Martin County Florida Residential Market Report for August 2013
Commentary:
The Martin County Florida Residential Market for August 2013 continues to produce better results as compared to recent years. For July 2013, the inventory dropped below 1,000 homes for the first time since August of 2005, but we are now back to just over 1,000 homes on the market. If prices begin to rise with any significance in the broad market (they are already rising in certain segments), I expect the inventory to increase as more potential sellers that have been on the sidelines will enter the market.
Both median and average sales prices declined in August from last month, but are still improved year to year. The one month absorption rate for August 2013 decreased to 5.1 months (from 5.3 months in June), and the three-month average is 5 months. A 6 month absorption rate is considered to be a balanced market, so we continue to be in a sellers market in Martin County. Considering the fact that we have entered our slower season, we continue to have better activity as compared to previous years.
We’ve had a very good run in the market to date this year. There are a few storm clouds on the horizon, though. Mainly higher interest rates and a very uncertain economy along with questionable activities coming from our legislators in Washington D.C.
Please feel free to contact us if you have any difficulty interpreting these charts.
Clicking on the chart will produce 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 Residential Market Report for August 2013
the Gabe Sanders real estate team
Residential Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties
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