July 2016 Monthly Market Detail Florida Single Family Homes
The July 2016 Monthly Market Detail Florida Single Family Homes had a reduced volume of sales when compared to last July, while prices continue to rise. Closed sales were down by 8.0% (was up by 0.4% in June) and new sales under contract (new pending sales) were down by 9.6% (was down by 7.7% in June).
Both median and average sales prices continue to rise ( July 2015 to July 2016) by 11.6% and 8.0% respectively, compared to June’s 10.8% and 6.8%. If the reduced volume of sales continue, I expect that these price rises will moderate considerably and possibly even retreat by next year at this time.
The inventory of available homes for sale fell by 3.3% from last year. This is another trend that I think may reverse in the near future as more homes may come on the market while fewer sell. For July there was only a 4.3 months supply of inventory as Florida remains in a sellers market with the advantage for sellers. (July of 2015 had a 4.4 month supply) A balanced market favoring neither buyers or sellers is considered to be one with a 6 to 7 month supply of inventory.
Click here to view or download the full report:
July 2016 Monthly Market Detail Florida Single Family Homes
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.
Leave a Reply