Martin County Florida Residential Market Report for February 2013
Commentary:
The Martin County Florida Residential Market Report for February 2013 showed strong sales activity for the month. Better number of closed sales than in past years. All with a much lower inventory as well. In fact, our inventory levels are getting low enough that I expect to see some slowing of sales activity simply because there’s not enough homes for sale. If this happens, I expect to see a further rise in prices, which has already began.
Average and median sales prices were both up for February. The inventory of available homes dropped 90 from January. The one month absorption rate for February 2013 decreased to 7.87 months, while the three-month average rose to 7.68 months. A 6 month absorption rate is considered to be a balanced market, so we remain in a slight buyers market in Martin County.
Activity is remaining strong for March. Positive economic news as well as continued low interest rates continue to drive buyers into the market. We continue to be in a very attractive market for buyers. Sellers can also expect to see good value in the sale of their homes as compared to the past few years.
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.
Data compiled from the Realtor Association of Martin County
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Martin County Florida Residential Market Report for February 2013
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