July 2016 Monthly Market Detail Florida Townhouses and Condos
The July 2016 Monthly Market Detail Florida Townhouses and Condos showed continued weaker activity compared to last year. Closed sales were down by 11.5% as compared to last months decrease of 2.6% and new sales under contract (new pending sales) decreased by 11.3% (In June there was a 7.6% decrease).
Prices have continued to rise, though for July this rate has slowed appreciably. Median sales prices were up by 6.8% (was up by 8.6% in June), while the average sales price increased only by 0.4% (was down 3.1% in June). With the increase in inventory, these price rises will continue to moderate and possibly even decrease slightly.
The inventory increased by 7.6% from July of last year. For July 2016 we have 5.9 months of inventory (was 6.0 months in June) and compared to 5.3 for July 2015. We are currently in a very slight sellers 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:
July 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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