Condo Market Is Tanking. Data Not Great For House Sellers. Broward Even Worse…
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2025 MetroDesk Media, LLC) — The real estate market in Palm Beach County is showing signs of trouble. That’s a major takeaway from the latest Elliman Report prepared by Miller Samuel Real Estate Consultants and Appraisers. While some segments look good, the overall numbers for sellers are bad — and REALLY bad if you’re trying to sell a condo in Palm Beach County.
While newly signed contracts are up a bit when it comes to houses (13.2-percent), newly signed contracts are down 43.8 percent for condominiums in Palm Beach County when comparing February of 2025 with February of 2024. And it’s not an anomaly in a specific price point. The drop is 46.7-percent for condos valued between $200k and $299k; 65-percent for condos valued between $300k and $399k; 69-percent for condos in the $400k to $599k price range, the drop is 47-percent for condos on the $600k to $999k price range, and 55-percent for condos valued between $1M and $2.99M. The year-to-year number of new contracts logged for condos valued between $3M and $4.99 dropped 8.3-percent.
New listings are also showing overall negative growth. While the number of new listings for houses in Palm Beach County rose 13.2-percent when comparing February of 2025 with February of 2024, they dropped 20.5-percent in the condo sector. That’s roughly a 3-percent decline overall.
”The number of newly signed contracts for single family homes and condos combined has slipped annually for the first time in three months as listing growth has slowed. Luxury contracts over the $1M mark slipped annually for the first time since July,” said John Miller of Miller Samuel.
The news is worse in Broward County, where newly signed contracts for houses dropped 55.3 percent year-to-year, and newly signed contracts for condos dropped 58.6-percent year-to-year. Listings in Broward are also down. New listings for houses dropped 38-percent. New listings for condos dropped 45.8-percent.
Why buy when you can rent for cheaper? Add in HOA, property taxes, insurance, etc., it’s cheaper to rent and invest your money elsewhere. Many apartments in other parts of Florida are offering 2 months worth of concessions and then some because there is an over saturation of new construction – couple that with a mandatory return to work, and macro fears in general.
Please, spare me. The prime real estate is selling full or higher than asking. Those pushing to rent? In Palm Beach County? NEVER. It is throwing money down the sewer each month. The only one’s pushing real estate problems are those who bought bad property or are lost in a rent cycle and cannot buy. In Pacific Palisades in California after the fires! The lots are selling $1.5M and up. Bad property isn’t going to move fast or quickly. Condos are condos. I am sick of hearing complaints about expenses again look at California the expenses are the same and higher but you don’t see people crying the sky is falling. I see great property selling at top dollar right now. I also see sharks trying to rip people off during a slow cycle. Don’t fall for it.
Comments are closed.