T
he Treasure Coast real estate market saw a decline in the median sale price for townhouses and condominiums in May, with decreases reported in Indian River, St. Lucie, and Martin counties. Townhouse and condo sales also decreased, as did active listings on the market.
According to local Realtor data, the number of sold townhouses and condos dropped in all three counties compared to April: Martin (84 down from 111), St. Lucie (76 down from 99), and Indian River (79 down from 96). Active listings also decreased: Martin (730 down from 773), St. Lucie (863 down from 879), and Indian River (837 down from 916).
The Treasure Coast's condominium and townhome market is experiencing a surplus of inventory, with new listings outpacing sales. To address this issue, Governor Ron DeSantis signed two bills in June to provide relief for condo owners and associations struggling under statewide regulations.
The median sale prices for townhouses and condos decreased in May compared to April: Martin ($265,000 down from $280,000), St. Lucie ($320,000 down from $339,900), and Indian River ($220,000 down from $286,298). The benchmark for a balanced market is 5½ months of inventory; however, all three counties reported higher numbers in May.
Martin County's months of inventory decreased to 9.6 (down from 9.8), while St. Lucie County increased to 12.1 (up from 11.8). Indian River County also saw a decrease to 13.3 (down from 14.1). The median time between listing and contract signing was longer in Martin and Indian River counties, with Martin at 71 days (up from 61) and Indian River at 94 days (up from 84).
