Condominium prices in Florida are starting to drop while more people are trying to sell their condos, according to a new report by Redfin real estate and mortgage services company.
Natural disasters, corresponding increases in home insurance prices along with homeowner association (HOA) fees are being blamed for the “faltering” market for condos in the Sunshine State, Redfin concluded.
“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,” the Redfin report said.
Across the state, the median sale price for condominiums was $317,000, a decrease of 6.8% in a year-over-year comparison. Meanwhile, new listings for condo sales in Florida jumped by 28.2% in the last year.
Florida condo market takes a tumble in past year
white and gray chairs and table by Lotus Design N Print is licensed under Unsplash unsplash.com
white and gray chairs and table by Lotus Design N Print is licensed under Unsplash unsplash.com
