Florida Townhouses and Condos May 2023 Market Report
Florida Townhouses and Condos real estate market report continue to show weaker sales activity when compared to last year, but is improving. The inventory numbers are growing, but we are facing headwinds with increasing mortgage rates and other economic uncertainties. Closed sales were down by 14.1% compared to last month’s decrease of 26.8%. New sales under contract (new pending sales) decreased by 11.9% (In April, there was an 18.1% decrease).
Year-to-year prices were mixed. The median sales price was up by 0.9% (was up by 4.8% in April). And the average sales price decreased by 1.9% (was up 1.1% in April).
The inventory of active listings increased by 72.4% from May last year. This results in 3.6 months supply of inventory as compared to 1.5 months for May 2022. 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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