Martin County Florida Residential Market Report for July 2012
Commentary:
The Martin County Florida residential market report for July 2012 continues to show excellent results. The sales volume of 155 homes is 20 homes better than 2011 and 10 homes better than 2010, when those numbers were inflated by the governments first time buyers assistance programs.
Both average and median sales prices were up for July and are showing a slow but steady rise from previous months (on average). Certain segments of this market are definitely increasing in value. Whether this trend continues or not will be dependent on factors such as interest rates, inventory and distressed properties.
The inventory is now down to 1132 homes, down from the 1327 homes that were on the market in July of 2011 (and the 2804 homes in July of 2007). The one month absorption rate is now at 7.3 months, while the three-month average is down to 6.28 months. These absorption rates signify a balanced market, favoring neither seller or buyer.
We are increasingly seeing buyers unable to find homes in their criteria with today’s low inventory levels. Either they have to settle for something less than their requirements or move on to different areas or even postpone their home purchases. For those thinking about selling their homes, this is the best time in many 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.
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Data compiled from the Realtor Association of Martin County
Martin County Florida Residential Market Report for July 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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