Martin County Florida Condo Market Report for October 2013
Commentary:
The Martin County Florida Condo Market for October 2013 showed better numbers than in previous years on a year to year comparison. Still a bit slower than we would like. Inventory increased this month to 546 units (the second month in a row with gains). It was back in 2005 when we had steady inventory levels below 600 units. The median sales price decreased significantly in October to one of the lowest numbers in years. This value is more a result of the mix of sales for October which were mostly in the lower price ranges, rather than a decrease in values. Currently, prices on average appear to be holding steady with different communities showing some small gains (as well as some losses) depending on the individual community.
The one month absorption rate decreased to 9.93 months from last months 10.04 months, while the three-month average is now at 9.81 months. The condo market for Martin County continues to be a buyers market. Generally an absorption rate of 6 or 7 months is considered a balanced market.
Potential 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. Though, uncertainty with the economy is a big factor for vacation buyers potentially using their discretionary spending for these purchases.
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 October 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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