Florida Housing: How did the existing condominium / townhome market finish in 2021?


Similar to what was found in the single-family home market, year 2021 was very strong for existing townhomes and condominiums.  Sales trends continued as out-of-state buyers relocate to the sunshine state for its robust economy, warm weather and high quality of life.

According to FloridaRealtors, there were a total of 160,117 individual  townhome and condominium units sold throughout the state of Florida during the year 2021.  This represents a 34.2% increase from the number of transactions that occurred during 2020 (119,336).   Of the total, approximately 50% or 80,822 transactions were conducted using cash.

The amount of closed sales have continued to increase based on the following historical levels.

  • 2021 – 160,177 (up 34.2% year-over-year)
  • 2020 – 119,336 (up 2.5% year-over-year)
  • 2019 – 116,454 (down 0.2% year-over-year)
  • 2018 – 116,637 (up 4.8% year-over-year)
  • 2017 – 111,291 (up 3.1% year-over-year)
  • 2016 – 107,971 (down 4.2% year-over-year)

Based on the current level of activity, it is anticipated that the trend of increasing sales of existing townhomes & condominiums  in Florida will continue for 2022 (provided there is sufficient inventory to accommodate the demand).

Overall dollar sales volume for 2021 was $61.3 billion which is a 69.6% increase from the $36.2 billion amount realized during the prior year. For the past several years, dollar sales volume has continue to increase not only due to a growth in the number of transactions, but also the growth in property values.

  • 2021 – $61.3 billion (up 69.6% year-over-year)
  • 2020 – $36.2 billion (up 13.7% year-over-year)
  • 2019 – $31.8 billion (up 2.4% year-over-year)
  • 2018 – $31.1 billion (up 12.5% year-over-year)
  • 2017 – $27.6 billion (up 9.7% year-over-year)
  • 2016 – $25.2 billion (down 3.2% year-over-year)

Townhome / Condominium Sale Prices (Year End 2021)

The median sale price is one of the preferred statistical methods for measuring price activity as it is not as sensitive of extraordinary high or low sale prices (that are not typical of a particular market area) which can easily skew the values.

For 2021, the median sale price for townhome & condominium sale transactions in the State of Florida was $252,000 which is 17.2% higher than that observed for 2020.  

  • 2021 – $252,00 (up 17.2% year-over-year)
  • 2020 – $215,000 (up 12.0% year-over-year)
  • 2019 – $192,000 (up 3.8% year-over-year)
  • 2018 – $185,000 (up 7.2% year-over-year)
  • 2017 – $172,500 (up 7.8% year-over-year)
  • 2016 – $160,000 (up 6.7% year-over-year)

For the same period, the average sale price for townhome & condominium sale transactions in the state was $382,963.  This amount is 26.4% higher than 2020 and largely driven by the 113.1% increase in the sale of properties over $1,000,000.

  • 2021 – $382,963 (up 26.4% year-over-year)
  • 2020 – $303,051 (up 10.9% year-over-year)
  • 2019 – $273,208 (up 2.5% year-over-year)
  • 2018 – $266,496 (up 7.3% year-over-year)
  • 2017 – $248,313 (up 6.4% year-over-year)
  • 2016 – $233,374 (up 1.1% year-over-year)

Townhome / Condominium  Inventory Levels (Year End 2021)

Inventory is the number of active property listings on the market for sale at any given point in time.  This particular statistic is one of the main components in a healthy real estate market.

As of the year-end 2021,there were only 17,869 townhomes & condominiums available for sale which is a 57.4% decline from the amount of inventory as of the end of 2020.  Over the past two years, inventory has been staggeringly low compared to historical levels.  

  • 2021 –  17,869 units (down 57.4% year-over-year)
  • 2020 – 41,927 units (down 18.3% year-over-year)
  • 2019 – 51,336 units (down 8.2% year-over-year)
  • 2018 – 55,923 units (up 8.1% year-over-year)
  • 2017 – 51,738 units (down 4.0% year-over-year)
  • 2016 – 53,884 units (up 7.9% year-over-year)

The months supply of townhomes & condominiums inventory as of the year-end was also historically low.  At the current pace of sales, there is approximately one month of inventory available for sale as of year-end 2021 which is down 69% from 2020.

  • 2021 –  1.3 months supply (down 69.0% year-over-year)
  • 2020 – 4.2 months supply (down 20.8% year-over-year)
  • 2019 – 5.3 months supply (down 8.6% year-over-year)
  • 2018 – 5.8 months supply (up 3.6% year-over-year)
  • 2017 – 5.6 months supply (down 6.7% year-over-year)
  • 2016 – 6.0 months supply (up 13.2% year-over-year)

Although overall inventory is down substantially, the number of new townhomes & condominiums listings that were put onto the market during 2021 increased by 5.8% to 169,296.

  • 2021 –  169,296 units (up 5.8% year-over-year)
  • 2020 – 160,541 units (up 1.1% year-over-year)
  • 2019 – 157,763 units (down 3.9% year-over-year)
  • 2018 – 165,254 units (up 5.9% year-over-year)
  • 2017 – 156,100 units (down 0.9% year-over-year)
  • 2016 – 157,568 units (up 2.0% year-over-year)

Due to demand levels and low inventory, the number of new listings are increasingly higher price points continues to grow.  Following is a table of new 2021 single-family listings at individual price points.

Initial Listing Price Point New Listings % Change (YOY)
Less than $50,000 730 -41.3%
$50,000 – $99,999 9,304 -13.7%
$100,000 – $149,999 19,619 0.8%
$150,000 – $199,999 25,445 12.9%
$200,000 – $249,999 22,981 26.4%
$250,000 – $299,999 19,248 39.2%
$300,000 – $399,000 24,893 73.0%
$400,000 – $599,000 18,861 93.8%
$600,000 – $999,999 11,147 104.7%
$1 million or more 7,949 113.1%

As of the year end 2021, the following table will show the number of active property listings at individual price points.

Current Listing Price Point New Listings % Change (YOY)
Less than $50,000 31 -84.9%
$50,000 – $99,999 629 -76.7%
$100,000 – $149,999 1,341 -70.2%
$150,000 – $199,999 1,908 -64.2%
$200,000 – $249,999 1,706 -62.1%
$250,000 – $299,999 1,534 -62.8%
$300,000 – $399,000 2,489 -56.0%
$400,000 – $599,000 2,759 -51.0%
$600,000 – $999,999 2,398 -45.6%
$1 million or more 3,074 -37.0%

 

Are you thinking of selling?

Based on the year-end 2021 data, the current state of the market is highly favorable for seller.  If you are a homeowner and are considering selling your personal residence, vacation home or investment property, not may be the perfect time to do so.

Our team has assisted sellers not only throughout the state of Florida, but in most major markets nationwide.  We take a highly methodical and deliberate approach when working with or clients and have specific strategies to help get the best value for the property.

Contact us at info@quantumcos.com or learn more by visiting our web site at www.QuantumRealtyAdvisors.com.

The information provided in this website was derived from sources deemed to be reliable to is not guaranteed or warranted.  All information, content, and materials available on this site are for general informational purposes only.

Quantum Realty Advisors, Inc.

For more than 20 years Quantum has provided premium quality real estate services not only to traditional home buyers and sellers, but to business enterprises, trust and estate managers, asset management firms, charitable organizations and several of the world’s best know financial institutions.

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