May 2016 Monthly Market Detail Florida Single Family Homes
The May 2016 Monthly Market Detail Florida Single Family Homes remains quite active, but showing some signs of stress as the inventory remains low and the values continue to rise. Closed sales were up by 4.5% (was down by 0.6% in April) and new sales under contract (new pending sales) were down by 2.7% (was down by 4.2% in April).
Both median and average sales prices continue to rise ( May 2015 to May 2016) by 10.5% and 4.2% respectively, compared to April’s 9.2% and 3.8%. Sooner or later these strong price gains will have a negative effect on sales and I expect this rise to slowdown in the near future.
The inventory of available homes for sale fell by 2.5% from last year. Higher demand areas of Florida have seen decreasing inventory for more than three years now. For May there was only a 4.4 months supply of inventory as Florida remains in a sellers market with the advantage for sellers. (May of 2015 had a 4.7 month supply) A balanced market favoring neither buyers or sellers is considered to be one with a 6 to 7 month supply of inventory.
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May 2016 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.
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