Florida Single Family Homes November 2016 Market Detail
The Florida Single Family Homes Market Detail for November 2016 showed unexpectedly strong sales activity from last year. Closed sales were up by 12.8% (was down by 5.3% in October) and new sales under contract (new pending sales) were up by 8.3% (was down by 7.1% in October).
Both the median and average sales prices continued to rise from November 2015 to November 2016. Up by 10% and 6.2% respectively, compared to October’s 11.7% and 6.4%.
The inventory of available homes for sale fell by 6.8% from last year. For November there was only a 4.1 months supply of inventory as Florida remains in a sellers market with the advantage for sellers. (November of 2015 had a 4.4 month supply) A balanced market favoring neither buyers or sellers is considered to be one with a 6 to 7 month supply of inventory. Inventory is once again decreasing which continues to put pressure on rising prices and sales.
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Market information is courtesy of Florida Realtors Research. For additional information and historical archives please visit the Florida Realtors Research page.