Florida Townhouses and Condos January 2023 Market Report
Florida Townhouses and Condos market report continue to show weaker sales activity when compared to last year. The inventory numbers are growing, but we are facing headwinds with increasing mortgage rates. Price increases seem to have moderated a little, which may indicate future increased activity. Closed sales were down by 40.7% compared to last month’s decrease of 40.0%. New sales under contract (new pending sales) decreased by 31.4% (In December, there was a 39.9% decrease).
Year-to-year prices were higher. The median sales price was up by 8.8% (was up by 8.8% in December). While the average sales price increased by 10.7% (was up 1.5% in December).
The inventory of active listings increased by 90.0% from January last year. This results in 3.1 months supply of inventory as compared to 1.2 months for January 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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