July 2014 Monthly Market Detail Florida Townhouses and Condos
For the July 2014 Monthly Market Detail Florida Townhouses and Condos for the state of Florida showed less activity as compared to last year as well as last month. Year to year closed sales were off by 6.7% as compared to last months increase of 3.1% and new sales under contract (new pending sales) decreased by 13.9% (June’s decrease was 9%).
Both median and average sales prices were up (year to year) by 7.4% and 2.6% respectively (in June it was 8.5% and 5.8%). Prices rose very rapidly last year and continue to go up this year at a reduced pace. One reason for the reduced activity is the fact that these properties are considerably more expensive than they have been in the recent past.
Inventory rose for the tenth month in a row, by 10.9% (was up by 13.4% in June). While the July 2014 numbers show a marked decrease in activity levels this is still a seller’s market as there is currently a 5.7 months supply of inventory (was 5.8 months in June) which is up 11.2% from last year. A 6 months inventory supply is considered a balanced market.
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: July 2014 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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