Martin County Florida Condo Market Report for December 2011

Martin County Florida Condo Market Report for December 2011

 

Commentary:

After a small retreat in November, the Martin County Florida condo market report for December 2011 posted some solid numbers.  Sales for December were up to 52 units, down from December of 2010 of 54 units but better than November’s anemic 35.  Both median and average sales prices were up, but this is not an indication of rising prices, unfortunately, rather the mix of condos that sold in December.  Currently some of the more moderate priced condos are selling, which is driving these averages up.

The inventory is now down to 673 condos, which is down from 676 last month and from 780 in December of 2010.  A decreased inventory generally will trigger an increase in demand as the supply of existing units just isn’t available increasing the urgency for buyers.

Unfortunately the absorption rate remains troubling on the higher end, with December’s one month value of 13 months and the three month moving average of 14.3 months.  We need to get the 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 to 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.

Click on the individual charts to see charts in expanded mode.

[singlepic id=1896 w=600 h=600 float=center]

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.

[singlepic id=1897 w=600 h=600 float=center]

[singlepic id=1898 w=600 h=600 float=center]

[singlepic id=1899 w=600 h=600 float=center]

Data compiled from the Realtor Association of Martin County

See the full set of charts at Treasure Coast FL Homes

Condo Market Report for December 2011 in Martin County, Florida

the Gabe Sanders real estate team

Condo Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties

For more information about Florida’s Treasure Coast Real Estate, visit us at:

Stuart Florida Real Estate or Treasure Coast FL Homes

Leave a Reply