July 2013 Monthly Market Detail Florida Townhouses and Condos

July 2013 Monthly Market Detail Florida Townhouses and Condos

The July 2013 Monthly Market Detail Florida Townhouses and Condos for the state of Florida showed excellent activity after a bit of easing in June.   Year to year closed sales were up by 16.8% as compared to last months decrease of 2.5% and new sales under contract (new pending sales) increased by 20.7% (June’s increase was 14.2%).

Both median and average sales prices were up (year to year) by 21.9% and 21.7% respectively (higher than June’s). 

One item of concern is the active inventory which has decreased again, for July by 17.5%.  The reduced inventory will eventually result in lower sales volume as there just isn’t enough homes available for sale.  This will also result in strong upward pressure on prices and at some point renewed activity in new construction.  If prices rise to a level where currently underwater home owners can see a profit or even a break even price, I will expect a gradual increase in inventory.

Click on the link below or the graphic to see the full market detail report from Florida Realtors:Monthly Market Detail July 2013 Townhouses and Condos Florida

 

 

Click here to view or download the full report:
July 2013 Monthly Market Detail Florida Townhouses and Condos

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.

July 2013 Monthly Market Detail Florida Townhouses and Condos

July 2013 Monthly Market Detail Florida Single Family Homes

July 2013 Monthly Market Detail Florida Single Family Homes

The positive trend continues for the real estate market as reported by Florida Realtors for the July 2013 Monthly Market Detail Florida Single Family Homes for the entire state of Florida.  All indices have once again moved in a positive direction with the exception of inventory (active listings).  Year to year closed sales were up by 20.9% (was 8.6% in June) and new sales under contract (new pending sales) increased by 25.9% (was 23.1% in June).

Both median and average sales prices were up (July 2012 to July 2013) by 18.7% and 17.5% respectively.  July results are surprisingly better numbers than June of 2013 and momentum has been regained.

The inventory of available homes for sale remains a concern as it continues to decrease, down by 17.2% from last year.  The reduced inventory will eventually result in lower sales volume as there just isn’t enough homes available for sale.  This will also result in strong upward pressure on prices and at some point renewed activity in new construction.  If prices rise to a level where currently underwater home owners can see a profit or even a break even price, I will expect a gradual increase in inventory.

Please look at the full detail report for the rest of the story:Florida Market Detail July 2013 Single Family Homes

 

Click here to view or download the full report:
July 2013 Monthly Market Detail Florida 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.

July 2013 Monthly Market Detail Florida Single Family Homes

Martin County Florida Condo Market Report for July 2013

Martin County Florida Condo Market Report for July 2013

 

Commentary:

The Martin County Florida Condo Market for July 2013 had minimally better sales than last year (2 condos).  On a positive note, the inventory rose to 526 units, making for a better selection for buyers.   Though these levels are still low.  It was back in 2005 when we had steady inventory levels below 600 units.  The median sales price took a nice jump from June (up by $34,000) and is $6,000 higher than last year.  Much of the median price results are driven by the mix of units selling.  We had a good number of higher end waterfront condos sell in July.  And, while prices are not declining any more in the overall market, they also are not making any large increases at this time.  Prices remain very sensitive to the community and the available competition.

The one month absorption rate increased to 8.92 months from last months 7.36 months, while the three-month average is now at 7.41 months.  We’ve slipped back into a slight buyers market.  Generally an absorption rate of 6 or 7 months is considered a balanced market.

Higher interest rates remain troubling for the market in general, but is not as strong an issue for our condo market as we have a fairly high percentage of cash buyers.  If the economy continues it’s improvement, I expect another good season for the condo market in Martin County for the upcoming year.

Click on the charts for a larger view:

Absorption Rate

  

 The Definition of Absorption Rate:
Number of months it takes to sell the current inventory at the present rate of sales. Knowing your area’s Absorption Rate, helps to track trends. Understanding the market and where it is headed is part of our job as real estate professionals. Absorption rate is NOT an exact science. Figuring it is based on the premise that one will be looking for a TREND. It is advised to consistently do the numbers each month, to be able to track a trend.Volume of Sales

Price

Trend Chart

Data compiled from the Realtor Association of Martin County

Martin County Florida Condo Market Report for July 2013

the Gabe Sanders real estate team

Condo Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties

For more information about Florida’s Treasure Coast Real Estate, visit us at:

Stuart Florida Real Estate


August 2013 Market Update for Oak Ridge in Palm City

August 2013 Market Update for Oak Ridge in Palm City

There are currently 6 homes available for sale in Oak Ridge in Palm City, FL.  The list prices range from $279,000 to $834,000 for an average of $163.52 per sq. ft. of living area.  None of these are distressed (short sales or foreclosures) sales.

