Martin County Florida Residential Market Report for October 2011
Commentary:
The Martin County Florida residential market report for October 2011 shows some good strength when considering the season. Sales were off only by 3 homes for a total of 113, almost identical to last year’s 114 single-family sales. Surprisingly inventory was down by 6 homes from last month (which had a slight rise from August), and off by more than 450 homes since October of 2010 ( or by close to 30%)
The average sales price was up from last year, but down significantly from September. This doesn’t necessarily reflect a decrease or increase in existing home prices, but more the mix of homes that sold in October. As in previous tears, late fall sales tend to be of lower-priced homes. This difference is much more tempered when looking at median prices as opposed to averages. We will not be surprised to see inventory rising some in the next couple of months as well as having some soft sales volume as we enter the holiday season. But, with inventory down, for now, rates very low, we may find the market outperforming expectations.
Our outlook for Martin County remains cautiously optimistic as prices and rates remain at historic low levels. For sellers, homes are selling, and if priced and presented optimally, homes are selling fast and at or close to market value.
Please feel free to contact us if you have any difficulty interpreting these charts.
Residential Market Report for October 2011 in Martin County, Florida
Residential Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties
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