Martin County Florida Condo Market Report for March 2013
Commentary:
The Martin County Florida Condo Market for March 2013 also showed excellent activity for March of 2013. After disappointing results from much of the fall season, sales numbers for March were up to 84 units. The last March that had a higher sales volume was back in 2005. The inventory continues to decline. Now down to 582 condos (Down 69 units from March of 2012). This is the third month of decreasing inventory after 3 months of increases. The median sales price jumped dramatically to $142,500 from $88,250 last month (and 103,500 in March of 2012). While the median list price rose modestly to $189,450. 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. As the inventory continues to decrease, pressure will be on for prices to rise.
The one month absorption rate dipped to 6.93 months from last months 9.15 months, while the three-month average is now at 9.5 months. A considerably improved condo market after many years of stagnant results. We are now very close to a balanced market for condos in Martin County. Generally an absorption rate of 6 or 7 months is considered a balanced market.
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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 March 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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