Martin County Florida Condo Market Report for April 2013
Commentary:
The Martin County Florida Condo Market for April 2013 had one of the strongest months in recent history. After disappointing results from much of the fall season, sales numbers for April were up to 128 units. This is the highest monthly sales number since I started recording this data in January of 2004. The inventory of available condos dropped again (fourth month in a row) to only 571 condos. This low number is beginning to effect prices and at long last it appears that condo prices are starting to rise. The median sales price was down compared to March, but this is a reflection of the larger number of lower priced condos that sold this month, rather than decreasing value. Summer is upon us and typically the condo market slows down during the summer months.
The one month absorption rate dipped to 4.46 months from last months 6.93 months, while the three-month average is now at 6.32 months. A considerably improved condo market after many years of stagnant results. We have now slipped into a slight sellers market for certain segments of Martin County’s condo sales. Generally an absorption rate of 6 or 7 months is considered a balanced market.
This summer will be very interesting. If we don’t have an increase in inventory and buyers remain active, I expect some fairly good price gains.
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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.
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Data compiled from the Realtor Association of Martin County
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Martin County Florida Condo Market Report for April 2013
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Waterfront and Golf Course Communities in Martin and Saint Lucie Counties
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