Market Update June 2016: Prices Spike, Sales Dip

The market right now is super tight – median prices across the board have gone up significantly compared to 2o15 – 15% to be specific. This may account for the decrease in sales we’re seeing, although it can also be contributed to a lack of inventory.

The median price for normal homes is $215,000, almost 5% more than it was last year. Single family homes increased 12.5% since this time last year.

When looking at the sales in June last year, June 2016 sales are down a tiny bit. Sales for this year have picked up, and we saw a 5% increase compared to May. We’re pleased to see normal sales made up 88% of all sales, and the State of Florida dropped to number 4 on the list of highest foreclosure rates.

Inventory is slim-pickings right now. Buyers snapped up houses, meaning on average homes were on the market for 62 days. In the last month or so we’ve had listings under contract within a matter of days. Less inventory means fewer sales and this trend may continue into the summer.