Martin County Florida Residential Market Report for January 2013
Commentary:
The Martin County Florida residential market report for January 2013 showed reduced sales activity which is mot unexpected as a result of slower activity from the holiday season. But, we still showed stronger activity than for the past 3 January periods. All this with an inventory of available homes now down by close to 50% from 2010.
Average and median sales prices were down for January. The inventory of available homes finally showed a small increase of 49 homes. This is positive news as the inventory was getting down to a point where there just wasn’t enough choices for willing buyers. The one month absorption rate for January moved to 8.4 months, while the three-month average rose to 7.4 months. A 6 month absorption rate is considered to be a balanced market, so we remain in a slight buyers market in Martin County.
February’s’s showing activity remains strong. Some fairly positive economic data and strong positive Wall Street news should signal continuing positive real estate activity for the next few months. Currently, I’m seeing issues with short sales as the banks seem to be reading the national statistics of increasing prices and are currently pricing many of their short sales at initially unacceptable levels.
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 January 2013
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Waterfront and Golf Course Communities in Martin and Saint Lucie Counties
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