Martin County Florida Condo Market Report for January 2013
Commentary:
The Martin County Florida Condo Market for January 2013 continues to have its difficulties while the residential segment of the Treasure Coast real estate market is showing positive signs. Sales for January were only 39 condos, down from 54 in December. Similar to last year’s 37 condo sales in January. The inventory declined to 610 condos (Down 20 from December) which is 54 condos less than were available last year. This is the first month of decreasing inventory after 3 months of increases. The median sales price dropped to $95,000 for January of 2013 (Was 133,000 in Jan 2012). While the median list price rose to $179,000. 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 jumped to 15.6 months, while the three-month average rose to 13.3 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.
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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 January 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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