Florida’s condominium and townhome market delivered encouraging news in May, with stronger year-over-year sales growth and rising pending sales pointing to sustained momentum in the months ahead.
Robust Sales Growth Continues
Closed sales of condos and townhomes in Florida rose 6.6% year-over-year in May, according to data from Florida Realtors®. This marks the continuation of a solid streak for the category.
- May closed sales: 8,897 units
- May last year: 8,345 units
New pending sales — a key forward-looking indicator of future closed transactions — jumped 9.0% year-over-year, climbing to 9,200 from 8,442.
Florida Realtors Chief Economist Dr. Brad O’Connor highlighted the significance of the pending sales increase:
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.”
This uptick in buyer commitments suggests the positive sales trend is likely to persist well into the summer months.
Pricing Trends: Stable with Slight Easing
While sales volume is climbing, price growth remains modest. The median sale price for townhouses and condos in May stood at $306,990, a 1% decline from $310,000 a year earlier.
Dr. O’Connor noted that this represents only a minor shift following several months of mild year-over-year price declines, with prices having been essentially 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.”
This stability makes the segment attractive for buyers seeking relatively affordable entry points into Florida’s popular lifestyle communities.
A More Balanced Market with Room to Negotiate
Several indicators point to a healthier, less frantic real estate environment compared to peak pandemic-era conditions:
- Median time to contract: Increased to 64 days (from 61 days last year)
- Median time to sale: Rose to 103 days (from 98 days)
Buyers now have more time to evaluate properties, conduct inspections, and negotiate terms — a welcome change from tighter markets where properties often sold quickly with multiple offers.
Inventory also moderated from last year’s elevated levels:
- Active listings: 65,958 (down 13.4% year-over-year)
- Months’ supply: 8.6 months (down from 10.3 months)
While inventory remains more plentiful than in ultra-competitive years, the reduction signals improving balance between supply and demand without dramatic acceleration in sales pace.
What This Means for Buyers and Sellers
The combination of rising sales, healthy pending activity, gently easing prices, and moderate inventory creates favorable conditions for both sides of the transaction:
- Buyers benefit from more selection, slightly softer pricing in some segments, and additional time for due diligence.
- Sellers in desirable condo and townhome communities continue to see steady demand, particularly as the nine-month sales streak looks set to extend.
Florida’s condo and townhome market appears to be finding a sustainable rhythm — active enough to support consistent transactions, yet balanced enough to avoid the extreme pressures seen in recent years.
Looking Ahead
With pending sales showing strong growth, Florida Realtors data suggests the positive momentum in condo and townhome sales should carry forward. Whether you’re considering purchasing a vacation home, investment property, or primary residence in one of Florida’s vibrant communities, current conditions offer a window of opportunity in a market that is both growing and stabilizing.
Are you looking to buy or sell in the South Florida market? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download the free Florida Home Search App for you smartphone or tablet.
