February 2014 Monthly Market Detail Florida Townhouses and Condos
For the February 2014 Monthly Market Detail Florida Townhouses and Condos for the state of Florida activity slowed considerably as compared to last year. Hopefully, this is just a one month issue. Year to year closed sales were down by 6.8% as compared to last months increase of 9.3% and new sales under contract (new pending sales) decreased by 14.5% (January’s decrease was 6%).
Both median and average sales prices were up (year to year) by 15.2% and 13.9% respectively (in January it was 17% and 21%). I suspect that these very strong price gains are what is now slowing the sales activity as many buyers are simply being priced out of the market.
Inventory rose for the fourth month in a row, by 3.7%. The rising inventory should produce some pressure to moderate the price increases. This should help regain the momentum of 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: February 2014 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.
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