Martin County Condo Sales Report December 2013
Commentary:
The Martin County Florida Condo Sales report for December 2013 ended the year with some modestly positive gains. Closed sales for December were up to 69 units as compared to 54 for December of 2012 and 47 for last month. The median price made a big jump to $165,000 as compared to last year’s $100,950 and last month’s $125,000. Inventory decreased for the first time in three months, and we continue to have fewer condos available for sale as compared to 2012.
The one month absorption rate dropped to 8.07 months from last months 11.91 months, while the three-month average is now at 9.73 months (compared to last year’s 12.06). The condo market for Martin County continues to be a buyers market though the numbers continue to improve. Generally an absorption rate of 6 or 7 months is considered a balanced market.
Considering that December is typically a weak month for the condo market, we did very well for the close of 2013.
Click on the charts for a larger view:
Absorption rate for Martin County Condo Sales Report December 2013
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 graph for Martin County Condo Sales Report December 2013
Price graph for Martin County Condo Sales Report December 2013
Trend for Martin County Condo Sales Report December 2013
Data compiled from the Realtor Association of Martin County
Martin County Condo Sales Report December 2013
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