Florida Townhouses and Condos February 2023 Market Report
Florida Townhouses and Condos market report continues to show weaker sales activity when compared to last year. The inventory numbers are growing, but we are facing headwinds with increasing mortgage rates and other economic uncertainties. Closed sales were down by 30.2% compared to last month’s decrease of 40.7%. New sales under contract (new pending sales) decreased by 24.2% (In January, there was a 31.4% decrease).
Year-to-year prices were higher. Though these price increases seem to have moderated a little, which may indicate future increased activity. The median sales price was up by 8.6% (was up by 8.8% in January). And the average sales price increased by 2.9% (was up 10.7% in January).
The inventory of active listings increased by 106% from February last year. This results in 3.2 months supply of inventory as compared to 1.2 months for February 2021. We remain in a sellers’ market for Florida townhouse and condo sales. A balanced market favoring neither buyers nor sellers is considered to be one with a 6 to 7-month supply of inventory.
View previous Florida townhouses and condo market reports by clicking this link.
To view the latest 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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- Florida Townhouses and Condos January 2024 Market Report
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