Florida’s Condo Market in 2025: What Homeowners and Buyers Need to Know
Florida’s condo market is going through a major transformation—and for many owners, it’s turning into a full-blown crisis. In cities from St. Petersburg to Fort Lauderdale, condo sales are slowing, prices are falling, and for many communities, steep costs tied to insurance and repairs are driving owners to sell.
Whether you’re thinking about buying a condo in Florida or trying to sell one, it’s crucial to understand what’s happening and what changes may be on the horizon. Here’s what you need to know about the state of Florida’s condo market in 2025.
What’s Causing the Condo Crisis in Florida?
The root of the current condo crisis can be traced back to the Champlain Towers South collapse in Surfside in June 2021, where 98 people tragically lost their lives. In response, Florida lawmakers passed new legislation requiring stricter safety inspections for older condominium buildings and more robust funding of repair reserves by condo associations.
While these changes were designed to improve safety and prevent future tragedies, they’ve had significant financial side effects. Condo associations are now required to:
Conduct milestone inspections for aging buildings
Perform reserve studies to determine future repair needs
Fully fund reserves to pay for necessary structural maintenance
As a result, many owners are now facing large special assessments and soaring insurance premiums—especially in older buildings that weren’t prepared for the financial burden.
The Market Reaction: Sales Down, Listings Up
According to Florida Realtors' April 2025 data, sales of condominiums statewide are down nearly 15% compared to the previous year. In the Tampa Bay metro area, that number climbs even higher—20% fewer condo sales year over year.
Meanwhile, listings are flooding the market. Condo inventory is up 34% compared to last year, and the average time it takes to sell a condo has jumped to 91 days, a 10% increase.
This influx of inventory gives buyers the advantage. They’re negotiating lower sales prices, asking sellers to cover pending assessments, and taking their time making decisions.
Falling Condo Prices
Prices are beginning to reflect the shift in demand. The median condo sales price in Florida is now $335,000—a 6% drop from this time last year and a 16% decline from April 2021, before the Surfside collapse.
As long as sellers continue to list under financial pressure and buyers remain cautious, experts predict prices could fall further through the end of 2025.
Who’s Most Affected?
This shift is hitting older, formerly “affordable” condos the hardest—especially in buildings that have deferred maintenance, older construction, or are located in flood-prone areas.
Many retirees and fixed-income owners are struggling to absorb the costs of:
$20,000 to $100,000+ special assessments
Property insurance premiums that have doubled or tripled
New requirements to fund reserves with no opt-out
Some owners are choosing to walk away from their investments. Others are listing their condos at a loss just to get out from under the financial strain.
New Legislation May Offer Temporary Relief
A bill currently awaiting Governor Ron DeSantis’s signature may ease some of the immediate pressure on condo associations. If signed into law, the bill would:
Delay the deadline for completing reserve studies
Extend the time to begin funding reserves
Allow associations to use a line of credit or loan to meet reserve requirements
Supporters of the bill, like Rep. Vicki Lopez (R-Miami), say it provides "wiggle room" to associations and gives owners more time to plan for upcoming expenses.
However, many real estate professionals warn that while the bill offers short-term relief, it doesn’t solve the underlying issue: someone still has to pay for long-overdue repairs.
What This Means for Buyers
If you’re a buyer considering a Florida condo in 2025, this may seem like a golden opportunity—but it’s important to proceed with caution. Here are a few key tips:
✅ Ask for the Condo Documents
Request the latest budget, reserve study, and board meeting minutes. These will help you understand whether major repairs or assessments are coming.
✅ Review the Building’s Age and Inspection Status
Older buildings, especially those built before 1990, are more likely to face inspections, repairs, and rising insurance rates.
✅ Know the Insurance Situation
Condo insurance in Florida is becoming increasingly expensive. Some buildings have even lost coverage entirely. Make sure you understand your personal and building-level insurance responsibilities.
What This Means for Sellers
For current condo owners looking to sell, preparation is everything. Buyers are wary, so transparency and pricing strategy will make a major difference. Here's how you can stay competitive:
✅ Be Upfront About Assessments
If your building has pending or recent assessments, disclose them clearly. Buyers are more likely to trust sellers who are honest from the start.
✅ Work with a Realtor Who Understands the Market
A knowledgeable real estate agent—like myself—can help price your property competitively, stage it effectively, and highlight the lifestyle benefits of the location, even when the building has challenges.
✅ Offer Incentives
In some cases, covering part of the assessment or HOA fees upfront can help a buyer feel more confident and move forward with the purchase.
Is There a Silver Lining?
Yes—this market reset is pushing many associations to finally address years of deferred maintenance, improve safety, and stabilize financial planning for the future. In the long run, the value of well-maintained, financially stable condos will likely increase.
Buyers who take the time to do their due diligence can find excellent long-term investments. Sellers who approach this market with the right strategy can still secure strong outcomes, especially in desirable Florida locations.
Final Thoughts
Florida’s condo market is in the middle of a major shift—but it’s not all bad news. With the right knowledge and preparation, both buyers and sellers can navigate these changes successfully.
Whether you’re thinking of buying, selling, or just trying to figure out your next step, I’m here to help.
📞 Sean Tennant, Realtor
📍 Charles Rutenberg Realty – Tampa Bay
📲 727-251-4106
📧 Sean@TampaBayRealtorSean.com
🌐 www.TampaBayRealtorSean.com
Need help evaluating a specific condo building or planning a sale? Let’s talk. I’ll help you make a smart move in this shifting market.
