The Treasure Coast real estate market in May saw the median sale price for townhouses and condominiums decrease for Indian River, St. Lucie and Martin counties, according to local Realtor data.
The number of townhouses and condos sold decreased in May compared to April. Also, the number of townhouses and condos on the market decreased.
Treasure Coast’s condominium and townhome market is flooded with inventory, with new listings continuing to outpace new sales.
Gov. Ron DeSantis signed two bills on June 23 to offer some relief for condo owners and condominium associations struggling under the financial requirements of statewide regulations, which were imposed following the Champlain Towers South building collapse June 24, 2021, in Surfside in Miami-Dade County.
House Bill 913 postpones for a year the newly mandated milestone inspection deadline for some condo associations. The law also allows condo associations to use lines of credit or loans to meet financial reserve requirements.
DeSantis also signed HB 393, which made changes to the My Safe Florida Condo program. Approval requirements were lowered but grants are restricted to condo associations that have not complied with the inspection requirements.
Median sale prices
The median sale price for townhouses and condos decreased in May for all three Treasure Coast counties May compared to April:
Closed sales
The number of sold townhouses and condos decreased for all three Treasure Coast counties in May compared to April:
Active listings
The number of townhouses and condos on the market decreased for all three Treasure Coast counties in May compared to April:
Months of inventory
The benchmark for a balanced market — favoring neither buyers nor sellers — is 5½ months of inventory. Anything higher is considered a buyer’s market, and anything lower is a seller’s market. Martin and Indian River counties leaned less toward a buyer’s market in May compared to April:
Time to contract
The median time between a seller listing their house and signing a contract was longer in Martin and Indian River counties in May compared to April:
Jack Randall is TCPalm’s economy and real estate reporter. You can reach him at jack.randall@tcpalm.com or 904-466-4755.
This article originally appeared on Treasure Coast Newspapers: Florida real estate: Condo prices fall in Indian River, St. Lucie and Martin counties
Reporting by Jack Randall, Treasure Coast Newspapers / Treasure Coast Newspapers
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