A condo still sells for less than a single-family home, but prices remain firm and rising in many areas, including most of South Fla. MIAMI – The good news is that the national median condo sale price of $331,000 remains lower than the average single-family home price in the U.S., which was $348,079 in 2022, according to the National Association of Realtors. But the other side of the coin shows that condo prices are on the rise in Florida, particularly in the Miami region, which is good news for sellers. The median sale price of condos in Miami increased from $525,000 in December of 2021 to $530,900 in December of 2022, according to a Norada Real Estate Investment report. The median price of existing condos also rose by 5.5%, from $355,000 to $374,500 during that one-year span, a good barometer for investors. Data compiled by the National Association of Realtors indicated that in the Miami-Fort Lauderdale-Palm Beach metro area, the median condo sale price was $315,000 in the third quarter of 2022, a 17% increase from the third quarter in 2021 when it was $269,000. Going back just to 2019, the median condo sale price for that metro area was $200,000. Three other metro areas showed large increases as well from 2021 to December 2022: Tampa-St. Petersburg-Clearwater reflected a 28.9% increase (to $290,000); Cape Coral-Fort Myers had a 27.7% increase (to $325,000); and North Port-Sarasota-Bradenton climbed 25% (to $375,000). In 2022, the median price for a townhouse or condo in all of Florida was $306,500, up from $252,000 in 2021. Both townhouse and condo prices have generally increased since 2012, when the median sale price was $106,620. As of Sunday, Redfin listed 154 condos for sale on Key Biscayne, ranging from $525,000 for a 1-bedroom unit to $11.5 million for a 5-bedroom corner property at the Ocean Club. Sales got off to a slow start this year throughout most of Florida. According to a report by Florida Realtors, single-family home sales across the state in January were down by 32.5% compared to the same period in the previous year. The decline in townhouse/condo sales was even steeper in January at nearly 41%. Condos are often appealing to buyers because, not only are the up-front costs generally less than single-family homes in that area, but amenities such as swimming pools and fitness centers and not having to worry about landscaping make it a better choice for some, according to a report from Rocket Homes, titled “How much does a condo cost in 2023?” Of course, there are condo fees ($350 a month is the U.S. average) and insurance ($429 a year is the U.S. average), as well as the average monthly mortgage of $1,100 – all figures provided by the National Association of Realtors. Obviously, insurance rates would be much higher in Florida, averaging $83 a month, according to a report by ValuePenguin, titled “Average Cost of Condo Insurance (2023).” The $83 a month figure (the highest in the U.S.) reflects a 95% difference from the national average of $43 a month. According to a report by The Zebra, titled “The Pros and Cons of Buying a Condo in Today’s Market,” it lists several pros and cons, including a strong sense of community, amenities and little maintenance on the plus side, with lack of privacy, condo association rules, limited storage space and resale challenges on the minus side. So, is buying a condo worth it? “The honest answer is, it really depends on what you’re looking for,” that report said. © Copyright 2023 IslanderNews.com