Condo resales up 2.9%, prices ticking back up

Written by Kelly Sanchez on May 6, 2026

The condo resale market in Miami-Dade is seeing an upswing, with sales and sales prices on the rise, according to Miami Association of Realtors Residential Board Governor Wesley Ulloa.

Condo sales, she explained, increased 2.9% year-over-year for the beginning of 2026 and sales prices are slightly increasing, “which is a very promising sign.”

“So, specifically this year, overall market is definitely on the upswing,” Ms. Ulloa said. “So we have had a few years in the past of depressed demand with everything that happened post-Surfside, but now the market is stabilizing and beginning a nice rebound.”

She noted that condo prices increased 1.73% year-over-year in March from $437,450 to $445,000, and inventory is slightly declining.

“The entry-level starter condos are doing very well; you’re seeing a big resurgence in demand,” Ms. Ulloa said. “Home prices continue to go up for single-family homes, so that entry-level buyer is coming into the condo and townhouse market. So that segment is doing very well from the $300,000 to $600,000 range.”

She added that the luxury market is also doing well, with people from other parts of the nation like California and Chicago relocating.

“In the short run, I think it’s going to be very stable with slight increases, as I just discussed, as more condo buildings get their financials in order … and work through any issues they might have had over the past three to four years,” Ms. Ulloa said. “Condos represent a great opportunity for people to come in and buy today at lower values that, for the past couple years, they’ve had a little bit of trouble, and now it’s hitting that turning point, which is a great investment opportunity for people to come in and see potential large upswings, because the single-family market is so tight.”

The number of cash sales, she said, also helps stabilize the market.

“Our condo market, while it’s had some trouble over the past few years, it’s definitely doing quite well, and I will add that since we’re such a cash-heavy market compared to other markets, we’re quite immune to interest rate changes, which helps stabilize our market even further,” Ms. Ulloa said. “42.8% of our sales in Miami are cash and 82% of our sales $1 million and up are cash, so we’re very well-positioned and [have] lots of demand overall.”