Florida Townhouses and Condos November 2023 Market Report
Florida Townhouses and Condos real estate market report had marginally improved sales activity when compared to last year. The inventory numbers are growing (though not as quickly as in the previous few months), but we are facing headwinds with economic uncertainties, though mortgage rates appear to have peaked and starting to decrease. Closed sales were up by 0.3% compared to last month’s decrease of 2.9%. New sales under contract (new pending sales) decreased by 1.2% (In October, there was a 1.4% increase).
Prices were up for November compared to last year. The median sales price was up by 7.5% for November (was up by 3.9% in October). And the average sales price increased by 3.9% (was up by 11.3% in October).
The inventory of active listings increased by 49.8% from November last year. This results in a 5.0 months supply of inventory as compared to 2.7 months for November 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 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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