April 2014 Monthly Market Detail Florida Single Family Homes
The April 2014 Monthly Market Detail Florida Single Family Homes as reported by Florida Realtors showed improved results from last year, though at a much reduced pace from 2013. Year to year closed sales were up, but only by 4.1% (was up by 2.8% in March) and new sales under contract (new pending sales) decreased by 1.1% (was up by 2.1% in March).
Both median and average sales prices continue to rise ( April 2013 to April 2014) by 6.1% and 3.8% respectively, compared to March’s 7.1% and 6.3%. While still very positive numbers, the rate of appreciation appears to be slowing.
The inventory of available homes for sale jumped by 18% from last year. This is now the seventh month 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. I suspect that the reduced rate of increasing values and home sales are a direct result of the increasing inventory. Currently, there are just not enough buyers to absorb this increase fully. Though with only a 5.7 months supply of inventory, this is still a healthy and balanced market.
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April 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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