June 2014 Monthly Market Detail Martin County Townhouses and Condos
June 2014 Monthly Market Detail Martin County Townhouses and Condos showed strong market movement with a more moderate rate of price changes as compared to the recent past. Year to year closed sales were up by 11.5% (was up by 0.8% in May) while new sales under contract (new pending sales) decreased by 19.4% from June 2013 (was down 20.8% in May). The decrease in pending sales June be an indication of some future weakness in this market.
The median sales price increased by 3.1% (was down by 1.0% in May) while the average sales price decreased by 4.9% (was down 19.3% in May) as compared to June of 2013. After nearly a year of pretty impressive price rises, values were off for the second month in a row.
The inventory of available townhouses and condos has decreased by 7 to 558 units from last month which is also 1.8% less inventory than was available in June of 2013. I continue to be surprised that inventory levels are still so low, considering that values have increased over 20% in the past year. The current supply of inventory is 5.6 months (an 4% decrease from last year). While still strong activity in this seller’s market, I’m a bit concerned over the decrease in both inventory and pending sales.
Click here to view or download the full report: June 2014 Monthly Market Detail Martin County 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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