May 2016 Monthly Market Detail Florida Townhouses and Condos
The May 2016 Monthly Market Detail Florida Townhouses and Condos continues to slow it’s pace from the very strong activity of the past three years. Closed sales were up by 0.1% as compared to last months decrease of 5.3% and new sales under contract (new pending sales) decreased by 4.6% (In April there was a 5.7% decrease). Even though the inventory has begun to rise from the all time lows of the previous few months, the tremendous rise in prices have made this segment of Florida’s real estate market a bit too pricey for many.
Prices were mixed for may with the median sales price up by 4.4% (was also up by 4.4% in April), while the average sales price decreased by 1.3% (was up 2.9% in April). If prices continue to stay somewhat stable or even decrease slightly, I expect the volume of sales to increase.
The inventory increased by 7.4% from May of last year. For May 2016 we have 6.1 months of inventory (was 6.3 months in April) and compared to 5.8 for May 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:
May 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