Martin County Florida Residential Market Report for March 2013
Commentary:
The Martin County Florida Residential Market Report for March 2013 showed very strong sales activity for the month. In fact, the highest unit volume since 2004. And this with a lower number of available homes as well. In fact, our inventory levels are approaching numbers that may have a negative effect on sales volume in the upcoming months. Many prospective buyers may not be able to find homes that fit their needs.
Average prices were up for March, while the median declined. This is an indication of a greater volume of lower priced sales with a few higher priced homes in the mix as well. The inventory of available homes dropped over 100 homes from February. The one month absorption rate for March 2013 decreased to 4.38 months, and the three-month average is down to 6.45 months. A 6 month absorption rate is considered to be a balanced market, so we are going into a sellers market in Martin County.
Activity is remained strong for April. 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.
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Data compiled from the Realtor Association of Martin County
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Martin County Florida Residential Market Report for March 2013
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