Martin County Florida Condo Market Report for July 2013
Commentary:
The Martin County Florida Condo Market for July 2013 had minimally better sales than last year (2 condos). On a positive note, the inventory rose to 526 units, making for a better selection for buyers. Though these levels are still low. It was back in 2005 when we had steady inventory levels below 600 units. The median sales price took a nice jump from June (up by $34,000) and is $6,000 higher than last year. Much of the median price results are driven by the mix of units selling. We had a good number of higher end waterfront condos sell in July. And, while prices are not declining any more in the overall market, they also are not making any large increases at this time. Prices remain very sensitive to the community and the available competition.
The one month absorption rate increased to 8.92 months from last months 7.36 months, while the three-month average is now at 7.41 months. We’ve slipped back into a slight buyers market. Generally an absorption rate of 6 or 7 months is considered a balanced market.
Higher interest rates remain troubling for the market in general, but is not as strong an issue for our condo market as we have a fairly high percentage of cash buyers. If the economy continues it’s improvement, I expect another good season for the condo market in Martin County for the upcoming year.
Click on the charts for a larger view:
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
Martin County Florida Condo Market Report for July 2013
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