Martin County Florida Residential Market Report for May 2013
Commentary:
The Martin County Florida Residential Market Report for May 2013 continues the strong trend for 2013. Considering that the available inventory has shrunk considerably, the number of sales for the month is quite impressive. In fact, our inventory levels are approaching numbers that may have a negative effect on sales volume in the upcoming months. Additionally, interest rates have been heading up recently. Hopefully, this will not negatively impact our recovery.
The median sales price was off from last month, but the average was slightly higher. The inventory declined to only 1000 homes. The one month absorption rate for May 2013 increased slightly to 4.74 months (from 4.52 months in April), and the three-month average is now down to 4.54 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.
We are still in need of good news about the economy as well as additional inventory to keep our real estate market recovery going strong.
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 May 2013
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