Florida Townhouses and Condos October 2023 Market Report
Florida Townhouses and Condos real estate market report continues to show weaker sales activity when compared to last year, but is improving. 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 down by 2.9% compared to last month’s decrease of 0.2%. New sales under contract (new pending sales) increased by 1.4% (In September, there was a 0.6% decrease).
Prices were up for October compared to last year. The median sales price was up by 3.9% for October (was up by 5.8% in September). And the average sales price increased by 8.5% (was up by 4.7% in September).
The inventory of active listings increased by 44.6% from October last year. This results in a 4.6-month supply of inventory as compared to 2.5 months for October 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.
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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