Martin County Florida Condo Market Report for August 2013
Commentary:
The Martin County Florida Condo Market for August 2013 showed better numbers than in previous years on a year to year comparison. Still a bit slower than we would like. Inventory decreased to 511 units (after a nice little jump last month). It was back in 2005 when we had steady inventory levels below 600 units. The median sales price decreased in August indicating the mix of sales has once again shifted to the less expensive mainland condos, though still above last year’s value significantly. 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 previous months. 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 9.46 months from last months 8.92 months, while the three-month average is now at 8.5 months. We’ve slipped back into a buyers market for martin County condos. 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:
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 Florida Condo Market Report for August 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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