March 2014 Monthly Market Detail Florida Townhouses and Condos
For the March 2014 Monthly Market Detail Florida Townhouses and Condos for the state of Florida continues to struggle in volume as the prices have soared. It appears that the prices have risen much to fast for consumer demand to keep up. Year to year closed sales were down by 5.2% as compared to last months decrease of 6.8% and new sales under contract (new pending sales) decreased by 6.2% (February’s decrease was 14.5%).
Both median and average sales prices were up (year to year) by 16.7% and 16.1% respectively (in February it was 15.2% and 13.9%). These strong price appreciations is what I suspect is the cause of the decrease in market activity for condos and townhouses in Florida for March.
Inventory rose for the fifth month in a row, by 7%. The rising inventory should produce some pressure to moderate the price increases. This should help regain the momentum of sales. The 6 month supply of inventory is a good sign that we are in a balanced market.
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: March 2014 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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