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Monday, February 18, 2013

Where is the Florida condo and town house market headed in 2013?

As the population continues to increase and usable land becomes less affordable I believe there will be an increased tendency for buyers  to purchase attached units, both town homes and condominiums - not just along the coastal areas but throughout Florida.

Condominiums, in particular, offer a lifestyle free of the landscaping and exterior maintenance required with single family detached home ownership.  Town homes usually require the owner maintain the exterior although landscaping may be included in the monthly association fees.

Still, both forms of construction, offer buyers opportunities for home ownership they may not get for the same price.

Think about many buyers could afford ocean front or golf course direct views if their only option was a single family detached home?  Just the cost of the land may be prohibitive to many of us!

Single family detached homes made up almost 77% of all sales reported in the Brevard County MLS for calendar year 2012.

Still there were 2,133 condo and town home sales in Brevard County during 2012.  This is a continuation of an upward trend in condo and town home sales that started a few years ago after the big crash of the housing market.

Although not included in the chart above, the 2008 Condo and town home sales in Brevard County was 1,184 units.

So where is this segment of the market heading in 2013?  At a minimum it is currently just ahead of the pace at this time last year (228 sold vs. 221 in 2012) but with a shrinking inventory and increasing prices.

If you are considering the purchase of a condo or town home in Florida, this may be the time to move forward.

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