Florida condo-townhome sales rise as pending deals grow

Florida’s condo and townhome market posted stronger year-over-year sales gains in May, and pending sales also rose – a sign that buyer activity could continue into the coming months.

Closed sales of condos and townhomes rose 6.6% year over year, while new pending sales – a forward-looking measure of buyer activity – increased 9%, according to Florida Realtors® data. Florida Realtors Chief Economist Dr. Brad O’Connor said the pending-sales gain makes the category’s recent sales streak likely to continue.

“New pending sales in this category were up by 9.0%, which means the nine-month streak in higher year-over-year closed sales in this category is almost assuredly safe going into next month,” O’Connor said.

In May, closed condo-townhome sales totaled 8,897, compared with 8,345 a year earlier. New pending sales rose to 9,200 from 8,442.

The data also shows a market that remains active but more measured. The median sale price for townhouses and condos was $306,990 in May, down 1% from $310,000 a year earlier. O’Connor noted that the category had several months of mild year-over-year price declines before prices were flat in March and April.

“In May, however, the median sale price was down again year over year, but only by 1%, to just shy of $307,000 – so effectively, this was a very small change,” he said.

Other measures point to a market with more time for decision-making. The median time to contract rose to 64 days, up from 61 days a year earlier, while median time to sale increased to 103 days from 98 days.

Inventory also eased from last year’s elevated levels. Active listings totaled 65,958 in May, down 13.4% year over year, while months’ supply fell to 8.6 months from 10.3 months. At the same time, the market was not moving dramatically faster: the median time to contract rose to 64 days from 61 days a year earlier, giving buyers and sellers more room to negotiate than during tighter market conditions.

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