Martin County Florida Residential Market Report for October 2012
Commentary:
The Martin County Florida residential market report for October 2012 showed strong activity. In a month that typically is slow by historical standards, 153 homes closed, 40 homes better than 2011 and 39 homes better than 2010. All this with an inventory of available homes now down by close to 50% from 2010.
Average and median sales prices were both higher for October. This months inventory showed a slight increase to 1149 homes (up 14 from September), still down from the 1359 homes that were on the market in October of 2011 (and the 2710 homes in October of 2007). The one month absorption rate for October is 7.5 months, while the three-month average is 7.4 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 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.
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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 October 2012
the Gabe Sanders real estate team
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Waterfront and Golf Course Communities in Martin and Saint Lucie Counties
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