June 2016 Monthly Market Detail Florida Townhouses and Condos
The June 2016 Monthly Market Detail Florida Townhouses and Condos showed weaker activity when compared to 1 year ago. Prices may have climbed a bit to fast for this segment of the Florida real estate market. Closed sales were down by 2.6% as compared to last months increase of 0.1% and new sales under contract (new pending sales) decreased by 7.6% (In May there was a 4.6% decrease). Inventory of available condos and townhouses continues to rise as well which should put pressure on prices to either decline or at least moderate.
Though the June prices continued to rise with the median sales price up by 8.6% (was up by 4.4% in May), while the average sales price increased by 3.1% (was down 1.3% in May). If prices continue to stay somewhat stable or even decrease slightly, I expect the volume of sales to increase.
The inventory increased by 7.9% from June of last year. For June 2016 we have 6.0 months of inventory (was 6.1 months in May) and compared to 5.5 for June 2015. We are currently in a balanced market for Florida townhouse and condo sales.
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:
June 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.
Leave a Reply