accustomed to these changes.

For buyers, that can translate into greater clarity and confidence.

What This Means for Treasure Coast Buyers

Here on the Treasure Coast, condominium buyers have plenty of choices, from oceanfront residences on Hutchinson Island to waterfront and resort-style communities throughout Fort Pierce, Port St. Lucie and Vero Beach.

But today's condo buyer needs to look beyond the view and the list price.

I always encourage buyers to understand the bigger picture:

What are the association fees?
How healthy are the reserves?
Are there current or anticipated assessments?
What does the building's insurance cover?
How does the community compare with similar properties nearby?

These details can make a significant difference in the true cost and long-term value of a condo.

A Market Worth Watching

I wouldn't call this a return to the old condo market.

It's a new market, one where buyers are more informed, sellers need to be more strategic, and well-positioned properties have an opportunity to stand out.

The latest numbers are encouraging, and I'll be watching closely to see whether this momentum continues into the months ahead.

For anyone considering buying or selling a condo on the Treasure Coast, understanding the market is the first step.

And in today's market, knowing the numbers is important, but knowing what they mean for your particular property is even more valuable.

Angela Ackermann | Broker Associate
Engel & Völkers Hutchinson Island