July Real Estate Market UpdateAugust 22, 2014
Each month, RE/MAX researches 52 metropolitan markets so that buyers, sellers and agents can better gauge where the US Housing Market stands in the recovery process. While it is true that the market was off to a slow start, the past few months have shown improving home sales, the Northwest Florida real estate market included.
The 2014 July housing data indicated a few things. First, that home sales have slowed in pace compared to 2013, but prices are on the rise. With a median sales price at $204,550, prices have officially risen 30 consecutive months on a year-over-year basis. This increase, however is not as rapid as it what last year and in large part is due to rising inventory.
According to the report, the inventory environment is improving with reductions seen for seven of the last eight months. Currently the supply of inventory is at 4.3, a supply of 6 indicates that market is balanced between buyers and sellers.Â
As far as days on the market go, July’s average number is 60. This is two days less than the averages seen in both June and July of last year.Â
The real estate market as a whole appears to have settled into a more stable growth pattern, at least that is what this month’s report has indicated.
For more information onÂ the state of your local market, contact a Gulf Coast real estate agentÂ today.