Martin County Townhouses and Condos May 2023 Market Report
The Martin County Townhouses and Condos real estate market had weaker sales activity when compared to last year. The inventory numbers are rising, but we are facing headwinds with increasing mortgage rates and other economic uncertainties. Closed sales for the month were down by 15.9%. They were down by 4.0% in April. New sales under contract (new pending sales) were down by 19.0% from last year. They were down by 26.2% in April.
Prices continued to increase for May. The median sales price increased by 5.2% (was up by 17.1% last month). While the average sales price increased by 0.4% (was up by 20.9% in April).
The available townhouses and condos inventory decreased by 26 units to 298 properties. This is a 115.9% greater supply of inventory than we had in May 2022. Currently, there’s a 3.5 months supply of inventory (compared to 1.3 months for May 2022). We remain in a seller’s market for townhouses and condos in Martin County, though trending towards a more balanced market. 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 November 2024 Market Report
- St Lucie County Single Family Homes November 2024 Market Report
- Martin County Townhouses and Condos November 2024 Market Report
- Martin County Single Family Homes November 2024 Market Report
- St Lucie County Townhouses and Condos October 2024 Market Report
- St Lucie County Single Family Homes October 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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