October sales for multifamily properties were down 31% from last year according to the Florida Association of Realtors. Just like Single family this is in part of a decreased inventory but sales were down 13% from just a month prior. In previous years most condo sales were done in the 1st quarter but since the increase in foreclosures a couple of years ago, those numbers have been more steady throughout the year. With many foreclosures being pulled from the market, inventory has dropped and a few of the better deals have gone away most likely adding to the drop in sales. Sales will likely increase again now that snowbirds are down again and prices are still very reasonable. The median sales price for October was 108,700 down from 118,300 a year ago.
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