Martin County Florida Residential Market Report for July 2013
Commentary:
The Martin County Florida Residential Market for July 2013 continues to produce better results as compared to recent years. For July 2013, the inventory dropped below 1,000 homes for the first time since July of 2005. Hopefully, this is only a seasonal reaction to the market as we approach the slower selling season in this area of Florida. Should inventory levels remain this low, sales numbers will decline as buyers will have difficulty finding suitable housing. New home sales are one relief to this inventory issue and we currently have a number of builders and communities with new home offerings.
Both median and average sales prices declined in July from last month, but are still improved year to year. The one month absorption rate for July 2013 increased to 5.3 months (from 4.72 months in June), and the three-month average is 4.91 months. A 6 month absorption rate is considered to be a balanced market, so we continue to be in a sellers market in Martin County. It’s not unusual to see slower activity as we go into fall and the holiday season.
We’ve had a very good run in the market to date this year. There are a few storm clouds on the horizon, though. Mainly higher interest rates and a very uncertain economy. Recent issues with the quality of our rivers as well as rising flood insurance rates are also impacting our higher end sales in the county.
Please feel free to contact us if you have any difficulty interpreting these charts.
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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
Martin County Florida Residential Market Report for July 2013
the Gabe Sanders real estate team
Residential Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties
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