Martin County Florida Condo Market Report for October 2012
Commentary:
The Martin County Florida Condo Market for October 2012 continues to tread water neither getting worse or better. Sales for October were up to 50 units from a very weak 39 in September. Just about identical to October 2011 which had 53 sales. The inventory rose to 574 condos (up 6 from September) which is about 100 condos less than were available last year. I would not be surprised to see more inventory growth as we get into the upcoming fall and winter condo season. The median sales price did take a hit in October , down to $114,750 down from $159,000 for September, but still above last year’s $92,500.
The one month absorption rate is up to 11.5 months, while the three-month average is at 12.7 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.
[singlepic id=3041 w=800 h=800 float=center]
[singlepic id=3042 w=600 h=600 float=center]
[singlepic id=3043 w=600 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 October 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