Martin County Florida Residential Market Report for October 2013
Commentary:
The Martin County Florida Residential Market for October 2013 continues to produce better results as compared to recent years. For October 2013, the inventory rose again (the third month in a row) signifying that some pent up seller demand is now once again re-entering the market as prices continue to increase. And for October 2013 there were some significant increases. As the inventory increase, we should continue to see higher sales numbers from previous years, though the absorption rate will start to rise as well.
The one month absorption rate for October 2013 increased to 6.86 months (from 5.99 months in September), and the three-month average is now 5.93 months. A 6 to 7 month absorption rate is considered to be a balanced market. After almost a full year of a sellers market we are now in a balanced market which is healthy for Stuart FL real estate.
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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 October 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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