Florida Townhouses and Condos Sales 2023 Yearly Review
The Florida Townhouses and Condos Sales for 2023 continues to show weaker sales activity compared to previous years. The real estate market has experienced numerous issues with prices that rose too rapidly, increasing mortgage rates, and worries about an upcoming recession. Year-to-year closed sales were down by 16.0% compared to 2022 which saw a decrease of 21.7% and new sales under contract (new pending sales) decreased by 13.2% (2022 saw a decrease of 26.4%).
Both median and average sales prices were up (year to year) by 5.2% and 3.9% respectively (2022 numbers were 21.6% and 16.3%). However, prices are not rising as fast as in previous years.
Inventory increased by 52.6% as compared to 2022’s increase of 65.0%. And, the supply of properties rose to 5.1 months as compared to 2.8 months in 2022. Still a sellers’ market for Florida townhouses and condos, though approaching a balanced market.
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Townhouses and Condos Sales in Florida for 2023
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To view the latest set of reports from Florida Realtors for the state of Florida, Martin County, and Saint Lucie County, please visit GabeSanders.com and select Market Data.
Market information is courtesy of Florida Realtors Research. For additional information and historical archives please visit the Florida Realtors Research page.
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