Florida real estate: Condo prices fall in Indian River, St. Lucie and Martin counties
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.
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.
The Admiralty in Palm City, with a private 22-slip boat harbor on the St. Lucie River, has 49 units in five buildings. Repairs were flagged in 2024 to buildings on Southwest Chapman Way following state-mandated "milestone" inspections of the foundation, floors, roof, balconies and stairways. According to Michael Lazarus, 80, the association's treasurer, $3.5 million in repairs have been made since its milestone inspection report.
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:
- Martin: $265,000, down from $280,000
- St. Lucie: $320,000, down from $339,900
- Indian River: $220,000, down from $286,298
Closed sales
The number of sold townhouses and condos decreased for all three Treasure Coast counties in May compared to April:
- Martin: 84, down from 111
- St. Lucie: 76, down from 99
- Indian River: 79, down from 96
Active listings
The number of townhouses and condos on the market decreased for all three Treasure Coast counties in May compared to April:
- Martin: 730, down from 773
- St. Lucie: 863, down from 879
- Indian River: 837, down from 916
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:
- Martin: 9.6, down from 9.8
- St. Lucie: 12.1, up from 11.8
- Indian River: 13.3, down from 14.1
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:
- Martin: 71 days, up from 61 days
- St. Lucie: 60, down from 83
- Indian River: 94, up from 84
Jack Randall is TCPalm’s economy and real estate reporter. You can reach him at [email protected] 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
