Florida Townhouses and Condos December 2023 Market Report
Florida Townhouses and Condos real estate market report had weaker sales activity when compared to last year. The inventory numbers continue to grow, but we are facing headwinds with economic uncertainties, though mortgage rates appear to have peaked and starting to decrease. I expect the market to improve and a gradual return to a historically normal real estate market. Closed sales were down by 6.2% compared to last month’s increase of 0.3%. New sales under contract (new pending sales) decreased by 5.5% (In November, there was a 1.2% decrease).
Prices were up for December compared to last year. The median sales price was up by 6.5% for December (was up by 7.5% in November). And the average sales price increased by 10.4% (was up by 3.9% in November).
The inventory of active listings increased by 52.6% from December last year. This results in a 5.1 months supply of inventory as compared to 2.8 months for December 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.
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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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