April 2016 Monthly Market Detail Florida Single Family Homes
The April 2016 Monthly Market Detail Florida Single Family Homes shows continued strong activity but less robust than last year primarily because of reduced inventory and strong price increases. Closed sales were down by 0.6% (was also down by 0.6% in March) and new sales under contract (new pending sales) were down by 4.2% (was down by 6.3% in March).
Both median and average sales prices continue to rise ( April 2015 to April 2016) by 9.2% and 3.8% respectively, compared to March’s 10.3% and 4.9%. These year to year price increases remain very strong, and in my opinion, unsustainable for the long run. But, for now, these increases show no signs of abating.
The inventory of available homes for sale fell by 23% from last year. Higher demand areas of Florida have seen decreasing inventory for more than three years now. For April there was only a 4.5 months supply of inventory as Florida remains in a sellers market with the advantage for sellers. (April of 2015 had a 4.8 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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April 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.
