Last month, I noted that Sarasota County’s single-family home prices appear to be stabilizing as mortgage rates trend down—possibly reaching 5.75% within six months. The condo market, however, continues to soften.

Condo Market Snapshot

Metric	July–Sept 2024	July–Sept 2025	Change
Median Sold Price	$328,000	$258,000	↓ 21.3%
Avg. Price per Sq. Ft.	$423	$354	↓ 16.3%
Active Listings	915	1,150	↑ 25.7%
Units Sold	382	378	↓ 1%
Avg. Days on Market	97	115	↑ 18.6%
Months of Inventory	7.2	9.1	↑ 26.4%

(A balanced market averages four months of inventory.)

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Why Condos Have Struggled

The 2021 Surfside tragedy, which claimed 98 lives, led to strict state laws (Milestone Inspections) requiring intensive structural inspections, large cash reserves, and immediate repairs for buildings three stories or higher. While crucial for safety, these mandates triggered heavy financial burdens/costly special assessments on many older condo associations, and buyer hesitancy.

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Relief Arrives: Florida House Bill 913 (Effective July 1, 2025)

The new HB 913 aims to maintain safety while easing the financial pressure on condo owners and associations. It brings balance, transparency, and flexibility—good news for both sellers and buyers.

Key Financial Relief Measures

• Reserve Funding Pause: Associations can pause or reduce reserve funding for up to two annual budgets—with majority owner approval—allowing funds to go toward critical repairs first.
• Flexible Financing: Associations may now use bank loans or lines of credit to meet reserve requirements. This may reduce pressure on owners to fund large lump-sum payments.
• Higher Reserve Threshold: Only components costing $25,000+ now require reserve funding (up from $10,000), focusing attention on major structural items. Less burden on associations with smaller projects.

Adjusted Inspection Deadlines

• Structural Integrity Reserve Study (SIRS) Deadline Extended: Associations have until Dec. 31, 2025, to complete SIRS.
• Inspection Clarification: Applies to buildings with three or more habitable stories, potentially excluding those with only parking on the first level.
• Repair Timeline: Repairs identified in a Phase 2 inspection must begin within one year. Realtors, sellers, and buyers should confirm inspection and repair status when listing, selling or buying a condo.

Better Transparency and Owner Control

• Conflict Disclosure: Engineers and architects must disclose if they plan to bid on repair work after conducting an inspection.
• Online Access: By Jan. 1, 2026, associations with 25+ units must maintain a website posting key records and meeting minutes.
• E-Voting and Virtual Meetings: Officially permitted, allowing greater owner participation. A sign of a well-managed, modern association.

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What It Means for You

For Sellers & Owners:
HB 913 offers breathing room. While inspections and repairs remain mandatory, associations can now manage costs over time, making compliance more affordable and preserving property values. Condos in compliance with Milestone Inspections and SIRS will hold stronger value.

For Buyers:
The law restores confidence that older condos are properly inspected, funded, and maintained—boosting transparency and market trust. Buyers can feel more confident about long-term ownership costs.