There are 4 homes under contract and awaiting sale dates.  List prices range from $299,000 to $394,000.  The average is $163.44 per sq. ft. of living area.  One of these pending sales is a short sale.

11 homes have sold in Oak Ridge in the past 12 months.  Sale prices ranged from $175,000 to $420,000.  The average sold price per square foot of living area was $131.21 at a list to sales ratio of 96%.  There was one short sale and one bank owned foreclosure in these sales.

Oak Ridge in Palm City, FL

Located in a quiet tranquil corner of Palm City Florida, the Oak Ridge community of 224 homes is conveniently located close to top rated schools, shopping, I-95 and Florida’s Turnpike, golf courses, cultural activities, parks and beaches. Linked with tree lined streets and cul-de-sacs, homes are located on preserves or water front on lakes or ocean access canals. Enhanced private homesites within a traditional community setting. The gated neighborhood of Oak Ridge offers a 2000 sq. ft. club house, pool, two lighted tennis courts and a deep water ocean access boat ramp. Each house is ideally situated on a lake or preserve property.

Oak Ridge in Palm City, FL


There is a mandatory Home Owners Association with reasonable quarterly dues which cover Basic Cable TV, Landscaping and Maintenance of all Common Areas, Gate Maintenance, Property Manager & Reserve Funds. 

Residents of Oak Ridge are in the Martin County School system and currently, the assigned schools are Bessey Creek Elementary, Hidden Oaks Middle and Martin County High School.

Only minutes to Pendarvis Cove Park on the shores of the Saint Lucie River. Additional boat ramp and trailer parking and home of the sailing club.

Other close by amenities include lots of great shopping, easy access to Florida’s Turnpike and I-95. Only 15 minutes to the shores of the Atlantic Ocean. Give us a call if you’d like additional information about this wonderful Palm City community.

 

Search for Homes for Sale in Oak Ridge in Palm City, FL

Martin County Florida Residential Market Report for July 2013

Martin County Florida Residential Market Report for July 2013

 

Commentary:

The Martin County Florida Residential Market for July 2013 continues to produce better results as compared to recent years.   For July 2013, the inventory dropped below 1,000 homes for the first time since July of 2005.    Hopefully, this is only a seasonal reaction to the market as we approach the slower selling season in this area of Florida.  Should inventory levels remain this low, sales numbers will decline as buyers will have difficulty finding suitable housing.  New home sales are one relief to this inventory issue and we currently have a number of builders and communities with new home offerings.

Both median and average sales prices declined in July from last month, but are still improved year to year.  The one month absorption rate for July 2013 increased to 5.3 months (from 4.72 months in June), and the three-month average is 4.91 months.  A 6 month absorption rate is considered to be a balanced market, so we continue to be in a sellers market in Martin County.  It’s not unusual to see slower activity as we go into fall and the holiday season.

We’ve had a very good run in the market to date this year.  There are a few storm clouds on the horizon, though.  Mainly higher interest rates and a very uncertain economy.  Recent issues with the quality of our rivers as well as rising flood insurance rates are also impacting our higher end sales in the county.

Please feel free to contact us if you have any difficulty interpreting these charts.

  Clicking on the chart will produce a larger view.

Absorption Rate

 

The Definition of Absorption Rate:
Number of months it takes to sell the current inventory at the present rate of sales. Knowing your area’s Absorption Rate, helps to track trends. Understanding the market and where it is headed is part of our job as real estate professionals. Absorption rate is NOT an exact science. Figuring it is based on the premise that one will be looking for a TREND. It is advised to consistently do the numbers each month, to be able to track a trend.

Number of Sales

Price

Trend Chart

 

Data compiled from the Realtor Association of Martin County

Martin County Florida Residential Market Report for July 2013

the Gabe Sanders real estate team

Residential Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties

For more information about Florida’s Treasure Coast Real Estate, visit us at:

Stuart Florida Real Estate