Florida Townhouses and Condos March 2017 Market Detail
The Florida Townhouses and Condos Market Detail for March 2017 continued with strong sales activity. Closed sales were up by 11.4% as compared to last months increase of 4.1% and new sales under contract (new pending sales) increased by 7.1% (In February there was a 0.5% increase).
Values continued to increase though at a strong pace. Median sales prices were up by 9.4% (was up by 11.7% in February), while the average sales price increased by 10.7% (was up 8.5% in February). As sales activity decreases and if inventory continues to increase, I expect these prices to continue to moderate, though they are staying pretty resilient at this time.
The inventory decreased by 0.1% from March of last year. For March 2017 we have 6.3 months of inventory (was 6.4 months in February) and compared to 6.2 months for March 2016. We remain in a balanced market for Florida townhouse and condo sales but are drifting slowly towards a buyers market in the past year. 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:
Florida Townhouses and Condos March 2017 Market Detail
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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