Martin County Florida Condo Market Report for December 2012
Commentary:
The Martin County Florida Condo Market for December 2012 continues to have its difficulties while the residential segment of the Treasure Coast real estate market is showing positive signs. Sales for December were 54 units down up from 47 in November. Pretty similar to last year’s 52 condos and equal to the 54 sold condos in December of 2010. The inventory rose to 630 condos (up 13 from November) which is 43 condos less than were available last year. This is the third month of increasing inventory. If sales do not pick up by an appreciable amount, the increase in inventory will continue to drive prices down. As evidenced by the median sales price dropping to $100,950 for December of 2012 (Was 110,000 in Dec 2011) The median listing price was also off to $175,000. Whether this is just seasonal drop during the holiday season remains to be seen. Typically we get more higher end condo sales in the spring season.
The one month absorption rate decreased to 11.7 months, while the three-month average is at 12.1 months. Still a very challenging market for condo sellers. But 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.
[singlepic id=3239 w=800 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=3240 w=800 h=600 float=center]
[singlepic id=3241 w=800 h=600 float=center]
[singlepic id=3242 w=800 h=600 float=center]
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 December 2012
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:
Leave a Reply