April 2016 Monthly Market Detail Florida Townhouses and Condos
The April 2016 Monthly Market Detail Florida Townhouses and Condos is beginning to show some slower activity tahn in past years drifting out of a sellers market and currently in a balanced one. Closed sales were down by 5.3% as compared to last months decrease of 7.1% and new sales under contract (new pending sales) decreased by 5.7% (In March there was a 10.1% decrease). While on the single family side of the Florida real estate market this decrease in volume can be attributed to inventory, for condos and townhouses it appears to be strictly price related as the inventory has been gaining in the past few months.
Inexplicably, prices continue to rise, though at a slower pace than for the past few years. The median sales price was up by 4.4% (up by 3.3% in March), while the average sales price increased by 2.9% (was down 3.9% in March). Should the inventory continue to rise with slow sales, I expect these price increase to shrink in the near future.
The inventory increased by 7.5% from April of last year. For April 2016 we have 6.3 months of inventory (was also 6.3 months in March) and compared to 5.9 for April 2015. We are currently in a balanced market for Florida townhouse and condo sales.
Click on the link below or the graphic to see the full market detail report from Florida Realtors: Click here to view or download the full report:
April 2016 Monthly Market Detail Florida Townhouses and Condos
To view the latest set of reports from Florida Realtors for the state of Florida, Martin County and Saint Lucie County, please visit GabeSanders.com and select Market Data.
Market information is courtesy of Florida Realtors Research. For additional information and historical archives please visit the Florida Realtors Research page.
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