October was the 2nd month of 2016 when the sales were slightly below those in the same month of 2015. That may not seem significant to you, and in the long term it may not be, but changes in trends should never be ignored. We had a little dip in July but then a bigger than normal jump in August so combined they appeared to show that the trend prior to that was continuing. October’s even smaller dip could see a similar jump in November or, if not, could be related to the election – or it could be related to a long period of low inventory with subsequent rising prices.
At the same time, we saw a slight increase in inventory when compared to the same month last year. This follows the same pattern we saw in July.
I think with the election and holiday in November we may need to watch this for at least the next 2 months, possible even 3, to see if October’s numbers have any significance in the overall condition of the local market.
Meanwhile, here are the 2 graphs that show what I’m describing:
(Information for the charts was taken from PRO/Suncoast MLS from Jan 2007 thru May 2011 & from the MFRMLS for May 2011 thru October 2016. This information may or may not include all listed expired, withdrawn, pending or sold properties of one or more members of the My Florida Regional Multiple Listing Service.)