September 2016 Monthly Market Detail Florida Townhouses and Condos
The September 2016 Monthly Market Detail Florida Townhouses and Condos had a weaker month for sale activity as compared to last year. Closed sales were down by 3.9% as compared to last months increase of 3.3% and new sales under contract (new pending sales) decreased by 5% (In August there was a 6.1% decrease).
Price changes were mixed this month with the median prices rising while average prices declined.. Median sales prices were up by 6.7% (was also up by 6.7% in August), while the average sales price decreased by 2.9% (was up 3.4% in August). As sales activity decreases and if inventory continues to increase, I expect these prices to continue to moderate.
The inventory increased by 9.3% from September of last year. For August 2016 we have 5.8 months of inventory (was also 5.8 months in August) and compared to 5.1 for September 2015. We are approaching a balanced market for Florida townhouse and condo sales. A balanced market favoring neither buyers or sellers is considered to be one with a 6 to 7 month supply of inventory.
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:
September 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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