Martin County Florida Residential Market Report for April 2013
Commentary:
The Martin County Florida Residential Market Report for April 2013 continued the strong trend that began towards the end of last year. Considering that the available inventory has shrunk considerably, the number of sales for the month is quite impressive. In fact, our inventory levels are approaching numbers that may have a negative effect on sales volume in the upcoming months. Many prospective buyers may not be able to find homes that fit their needs.
Both the average and median prices were up significantly for April. The inventory did not decline from March, going up by only one unit. Possibly an indication that many who have been waiting for an improving market are starting to list their homes. The one month absorption rate for April 2013 increased slightly to 4.52 months (from 4.38 months in March), and the three-month average is now down to 5.26 months. A 6 month absorption rate is considered to be a balanced market, so we are officially in a a sellers market in Martin County.
Positive economic news as well as continued low interest rates continue to drive buyers into the market. While interest rates remain very attractive, there have been slight increases in the past few weeks. There are also an increasing number of properties that have sold above asking price with multiple offers. While we have a long way to go to see prices at the level of the boom around 2006, sellers are seeing a much improved market at present.
Please feel free to contact us if you have any difficulty interpreting these charts.
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
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Martin County Florida Residential Market Report for April 2013
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