Typically starting in July we begin to see sales and prices drift downward slowly toward the end of the year (with last July being an exception). This year seems to be following that usual trend with sales peaking in May and slightly lower in June and July. However, even with this, sales are still staying in the same range as they have been which is still a very strong range.
Inventory is still very low and has continued in the range it has been throughout the year – slightly above last year and slightly below the year before. Even though we are seeing a slight increase over the very low levels last year, we are in a condition where inventory (house, condos, etc. available for sale) is significantly constricted. We are into the 3rd year of very low inventory which began in March of 2012 and has kept us in a seller’s market and has resulted in prices continuing to increase although at a slightly slower pace than last year.
The articles I wrote this month go over why this situation is occurring, why it isn’t changing very quickly, how it will likely be this way for a while longer and why ‘waiting’ is not the best strategy for buyers or sellers.
Here are the graphs showing the sale and inventory for last month – you can click either graph to see if full-sized:
Information for charts above was taken from PRO/Suncoast MLS from Jan 2007 thru May 2011 & from the MFRMLS for May 2011 thru July 2014. This information may or may not include all listed expired, withdrawn, pending or sold properties of one or more members of the My Florida Regional Multiple Listing Service.