Condo prices in many Florida metro areas have been on a downward trend. Some places are seeing double-digit losses when you compare the median condo price in the first quarter of 2023 to that of the first quarter of 2024. The net loss is quite significant that some homeowners are losing almost $150 per day if they had purchased a Florida condo in the first quarter of 2023. We conducted an analysis of condo prices and compared the prices of the first quarter of 2023 to those of first quarter 2024 to come up with the list of the biggest losers in the Florida condo market right now.
Why are Condo Prices Falling in Florida
There are several reasons why Florida’s condo prices are falling. The cost to live in a Florida condo has increased due to rising HOA (Homeowners Association) fees and rising homeowner’s insurance.
It’s also becoming increasingly difficult for buyers to get a condo mortgage in Florida as opposed to a mortgage for a single-family home. This is because lenders require borrowers to have enough money to cover HOA dues and closely scrutinize the financial stability of the condo building before approving a loan.
Biggest Losers in the Florida Condo Market
The biggest losers in the Florida condo market are Sebring, Arcadia, Sebastian and Homosassa Springs- all experiencing a double digit percentage drop in condo prices.
Crestview suffered the largest net loss, $54,533, which translates to a daily loss of $149. Key West condo owners also experienced a significant net loss of $35,888, or a daily loss of $98.
1. Sebring, FL metro area
- Median Home Price 1st Q 2023: $169,905
- Median Home Price 1st Q 2024: $141,667
- Percentage Change: -19.93%
- Net Loss or Gain: -$28,238
- Daily Loss: -$77
The biggest losers in the Florida condo market are the homeowners in the Sebring metro area. In fact, condo prices plummeted by nearly 20% from the first quarter of 2023 to the first quarter of this year!
This translates to a net loss of $28,238 or a daily loss of $77. It’s startling to think someone who purchased a Sebring condo in the first quarter of 2023 is now losing $77 per day in equity.
2. Arcadia, FL metro area
- Median Home Price 1st Q 2023: $212,817
- Median Home Price 1st Q 2024: $184,250
- Percentage Change: -15.50%
- Net Loss or Gain: -$28,567
- Daily Loss: -$78
The Arcadia metro area comes in second, experiencing a 15.5% drop in condo prices, which equates to a net loss of $28,567 or just over $78 daily!
3. Sebastian, FL metro area
- Median Home Price 1st Q 2023: $246,833
- Median Home Price 1st Q 2024: $214,667
- Percentage Change: -14.98%
- Net Loss or Gain: -$32,167
- Daily Loss: -$88
Sebastian metro area comes in a close third, with a 14.98% drop in condo prices from a median of $246,833 to $214,667. The condo owners are experiencing a loss of $88 a day!
4. Homosassa Springs, FL metro area
- Median Home Price 1st Q 2023: $195,667
- Median Home Price 1st Q 2024: $175,850
- Percentage Change: -11.27%
- Net Loss or Gain: -$19,817
- Daily Loss: -$54
Homosassa Springs is also suffering a double digit drop of 11.27% in condo prices from $195,667 to $175,850. This translates to a net loss of $19,817 or a daily loss of $54.
5. Crestview, FL metro area
- Median Home Price 1st Q 2023: $619,000
- Median Home Price 1st Q 2024: $564,467
- Percentage Change: -9.66%
- Net Loss or Gain: -$54,533
- Daily Loss: -$149
Of all the Florida metro areas on this list, Crestview condo owners saw the biggest net loss in terms of absolute dollars. The median home price went down from $619,000 in the first quarter of 2023 to $564,467 in the first quarter of this year, that is a $54,533 net loss or a $149 daily loss! That means someone who purchased a Crestview condo in the first quarter of 2023 is now losing $149 per day in equity.
6. Palm Bay, FL metro area
- Median Home Price 1st Q 2023: $283,167
- Median Home Price 1st Q 2024: $266,500
- Percentage Change: -6.25%
- Net Loss or Gain: -$16,667
- Daily Loss: -$46
Palm Bay condo prices have dropped 6.25% from $283,167 to $266,500. This equates to a net loss of $16,667 or $46 per day.
7. Panama City, FL metro area
- Median Home Price 1st Q 2023: $423,000
- Median Home Price 1st Q 2024: $400,833
- Percentage Change: -5.53%
- Net Loss or Gain: -$22,167
- Daily Loss: -$61
Panama City condo prices are on a downward trend, dropping 5.53% from $423,000 to $400,833. This translates to a net loss of $22,167 or a daily loss of $61.
8. Key West, FL metro area
- Median Home Price 1st Q 2023: $735,150
- Median Home Price 1st Q 2024: $699,262
- Percentage Change: -5.13%
- Net Loss or Gain: -$35,888
- Daily Loss: -$98
Key West condo owners saw the second biggest net loss in terms of absolute dollar. The median home price went down from $735,150 in the first quarter of 2023 to $699,262 in the first quarter of this year, that is a $35,888 net loss of a $98 daily loss! That means someone who bought a Key West condo in the first quarter of 2023 is now losing $98 per day in equity.
9. Orlando, FL metro area
- Median Home Price 1st Q 2023: $218,167
- Median Home Price 1st Q 2024: $210,500
- Percentage Change: -3.64%
- Net Loss or Gain: -$7,667
- Daily Loss: -$21
Orlando condo prices are also dropping. Condo owners are seeing a decline of 3.64% from $218,167 to $210,500. This translates to a net loss of $7,667 or a daily loss of $21.
10. Lakeland, FL metro area
- Median Home Price 1st Q 2023: $169,167
- Median Home Price 1st Q 2024: $163,500
- Percentage Change: -3.47%
- Net Loss or Gain: -$5,667
- Daily Loss: -$16
Lakeland condo owners are suffering a drop of 3.47% in condo prices from $169,167 to $163,500.
11. Punta Gorda, FL metro area
- Median Home Price 1st Q 2023: $291,166
- Median Home Price 1st Q 2024: $288,333
- Percentage Change: -0.98%
- Net Loss or Gain: -$2,833
- Daily Loss: -$8
Punta Gorda condo owners are seeing a mild drop of 0.98% in condo prices from $291,166 to $288,333.
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