Florida condo sales strengthen across price ranges

Florida’s condo and townhouse market is showing signs of a broader recovery, with sales gains stretching from lower-priced units into higher price ranges.

Closed sales of condos and townhouses rose 11% year over year in July, marking the 11th straight month of annual gains statewide.

Florida Realtors® Chief Economist Dr. Brad O’Connor said two forces appear to be helping the market recover: affordability is supporting demand among buyers looking for a lower-priced option, while stronger financial conditions among more affluent households are supporting sales higher up the price ladder.

The numbers bear that out. Sales below $500,000 rose nearly 8% from a year earlier, while sales between $500,000 and $1 million jumped 24%. Sales of $1 million and above climbed more than 31%.

O'Connor said the condo market had more ground to make up following changes in regulatory requirements, assessments and condo building insurance.

“But as associations and owners have had more time to adapt to these changes, the market appears to be adjusting, as well,” O’Connor said.

Affordability is still part of the story. Condos and townhouses generally offer a lower-priced path to homeownership, and sales below $500,000 rose nearly 8% from a year earlier in July.

But those lower-priced properties don’t explain the full 11% increase.

Sales between $500,000 and $1 million, which accounted for about 13.5% of condo and townhouse closings in July, jumped 24% year over year. That segment had been down slightly as recently as April before posting strong gains over the past three months.

The numbers point to demand returning across more of the condo market rather than being concentrated at one end.

For agents working the condo market, that means the recovery is becoming harder to characterize as simply an affordability story. Buyers are returning at several price points as the market continues to adjust to the financial and regulatory changes of recent years.

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