Martin County Florida Condo Market Report for February 2013
Commentary:
The Martin County Florida Condo Market for February 2013 showed some very positive signs. After disappointing results from much of the fall season, sales numbers for February were up to 66 units. This is considerably better than last February of 57 and the weak January numbers of 39. The inventory continues to decline. Now down to 604 condos (Down 36 from February of 2012). This is the second month of decreasing inventory after 3 months of increases. The median sales price dropped to $88,250 for February of 2013 (Was 85,000 in February of 2012). While the median list price remained unchanged at $179,000. These numbers are a little misleading as it appears that prices have stabilized in the condo market. There have been a relatively greater number of lower priced condos sold which is driving the median sales prices down.
The one month absorption rate dipped to 9.15 months from last months 15.6 months, while the three-month average is now at 11.6 months. Still a challenging market for condo sellers, but there has been a significant improvement in February. We still 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.
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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
See the full set of charts at Treasure Coast FL Homes
Martin County Florida Condo Market Report for February 2013
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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