November 2014 Monthly Market Detail Florida Single Family Homes
The November 2014 Monthly Market Detail Florida Single Family Homes as reported by Florida Realtors showed continued improvement for the single family real estate market as compared to last November (2013). Closed sales were up by 10.7% (was up by 17.8% in October) and new sales under contract (new pending sales) increased by 6.1% (was up by 4.7% in October).
Both median and average sales prices continue to rise ( November 2013 to November 2014) by 3.5% and 3.3% respectively, compared to October’s 4.6% and 6.1%. We’ve appeared to slow down in the rate of appreciation in the past few months. This is a good sign as prices will not be forcing as many buyers out of the market. Historically a 3 to 4% yearly appreciation is very normal for real estate.
The inventory of available homes for sale rose by 2.3% from last year. This is now a full 14 months 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. This increase in inventory makes for greater choices and more price competition among sellers. With only a 5.3 months supply of inventory, this is a healthy market with a slight edge to sellers. (November of 2013 had a 5.6 month supply)
Click here to view or download the full report:
November 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.
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