August 2016 Monthly Market Detail Martin County Single Family Homes
The August 2016 Monthly Market Detail Martin County Single Family Homes continues to show reduced sales volume when compared to last years figures, yet remains a strong market. Closed sales were down by 9.1% (was down by 9.5% in July). New pending sales decreased by 7.8% as compared to August of 2015 (Decreased by 22.3% in July).
Both median and average sales prices moderated for August. The median sales price was down by 0.5% from last year (up by 6.1% in July) while the average price increased by 2.2% (was up by 13.8% last month). As I’ve mentioned in my earlier market reports, this reduction in price increases was expected as the inventory increased. (Basic laws of supply and demand.)
The inventory of available single family homes increased from last month by 12 homes to 999 units for August, this is 13.7% greater than last August. Current supply of homes is 5.0 months, for August of last year it was a 4.2 months supply. (This is a 19.0% increase from last year). Still a sellers market for Martin County single family home sales. A balanced market favoring neither buyers or sellers is considered to be one with a 6 to 7 month supply of inventory.
Click here to view or download the full report:
August 2016 Monthly Market Detail Martin County Single Family Homes
To view the latest set of reports from Florida Realtors for the state of Florida, Martin County and Saint Lucie County, please visit GabeSanders.com and select Market Data.
Market information is courtesy of Florida Realtors Research. For additional information and historical archives please visit the Florida Realtors Research page.
Leave a Reply