July 2016 Monthly Market Detail Martin County Single Family Homes
The July 2016 Monthly Market Detail Martin County Single Family Homes continues to show reduced sales volume when compared to last years figures, yet this is still a very active market. Closed sales were down by 9.5% (was down by 10.0% in June). New pending sales decreased by 22.3% as compared to July of 2015 (Decreased by 17.5% in June).
Both median and average sales prices continue with strong gains. The median sales price was up by 6.1% from last year (up by 15.9% in June) while the average price increased by 13.8% (was up by 9.2% last month). If inventory levels continue to increase and sales volume continues to decrease I expect the rate of price appreciation to decrease.
The inventory of available single family homes decreased from last month by 1 homes to 987 units for July, this is 8.5% greater than last July. Current supply of homes is 4.9 months, for July of last year it was a 4.3 months supply. (This is a 14.0% increase from last year). Still a sellers market for Martin County single family home sales. A balanced market favoring neither buyers or sellers is considered to be one with a 6 to 7 month supply of inventory.
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July 2016 Monthly Market Detail Martin County 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.
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