May 2014 Monthly Market Detail Florida Single Family Homes
The May 2014 Monthly Market Detail Florida Single Family Homes as reported by Florida Realtors showed improved results from last year, though at a much reduced pace from 2013. Year to year closed sales were up, but only by 3.6% (was up by 4.1% in April) and new sales under contract (new pending sales) decreased by 0.6% (was down by 1.1% in April).
Both median and average sales prices continue to rise ( May 2013 to May 2014) by 4.3% and 8.9% respectively, compared to April’s 6.1% and 3.8%. While still positive numbers, the rate of appreciation appears to be slowing.
The inventory of available homes for sale jumped by 20.4% from last year. This is now the eighth month of increased inventory. This increase is a direct result of rising prices as many home sellers have been waiting on the side lines for improved values. I suspect that the reduced rate of increasing values and home sales are a direct result of the increasing inventory. Currently, there are just not enough buyers to absorb this increase fully. Though with only a 5.7 months supply of inventory, this is still a healthy and balanced market. (2013 had a 5 month supply)
Click here to view or download the full report:
May 2014 Monthly Market Detail Florida 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.
Leave a Reply