May 2014 Monthly Market Detail Martin County Townhouses and Condos
May 2014 Monthly Market Detail Martin County Townhouses and Condos continues with reduced activity from last year, though still an active market, currently with a slight sellers advantage. Year to year closed sales were up by 0.8% (was down by 12.2% in April) while new sales under contract (new pending sales) decreased by 20.8% from May 2013 (was unchanged in April). The decrease in pending sales may be an indication of some future weakness in this market.
The median sales price decreased by 1.0% (was up by 11.3% in April) while the average sales price decreased by 19.3% (was up 11.3% in April) as compared to May of 2013. After nearly a year of pretty impressive price rises, values were off for this month.
The inventory of available townhouses and condos has decreased by 14 to 565 units from last month which is also 7.7% less inventory than was available in May of 2013. With values having gone up as much as they have, I would have expected higher inventory levels. The current supply of inventory is 5.7 months (an 8.5% decrease from last year). While a very strong month, I’m a bit concerned over the decrease in both inventory and pending sales.
Click here to view or download the full report: May 2014 Monthly Market Detail Martin County Townhouses and Condos
To view the latest set of reports from Florida Realtors for the state of Florida, Martin County and Saint Lucie County, please visit GabeSanders.com and select Market Data.
Market information is courtesy of Florida Realtors Research. For additional information and historical archives please visit the Florida Realtors Research page.
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