March 2016 Monthly Market Detail Florida Townhouses and Condos
The March 2016 Monthly Market Detail Florida Townhouses and Condos is now in a balanced market and not the super heated activity as we have experienced for the past two years. Closed sales were down by 7.1% as compared to last months decrease of 5.4% and new sales under contract (new pending sales) decreased by 10.1% (In February there was a 10.5% decrease). While on the single family side of the Florida real estate market this decrease in volume can be attributed to inventory, for condos and townhouses it appears to be strictly price related as the inventory has been gaining in the past few months.
The median sales price continued to rise, by 3.3% (up by 5.6% in February), while the average sales price decreased by 3.9% (was down 1.4% in February). It appears that prices may not continue to rise very rapidly for this segment of the Florida real estate market.
The inventory increased by 6.7% from March of last year. For March 2016 we have 6.3 months of inventory (was also 6.3 months in February) and compared to 6.0 for March 2015. First time in two years that we are seeing an increase in inventory as well as being out of a sellers 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 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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