May 21, 2025
The South Florida condominium market continues to evolve rapidly in 2025, with shifting inventory levels, varying price points, and new development activity across its major counties. Despite recent market fluctuations, the region remains a focal point for both domestic and international buyers seeking lifestyle opportunities in one of America's most desirable coastal areas. This analysis examines the current landscape of condominium properties across Miami-Dade, Broward, Palm Beach, and Collier Counties, providing an in-depth look at market size, inventory trends, and affordability metrics.
Miami-Dade County represents one of the most significant condominium markets in South Florida, with approximately 10,322 condominium buildings featuring an average age of 12.5 years8. Despite its substantial size, the market has experienced notable contractions in recent years.
Current Miami condominium inventory stands at 12,568 units as of February 2025, representing a 42.4% increase year-over-year from 8,826 listings in 20241. However, this figure remains significantly below pre-pandemic levels, with current inventory still 31.9% lower than the 16,583 units available in February 20191. This indicates that while inventory is recovering, it has not yet returned to historical norms. Total active listings across all property types in Miami-Dade increased 39.2% year-over-year to 17,708, though this remains 6.5% below the historical average of 18,8511.
Sales activity has shown concerning signs of weakness. Miami's total existing condominium sales decreased 21.7% year-over-year in February 2025, dropping from 941 to 737 transactions1. This downward trend extends beyond monthly fluctuations; the 2024 summer buying season (May through October) saw only 5,085 condominium units traded in Miami-Dade-representing an 18% decline from the 6,180 units sold during the same period in 20235. More concerning, this marked the lowest volume of summer season condominium sales since the 2009 Great Recession5.
While comprehensive average price data for Miami-Dade is limited in the search results, we can observe that 54.3% of condominium purchases in February 2025 were cash transactions9, indicating continued interest from investors and affluent buyers despite the sales slowdown. The high percentage of cash buyers suggests a market that remains challenging for financing-dependent purchasers, potentially affecting overall affordability for middle-income buyers.
Broward County hosts approximately 9,049 condominium buildings with an average age of 11.5 years8, positioning it as the second-largest condominium market in the analyzed region. The county is experiencing a significant development push with luxury-branded residences.
Nearly two dozen new condominium projects with more than 3,900 units are currently in the development pipeline throughout Broward County2. This surge in development is particularly concentrated in Pompano Beach, which has emerged as the epicenter of Broward's branded residence market-a trend that previously dominated Miami's Brickell neighborhood2. Major developers including Fortune International Group and Related Group are bringing luxury brands such as Ritz-Carlton, Waldorf Astoria, and the W Hotel to Pompano Beach2.
One notable development is the Ritz-Carlton Residences in Pompano Beach, which secured a $259 million construction loan in 2023. This project includes a 32-story Beach Tower with 117 units and a 14-story Marina Tower with 88 units, with prices starting at $1 million. The development was reported to be 90% presold when construction financing was secured and is expected to be completed in 20262.
Weekly sales data provides insight into Broward's current market conditions. For the week of April 13-20, 2025, brokers closed 117 condominium sales totaling $51.1 million, down from 138 sales totaling $42.9 million in the previous week6. Despite the decrease in transaction volume, the average sale price increased significantly from $311,070 to $436,635, with average price per square foot rising from $271 to $3166.
The luxury segment in Broward shows considerable price variation. The top ten sales during that week ranged from $850,000 to $7.8 million6. The highest sale was for unit 1901 at Four Seasons Residences Fort Lauderdale, which sold for $7.8 million ($2,004 per square foot) after 184 days on the market6. The second-highest sale was unit N903 at Auberge Beach Residences in Fort Lauderdale, which closed at $3.5 million ($1,652 per square foot) after 66 days on market6. These premium prices underscore the strength of Broward's luxury condominium segment despite broader market fluctuations.
While the search results provide less comprehensive data about Palm Beach County's overall condominium market size, they highlight significant developments in the luxury segment.
Perhaps the most notable project is being proposed by Oko Group, led by billionaire developer Vlad Doronin, and Cain International-the first new condominium project in the town of Palm Beach in nearly 20 years3. This development would replace 135 existing hotel/condominium units in the Edgwater and Ambassador buildings (built in the 1960s) with three new five-story condominium buildings containing just 41 luxury residences3.
The developers acquired the 4.9-acre oceanfront and Intracoastal Waterway site for $146.6 million in 2022. The proposed development would significantly reduce density on the property while creating larger, more luxurious units3. The planned residences include one two-bedroom unit, 14 three-bedroom units, and 26 units with four or more bedrooms, indicating a focus on spacious, high-end homes for affluent buyers3.
Collier County represents a more modestly sized but growing condominium market compared to its eastern coastal counterparts.
As of March 11, 2025, Collier County had 3,941 condominiums and apartments listed for sale7. While this figure includes both condominiums and apartments, it provides a general indication of the market's size. New development activity includes plans by Barron Collier Companies and CAPREIT for a residential development with 300 premium apartment units in Ave Maria, Florida4.
Based on sample listings, condominium prices in Collier County demonstrate significant range. Available units were priced from $224,900 for a 1,082 square foot unit in Naples to $1,199,000 for a three-bedroom, three-bathroom 2,068 square foot unit7. Other listings included units at $259,900, $339,900, $345,000, and $395,000, indicating a market that offers options across various price points7. This diversity suggests greater accessibility for middle-market buyers compared to the luxury-dominated markets in other South Florida counties.
When comparing affordability across these four South Florida counties, distinct patterns emerge. Miami-Dade County shows signs of market correction with decreasing sales despite inventory increases, suggesting price sensitivity among buyers. The high percentage of cash buyers (54.3%) indicates a market that remains challenging for financing-dependent purchasers9.
Broward County presents a mixed picture with robust luxury segment performance but variation in the broader market. The average sale price of $436,635 for the week of April 13-20, 2025, positions it as more affordable than Miami's prime areas but still beyond reach for many middle-income buyers6.
Palm Beach County's exclusive Palm Beach island area continues to target ultra-high-net-worth individuals, with new developments focused on large, luxury units rather than volume or affordability. The proposed Oko Group development illustrates this trend by replacing 135 units with just 41 larger residences3.
Collier County appears to offer the most diverse price points among the counties examined, with condominium units available from the $200,000s to over $1 million7. This diversity makes it potentially more accessible to a wider range of buyers.
The South Florida condominium market in 2025 presents a complex landscape characterized by varying levels of development activity, inventory, and affordability across its major counties. Miami-Dade County faces sales challenges despite inventory growth, indicating potential price adjustments ahead. Broward County is emerging as a new frontier for luxury branded residences while maintaining a somewhat broader price range than Palm Beach. Palm Beach County's limited but ultra-luxury new development reinforces its position at the highest end of the market. Meanwhile, Collier County offers relatively greater affordability and options for mid-market buyers.
For potential buyers, these regional variations present distinct opportunities depending on budget and preferences. Investors should note the significant pipeline of new luxury developments in Broward County, while end-users seeking relative value might find Collier County's diverse price points more accessible. As inventory continues to rebuild from post-pandemic lows and interest rates influence buyer behavior, the South Florida condominium market will likely continue evolving with potential opportunities emerging for both developers and purchasers across various price segments.
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