Martin County Home Sales Report for November 2013
Commentary:
The Martin County Home Sales Report for November 2013 is showing mixed results. Closed sales were down from last months 161 homes and also from last years 169 homes to 147 homes sold in November. The average and median sales prices were up from last year but slightly down from last month.
The one month absorption rate for November 2013 increased to 7.92 months (from 6.86 months in October), and the three-month average is now 6.86 months. A 6 to 7 month absorption rate is considered to be a balanced market. Drifting back into a buyers market for the short term at least for residential sales in Martin County.
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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 Home Sales Report for November 2013
the Gabe Sanders real estate team
Residential Home, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties
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