Martin County Townhouses and Condos July 2022 Market Report
The Martin County Townhouses and Condos had weaker sales volume when compared to last July. While we continue to have historically low inventory (though it is increasing), 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 29.1%. They were down by 26.1% in June. New sales under contract (new pending sales) were down by 6.1% from last year. They were down by 35.4% in June.
Prices continue to go up. The median sales price increased by 35.8% (was up by 48.4% last month). While the average sales price increased by 12.2% (was up by 40.7% in June).
The inventory of available townhouses and condos increased by 11 units to 198 properties. This is a 51.1% greater supply of inventory than we had in July 2021. Currently, there’s a 2.0 months supply of inventory (compared to 1.1 months for July 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 February 2024 Market Report
- St Lucie County Single Family Homes February 2024 Market Report
- Martin County Townhouses and Condos February 2024 Market Report
- Martin County Single Family Homes February 2024 Market Report
- St Lucie County Townhouses and Condos January 2024 Market Report
- St Lucie County Single Family Homes January 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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