Here are the graphs I’ve compiled from the latest Market Report for Martin County Residential Sales and Listings with data supplied by the Realtor Association of Martin County:
Our 3-month average absorption rate is now down below 14 months. Single month average is 13.7 for June. Definitely trending in a positive direction. The ideal range for a balanced market is 6 months.
The Definition of Absorption Rate: Number of weeks 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. The 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.
For June, the average sales price had an uptick for the first time in many months. This is mostly from the mix of homes sold rather than a trend on sales prices. But, it is another positive sign. Listing prices have also started to trend higher.
For additional information about Martin County real estate on Florida’s Treasure Coast, visit our website GabeSanders.com or call us at (772) 888-2885.
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