Florida Townhouses and Condos November 2022 Market Report
Florida Townhouses and Condos market report continue to show weaker sales activity when compared to last year. The inventory numbers are improving, but we are facing headwinds with increasing mortgage rates as well as stubbornly high prices. Closed sales were down by 38.9% as compared to last month’s decrease of 26.9%. New sales under contract (new pending sales) decreased by 42.1% (In October, there was a 42.5% decrease).
Year-to-year prices are still going up. The median sales price was up by 12.3% (was up by 19.2% in October). While the average sales price increased by 10.1% (was up 17.6% in October).
The inventory of active listings increased by 47.4% from November of last year. This results in 2.7 months’ supply of inventory as compared to 1.5 months for November 2021. Remaining 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 set of 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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