Martin County Condo Sales Report for November 2013
Commentary:
The Martin County Florida Condo Sales report for November 2013 showed some weakness, much like the Martin County Homes sales report. Closed sales for November were unchanged from November of 2012 and were lower than last month. The median price rose respectably from last month and was unchanged from last year. Inventory rose for the third month in a row, yet still fewer condos available for sale from last year.
The one month absorption rate increased to 11.91 months from last months 9.93 months, while the three-month average is now at 10.57 months. The condo market for Martin County continues to be a buyers market. Generally an absorption rate of 6 or 7 months is considered a balanced market.
Weakness for the condo market is not that unusual for this time of the year. The coming season should prove interesting as this segment has been fairly flat for the past few years, even though the numbers have risen somewhat.
Click on the charts for a larger view:
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.
Data compiled from the Realtor Association of Martin County
Martin County Condo Sales Report for November 2013
the Gabe Sanders real estate team
Condo Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties
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