A tropical storm may be developing in the South Florida condo market, where a steep drop in annual sales coincides with rising homeowners association fees and skyrocketing insurance premiums.

There were 865 signed contracts in Miami-Dade County in June, a 26.8% drop from the 1,181 deals inked in June 2023. Broward County saw a dip of nearly 31% in annual comparison, with 412 contracts in June, down from 603 sales a year earlier.

Palm Beach County recorded 244 condo deals in June, a 33% fall from the 366 sales in June 2023, according to the latest Elliman Report. In Miami-Dade and Palm Beach counties, sales dropped across all price points, ranging from units priced below $200K to those priced over $5M.

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