Florida condo sales rise 3.1% in third quarter
Condo and townhouse sales increased in the third quarter, outpacing single-family sales as Florida's housing market adjusted to higher mortgage rates.
Florida's condo and townhouse market continued to show resilience in the third quarter, with sales rising 3.1% year over year even as higher mortgage rates slowed activity across the broader housing market.
Closed sales of existing condos and townhouses totaled 22,664 statewide from July through September, according to the latest Florida Realtors® housing data. By comparison, single-family sales edged up just 0.2% during the same period.
The quarterly gains offer an encouraging sign for a market that's spent the past several years adjusting to new reserve requirements and other regulations. Florida Realtors Chief Economist Dr. Brad O'Connor said condos also benefit from their lower price point as affordability remains a challenge for many buyers.
A closer look at the condo and townhouse market:
- Third-quarter closed sales rose 3.1% year over year to 22,664.
- September closed sales totaled 7,179, just eight fewer than a year earlier.
- New pending sales declined 3.5% in September, compared with a drop of more than 7.5% for single-family homes.
- The third-quarter median sale price was $295,000, unchanged from a year earlier.
- September's median sale price was $293,500, down 1.8% year over year.
September's median condo and townhouse price was $121,500 below the $415,000 median for single-family homes. But association fees, reserves and potential assessments can add to ownership costs, making it important to look beyond the sale price.
Buyers have more choices in the condo and townhouse market, which had a 7.7-month supply of properties in September, compared with 4.4 months for single-family homes. That gives condo buyers more room to shop and negotiate, while sellers face greater competition.
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