Martin County Florida Residential Market Report for August 2012
Commentary:
The Martin County Florida residential market report for August 2012 continues to show strong results. The sales volume of 179 homes is 43 homes better than 2011 and 82 homes better than 2010. Looking at the absorption rate table, this is the first August in memory that sales continued to remain strong during the off season. All this with a much reduced inventory from previous months.
Average sales prices were up for August, while the median sales price was off slightly. Indicating a sale of a few much higher priced home and continuing very strong demand for the more affordable mix in the Martin County residential market. Other than the top of the price range, the market is now showing price increases pretty much across the board until you reach the above $ 1 million dollar homes, where the market remains somewhat difficult.
This months inventory showed a small increase (for the first time in years) to 1147 units (up 15 from last month), still down from the 1340 homes that were on the market in August of 2011 (and the 2795 homes in August of 2007). The one month absorption rate for August is 6.4 months, while the three-month average is 6.6 months. These absorption rates are very close to a balanced market, favoring neither seller or buyer.
Overall, very positive market results for the residential segment of the Martin County real estate market.
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
See the full set of charts at Treasure Coast FL Homes
Martin County Florida Residential Market Report for August 2012
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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