Martin County Florida Condo Market Report for November 2012
Commentary:
The Martin County Florida Condo Market for November 2012 showed some improvement from last year, but continues to struggle in a difficult market. Sales for November were 47 units down slightly from the 50 in October. Though, considerably better than November of 2011 during which we saw only 35 sales. The inventory rose to 617 condos (up 43 from October) which is about 60 condos less than were available last year. I am anticipating a greater increase in inventory as many condo owners try to maximize the seasonal impact of this market. The median sales price was up in November to $125,000 after taking a sizable drop in October which had dipped to $114,750. Last year in November the median sales price was $112,500.
The one month absorption rate is up to 13.3 months, while the three-month average is at 12.9 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.
Currently, the condo market is under-performing as compared to our residential market and the condo markets of our southern neighbors. I do expect this trend to stop as buyers realize the bargains currently available in the Martin County condo market.
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.
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 November 2012
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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