Martin County Townhouses and Condos August 2022 Market Report
The Martin County Townhouses and Condos had weaker sales volume when compared to last August. While the historically low inventory is slowly improving (though still low), we are also facing rising interest rates and higher prices. I expect inventory to continue to increase which will exert downward pressure on prices and hopefully an increase in sales. Though, this will take some time. Closed sales for the month were down by 15.1%. They were down by 29.1% in July. New sales under contract (new pending sales) were down by 8.0% from last year. They were down by 6.1% in July.
Prices continue to go up. The median sales price increased by 47.6% (was up by 35.8% last month). While the average sales price increased by 23.1% (was up by 12.2% in July).
The inventory of available townhouses and condos increased by 13 units to 211 properties. This is a 56.3% greater supply of inventory than we had in August 2021. Currently, there’s a 2.1 months supply of inventory (compared to 1.1 months for August 2021). We remain in a very extreme seller’s market for townhouses and condos in Martin County. Typically, a balanced market favoring neither buyers nor sellers is considered to be one with a 6 to 7 month supply of inventory.
Search for previous Martin County townhouses and condos market reports
Recent County Market Report Posts:
- St. Lucie County Townhouses and Condos 2024 3rd Quarter Report
- St. Lucie County Single Family Homes 2024 3rd Quarter Report
- Martin County Townhouses and Condos 2024 3rd Quarter Report
- Martin County Single Family Homes 2024 3rd Quarter Report
- St Lucie County Townhouses and Condos September 2024 Market Report
- St Lucie County Single Family Homes September 2024 Market Report
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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