Condo slump deepens as some Florida cities see prices fall nearly 20%

Housing analyst Nick Gerli reports Florida condo values fell 9.9% in the 12 months of 2025, the steepest one-year drop since 2009, with some cities such as Punta Gorda down about 18.6%.

Florida's condo market showed notable declines over the 12 months of 2025, according to housing analyst Nick Gerli. The reporting highlights this as the steepest one-year drop since 2009. Local markets have varied, with some Gulf and South Florida cities facing larger decreases. The article links the trend to rising listings, higher fees and insurance costs, and new inspection and reserve requirements enacted after the 2021 Surfside collapse. Key facts: - Nick Gerli's data shows a statewide condo value drop of 9.9% year-over-year for the 12 months of 2025, the largest single-year decline since 2009. - Some local markets experienced deeper falls, with Punta Gorda down about 18.6%, Cape Coral about 14.2%, and parts of Tampa and Sarasota reporting roughly 12%–18% declines. - Factors reported include a surge in condo inventory, rising homeowner association fees and insurance costs, and mandated inspections and reserve-funding requirements adopted after the 2021 Surfside tragedy. - On average, condo values are reported to be about 13% below their recent peaks and many older units are being listed at sharply lower prices. Summary: The reported declines have led to lower asking prices on many older condominiums while buyer interest is reported to be stronger for newer constructions with updated protections. Undetermined at this time.