Florida Townhouses and Condos May 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 face headwinds with economic uncertainties and stubbornly high mortgage rates. I still expect the market to improve with a gradual return to a historically normal real estate market. Closed sales were down by 8.6% compared to last month’s increase of 1.9%. New sales under contract (new pending sales) decreased by 13.8% (In April, there was a 4.3% decrease).
Prices were up for May compared to last year. The median sales price was up by 1.5% for May (also up by 3.1% in April). And the average sales price increased by 3.1% (was up by 8.2% in April).
The inventory of active listings increased by 91.3% from May last year. This results in a 7.2-month supply of inventory as compared to a 3.6-month supply for May 2023. We have slipped into a buyer’s market for Florida townhouse and condo sales after a long period of being in a seller’s market. A balanced market favoring neither buyers nor sellers is considered to be one with a 6 to 7-month 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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