Following an active October 2015, where 6.7% more homes were sold than in October 2014, the housing market caught its breath in November, resulting in less pended (under contract) and closed sales.  In November 2015 there were 139 pended sales vs. 163 in October 2015; there were 127 closed sales in November 2015 vs. 155 in October 2015; new listings remained about the same, 217 in November 2015 vs. 208 in October 2015.  As a result thereof, as of November 30, 2015, there were 15.1% more homes for sale, 472 in November 2015 vs. 410 in October 2015.  Nevertheless, inventory remains low, at 3.7 months based on closed sales (6 months is considered a balanced market).

I attribute the November breather, as an opportunity for the housing market to catch its breath before we head into the Florida “in-season”. Reviewing the current month from the same time last year, on an average sold price per square foot, an average sold price, and a median sold price basis, the rate of appreciation has been dramatic.  In November 2015 the average sold price per square foot was $151/sq. ft., compared to $126/sq. ft. in November 2014 – a 19.8% increase. The average sold price was $238,000, up 24.6% from $191,000 in November 2014.  The median sold price was $215,000 in November 2015, an even more remarkable increase of 34.4% when it was $160,000 in November 2014.  Further, this does not appear to be an aberration.  Comparing the most recent 3 month quarter (September, October & November 2015) to the same quarter last year, the average sold price per square foot increased 15.9%; the average sold price increased 21%, and the median sold price increased 27.5%.