Condominium Market Report for August 2010 in Martin County, Florida
The August Condo market report shows some mixed indicators. Sales year to year are up slightly (by 5 units). Down from July, which is a typical seasonal result. Prices continue to slide although the median sales price was up for August reflecting on the mix of some higher-priced units selling. The best news is that the inventory has continued to shrink and is now equal to the inventory we had back in December of 2005 which was near the beginning of the current slump in the market.
Unfortunately, I think there’s a fairly high shadow inventory of condos with the owners waiting to see what the market does. Should there be any sign of an upturn, these units will enter the market creating more supply which will negatively impact prices further. The best opportunity for this segment of the market is a rebound in the economy which for the moment doesn’t seem to be near at hand.
For more information, visit our website or call us at (772) 888-2885.
Our market reports are here!
Condominium Market Report for August 2010 in Martin County, Florida
Leave a Reply