Florida Townhouses and Condos October 2016 Market Detail
The Florida Townhouses and Condos Market Detail for October 2016 showed continued weakness as compared to last year for sales. Closed sales were down by 12.3% as compared to last months decrease of 3.9% and new sales under contract (new pending sales) decreased by 14.5% (In September there was a 5% decrease).
Values, however, continued to increase though at a more moderate pace. Median sales prices were up by 8.1% (was up by 6.7% in September), while the average sales price increased by 0.5% (was down 2.9% in September). As sales activity decreases and if inventory continues to increase, I expect these prices to continue to moderate.
The inventory increased by 8.2% from October of last year. For September 2016 we have 5.9 months of inventory (was 5.8 months in September) and compared to 5.3 for October 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:
Florida Townhouses and Condos October 2016 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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