Martin County Florida Residential Market Report for November 2012
Commentary:
The Martin County Florida residential market report for November 2012 showed strong activity. In a month that typically is slow by historical standards, 169 homes closed, 34 homes better than 2011 and 57 homes better than 2010. All this with an inventory of available homes now down by close to 50% from 2010.
Average sales prices took a small dip for November while the median sales prices were higher. This months inventory showed another increase to 1173 homes (up 24 from October), still down from the 1364 homes that were on the market in November of 2011 (and the 2801 homes in November of 2007). The one month absorption rate for November is 6.9 months, while the three-month average is 7.6 months. A 6 month absorption rate is considered to be a balanced market, so we are once again in a slight buyers market in Martin County.
Showing activity remains strong, though we are currently in the middle of the holiday season which normally is a slower market.
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 November 2012
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Waterfront and Golf Course Communities in Martin and Saint Lucie Counties
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