Martin County Florida Condo Market Report for April 2012
Commentary:
For April, the Martin County Florida Condo Market finally showed some life with better results than we’ve had all year. Sales for April were a strong 75 units, 11 units more than March and 25 units above April of 2011. On another positive note, the median sales price rose to $118,500 reflecting some higher to moderate priced condos having sold.
The inventory declined to 606 condos, which is down from 651 units last month and down from the 714 condos that were on the market in April of 2011. The one month absorption rate is now at 8.08 months, while the three month average is down to 9.68 months. It remains a challenging market for condos in Martin County but some signs of life as prices across the board have declined significantly. We need to see a sustained absorption rate below 9 months for a healthy market and down to 6 or 7 months to be considered a balanced one.
The big uncertainty that remains is the economy. We believe that if we have any sustained good news, we will see a pretty good rush on the market which will be a nice change from the present. For the longer term, even though we have the best mortgage rates in history at the moment, inflation is making news and this is not good for rates down the line. The Fed is working hard to keep rates down, but for how long, we’re just not too sure.
Our outlook for Martin County is fairly positive as for buyers, prices and rates remain very attractive. For sellers, it doesn’t look like we’re going to see any significant improvements soon, so if you need to sell, you may be better off now than possibly in the near future.
Martin County Florida Condo Market Report for April 2012
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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