Buying a Miami condo in a buyer’s market: a 2026 checklist for families

Miami-Dade’s condo market has tilted toward buyers. In September 2026 the county had 12.3 months of condo supply, according to MIAMI REALTORS® + RWorld, a level the association describes as a buyer’s market. Single-family homes told a different story, with 5.1 months of supply, which the association classifies as a seller’s market.

For families thinking about a condo, that gap creates room to negotiate. But in Florida, the paperwork behind a building now matters as much as the price of the unit. Here is what the latest numbers show and a checklist to work through before you sign.

The September numbers

• Sales: 909 existing condos sold in Miami-Dade, up 1% from 904 in September 2025.
• Price: the median condo price was $417,090, down about 0.7% from $420,000 a year earlier.
• Listings: 11,706 active condo listings, down 7.2% from a year earlier, the eighth straight monthly decline in inventory.
• Negotiation: sellers received a median 94% of their list price.
• Cash: 49.4% of existing condo sales were paid in cash.

Financing helps explain that cash share. The report notes that only 21 of 2,397 South Florida condo buildings, under 1%, are approved for FHA loans, and that Fannie Mae and Freddie Mac ended the limited review option for many condo loans on August 3, 2026. In practice, that can shrink the number of buyers who can get a mortgage in a given building. The association also reported that sales of condos near the $400,000 median are up 15% year over year.

Why the building matters as much as the unit

Florida tightened its rules for condominium buildings of three or more habitable stories after the 2021 Surfside collapse. According to the state’s Division of Condominiums (DBPR):

• Milestone inspections are due when a building reaches 30 years (or 25 if local officials require it), then every 10 years. A visual Phase 1 comes first; a deeper Phase 2 follows only if significant deterioration is found, and required repairs generally must begin within 365 days of the Phase 2 report.
• Structural integrity reserve studies (SIRS) must be done at least every 10 years and cover eight items, including the roof, structure, fireproofing, plumbing, electrical systems, waterproofing and painting, and windows and exterior doors. Most associations had until December 31, 2025, to complete one; those pairing it with a milestone inspection due by the end of 2026 have until December 31, 2026.
• Reserves: for budgets adopted on or after January 1, 2025, the required structural reserves cannot be waived.

A 2025 update, HB 913, added more changes. Starting January 1, 2026, associations with 25 or more units must post key records, such as budgets, financial reports and recent meeting minutes, in an online owner portal. Associations may pause reserve funding for up to two budget years after a milestone inspection to pay for needed repairs, with approval from a majority of all voting interests, and may use loans or lines of credit to meet reserve requirements.

A condo checklist for families

• Get the required documents. Under Florida law the seller must provide the declaration, bylaws and rules, the most recent financial statement, the annual budget, and the SIRS, milestone and turnover inspection reports if they have been completed.
• Compare the SIRS to the budget. Are reserves being funded at the level the study calls for? A large gap can point to higher monthly fees or a special assessment later.
• Ask about assessments and loans. Find out whether any special assessment or association loan has been approved or is under discussion. Florida’s condo contract rider lets buyers request the last 12 months of meeting minutes and agendas, if the seller agrees.
• Check financing early. Ask your lender up front whether the building qualifies for the loan you plan to use, before you pay for inspections.
• Price the insurance. Request the association’s insurance declaration pages and get a quote for your own unit policy.
• Use your leverage carefully. With more than a year of supply, there is room to negotiate price, closing dates or credits. A discount on a building with big repairs ahead may not be a bargain, though.

What it means

For buyers: condo buyers in Miami-Dade have far more room to negotiate than single-family buyers right now, as long as the building’s inspections, reserves and finances check out.

For sellers: price with the 12-plus months of supply in mind, and have the association documents ready. Buyers and their lenders will ask for them early.

For long-term owners: well-funded reserves and finished repairs protect a building’s value and its appeal to lenders. Reading the budget and attending association meetings is part of owning for the long run. Upstormed was born in Miami, and that long-term approach to owning, building and investing in property guides how we look at the market.

For more on the latest local data, see Upstormed News: Miami-Dade condos tilt to buyers as single-family homes stay scarce.

This article is general information, not legal or financial advice. See our Investments, read more real estate news or subscribe free.

Sources: MIAMI REALTORS + RWorld September 2026 report, Florida DBPR Division of Condominiums, Florida Realtors, Johnson Pope on HB 913