Martin County Florida Condo Market Report for September 2013
Commentary:
The Martin County Florida Condo Market for September 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 532 units (Inventory has been up and down the past few months with no real trend at this time). It was back in 2005 when we had steady inventory levels below 600 units. The median sales price increased in September and continues to be well above last year’s values. Much of the median price results are driven by the mix of units selling. 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 increased to 10.04 months from last months 9.46 months, while the three-month average is now at 9.45 months. We’ve slipped back into a buyers market for martin County condos. 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 season.
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 September 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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