Martin County Florida Condo Market Report for September 2012
Commentary:
The Martin County Florida Condo Market for September 2012 was fairly slow. Though this is typical for our seasonal condo market, we were hoping for a little better activity. Sales for September were down to 39 units from 46 in August. Just about identical to September 2011 which had 40 sales. The inventory was down by 10 units and is basically holding steady as last year at this time it was 623 condos available for sale. 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 took a big jump in September as some fairly high priced condos were sold last month. (Up to $159,000 from just $97,000 for August)
The one month absorption rate is up to 14.6 months, while the three-month average is at 12.1 months. Still a very challenging market for sellers with the accompanying 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.
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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 September 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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