Martin County Florida Condo Market Report for August 2012
Commentary:
The Martin County Florida Condo Market for August 2012 is showing signs of our typical summer slowdown. Sales for August were down to 46 units from 57 in July. Though this is still slightly better than August of 2011 which had 43 sales. The inventory was up by 7 units and is basically holding steady as last year at this time it was 618 condos available for sale. I would not be surprised to see more inventory growth as we get into the upcoming fall and winter condo season. Both average and median sales prices were off again for August reflecting a continued pressure on pricing in the local condo market. Also, the mix of sales has been in the lower price ranges, as the more expensive, typically ocean front condos tend to have better sales in the winter and spring season..
The one month absorption rate is up to 12.6 months, while the three-month average is at 10.4 months. Still a very challenging market for sellers with the accompanying quite attractive opportunities for buyers. 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.
Currently, the condo market is under-performing as compared to our residential market and the condo markets of our southern neighbors. I do expect this trend to stop as buyers realize the bargains currently available in the Martin County condo market.
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
See the full set of charts at Treasure Coast FL Homes
Martin County Florida Condo Market Report for August 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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