According to national real estate reporting, the sky is falling. I agree the housing market has been stuck in a rut for the past three years, which is why I’m feeling optimistic. It’s time; and based on last month’s sales statistics, I think the time is now.
According to the National Association of Realtors, national home sales declined 3.6% in March – not a good sign for the spring selling season that most of the country depends on. This is the lowest level of sales since June of 2025.
Manatee County, which is essentially at the end of its strong selling season, closed 21.9% more single-family homes in March this year compared to last year. Our median sale price for single-family homes was $494,205, down 2.4% from last year – compared to the national median of home sales, which was $408,800, a 1.4% increase. The Southeast market has been stubbornly sluggish; however, we see a small uptick with more sales and fewer properties on the market.
The one thing potential condo buyers can’t quite get past are the increases in HOA fees in the condo market nationwide. Homeowners all over the country are paying more than ever to homeowner associations, sometimes more than their mortgage and property taxes. The median monthly condo fee was $420 in 2025, up 29% from 2019, according to realtor.com.
Mortgage rates can trend lower, or at least stabilize, but insurance and maintenance costs keep going up, whether you own a condo or a single-family home. Condo lovers defend this by pointing out that condo fees pay for amenities and salaries for staff to maintain the property and the amenities. It’s part of the condo maintenance-free lifestyle and it costs money.
Coastal Florida condo owners pay higher HOA fees for the privilege of living on or near the water on both coasts. This means flood insurance and higher property insurance for both associations and individuals, not to mention expenses related to hurricanes and tropical storms. Hurricane Helene was almost two years ago and some condo associations are still recovering financially as we’re staring down a new hurricane season.
Condo associations are mandated by the state to maintain financial reserves to cover normal expenses to run the association. The problem occurs in associations where condo boards and residents don’t think ahead to the day when they may need additional funds to cover long-put-off maintenance issues or make repairs from storms. The collapse of the Surfside condo building in 2021 is the perfect example of what can happen when maintenance issues are not addressed.
In addition, because of repairs created by damage from Hurricane Helene, many condo associations were required to collect special assessments to pay the repair bills. How much of a special assessment depended on the severity of the damage and the financial health of the association.
In spite of all the negative talk about condo living, here in Manatee County we are seeing a small but significant change in the condo market. For the month of March, condos closed 12% more properties compared to last year. Although the selling prices were down 11.3%, the available properties were also down by 13.4% – possibly creating more of a competitive market.
If you’re one of the millions of condo owners who are convinced the sky is falling, it’s probably time to change your expectations. Remember why you live in a condo to begin with and prepare for higher HOA fees – unless, of course, you want to mow the lawn and clean the pool.
