Residential Market Report for August 2010 in Martin County, Florida

The Martin County Residential Market Reports sales data of single-family homes and townhomes as reported by the Realtor Association of Martin County.

Sales for single-family units in Martin County for August were down to 117 units as compared to July’s disappointing 145 units and last August’s 156 units.  It appears that we are seeing some reduced demand as a result of the end of the federal home buyer’s tax credit, a weak economy that has many would-be buyers (especially of second homes) nervous and waiting on the sidelines and also normal seasonal reduced activity.

After a fairly strong spring with stabilizing prices, it appears that both median and average prices took a slide in August reflecting the weaker demand and continued oversupply of available homes.  Unlike the Condo segment of the market, single-family home inventory has risen now for the fourth month in a row as those that were trying to time this market reacted to the strong spring sales, but as with most that try to time the market, have reacted a bit to slow and late.  Interest rates have also made some small increases of late that could further negatively affect the market.

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Residential Market Report for August 2010 in Martin County, Florida