Martin County Florida Residential Market Report for June 2013
Commentary:
The Martin County Florida Residential Market for June 2013 continues to outpace recent years with continued strong sales activity. For June, we had a slight rise in inventory (to 1,015 units) which is a positive sign as we need inventory for this market to continue to improve. Closed sales increased from May and were also considerably better than last June’s numbers. All signs of a good healthy recovery.
Both median and average sales prices rose in June and are much improved over last year’s prices as indicated in the graphs below. The one month absorption rate for June 2013 decreased slightly to 4.72 months (from 4.74 months in May), and the three-month average stands at 4.66 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. As late summer and fall approaches, we typically can expect a small decline in activity.
It appears that there is some improvement in the economy that is leading to a more positive outlook in consumer confidence. While there is still much room for improvement, we are currently trending in the right direction.
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
See the full set of charts at Treasure Coast FL Homes
Martin County Florida Residential Market Report for June 2013
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