Condo values are coming down in Miami-Dade

Condo values in Miami-Dade County are declining, especially in coastal areas like Aventura (down 4%) and Miami Beach, due to new state regulations and reduced demand. In the city of Miami, values for older units fell 1%, a reversal from last year’s 9% increase. Condo sales dropped 25% in May, though prices stayed stable, and inventory has doubled to a 14-month supply. Meanwhile, more affordable areas like Hialeah and Miami Gardens saw slight value increases. The cooling market is giving buyers more leverage.