As we kick off the new year, the housing market in South Florida is also setting its tune.

According to a November report from the Miami Realtors Association, home sales increased, as did active home listings. However, condo transactions declined, along with their prices and mortgage rates.

According to the report, condo transactions in Palm Beach soared a whopping 20%.

But Broward and Miami-Dade County had a different story. Miami-Dade County saw a decrease of condo sales of almost 4%. Broward basically stayed flat.

But the good news is that in Broward and Miami-Dade County, condo prices have gone down. In Miami-Dade, the median condo price fell almost 10%. In Broward, the median condo price fell around 8%.

And it’s those lower prices and lower mortgage rates – which in November were about 6.2% – that have real estate expert Joe Vairo thinking that resale condos will be where it’s at in 2026.

“I definitely think that we’re going to tick upwards in terms of the transaction with condos, because we’ve kind of looked at prices over the last 12, 18 months, and they’ve been flat, picking up a little bit,” he said. “As some of these assessments start to get figured out, lower mortgage rates and things like that, people are a little bit less hesitant to pull the trigger on the home.”

But what about single-family homes?

In Miami-Dade County, single-family home sales went up more than 5%. In Broward County, sales went up more than 14%.

The prices of these single-family homes went up more than 3% in Miami-Dade, and in Broward County, they went up close to 7%. These numbers are compared to the same time last year.

“The more supply that we get, it should help with prices,” Vairo said. “We don’t foresee prices really taking a big dip, but we’re also not going to see prices take off and be a 15 to 20% increase year over year like we did see during COVID. That was truly an anomaly.”

So what should you have your sights set on this new year?

If you are looking to purchase a condo, Vairo said not to really bother with new construction. Your best bet is resale condos.

“Most definitely a buyer’s market, a lot of opportunity out there to negotiate on price credits,” he said. “And even with some of these assessments. And I really think that’s where the opportunity is heading into 2026.”

What about single-family homes?

“Really depends on what area that you’re looking in, because there are still specific cities and pockets where it is more so of a seller’s market, but for the most part, it really is a buyer’s market or teetering right there,” Vairo said.