August 2016 Monthly Market Detail Florida Single Family Homes
The August 2016 Monthly Market Detail Florida Single Family Homes rebounded a bit from last month. Closed sales were up by 8.2% (was down by 8.0% in July) and new sales under contract (new pending sales) were down by 1.1% (was down by 9.6% in July).
Both median and average sales prices continue to rise ( August 2015 to August 2016) by 12.6% and 9.3% respectively, compared to July’s 11.6% and 8.0%. These price rises continue to be a bit to high to be sustainable for a long period of time.
The inventory of available homes for sale fell by 1.8% from last year. If prices continue to rise rapidly, I expect the inventory to expand in the future. For August there was only a 4.2 months supply of inventory as Florida remains in a sellers market with the advantage for sellers. (August 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:
August 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