Florida Townhouses and Condos February 2024 Market Report
Florida Townhouses and Condos real estate market report had weaker sales activity when compared to last year. The inventory numbers continue to grow, but we are facing headwinds with economic uncertainties, though mortgage rates appear to have peaked and starting to decrease. I expect the market to improve and a gradual return to a historically normal real estate market. Closed sales were down by 2.5% compared to last month’s decrease of 1.2%. New sales under contract (new pending sales) decreased by 4.8% (In January, there was a 8.5% decrease).
Prices were up for February compared to last year. The median sales price was up by 3.2% for February (was also up by 3.2% in January). And the average sales price increased by 3.4% (was up by 3.0% in January).
The inventory of active listings increased by 73.3% from February last year. This results in a 6.3 months supply of inventory as compared to 3.2 months for February 2023. We have entered into a balanced market for Florida townhouse and condo sales after a really long period of a seller’s market. A balanced market favoring neither buyers nor sellers is considered to be one with a 6 to 7 months supply of inventory.
Please click on the image or link below to download the full Florida single-family real estate market report.
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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