Martin County Florida Condo Market Report for May 2013

Commentary:

The Martin County Florida Condo Market for May 2013 was strong, though it retreated considerably from the excellent April numbers.   85 condos sold in May (compared to 128 in April).   Better numbers, year to year, but not excellent.  The inventory of available condos dropped again (fifth month in a row) to only 544 condos.  This low number is beginning to effect prices and at long last it appears that condo prices are starting to rise.   The median sales price was down compared to April, but this is a reflection of the larger number of lower priced condos that sold this month, rather than decreasing value.  Summer is upon us and typically the condo market slows down during the summer months.

The one month absorption rate increased to 6.4 months from last months 4.46 months, while the three-month average is now at 5.71 months.  Basically a balanced market for the time being.  Generally an absorption rate of 6 or 7 months is considered a balanced market.

The low inventory rates and rising interest rates are troubling and could possibly have a negative effect on the condo market recovery.

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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.

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Data compiled from the Realtor Association of Martin County

See the full set of charts at Treasure Coast FL Homes

Martin County Florida Condo Market Report for May 2013

the Gabe Sanders real estate team

Condo Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties

For more information about Florida’s Treasure Coast Real Estate, visit us at:

Stuart Florida Real Estate

Martin County Florida Condo Market Report for April 2013

Commentary:

The Martin County Florida Condo Market for April 2013 had one of the strongest months in recent history.  After disappointing results from much of the fall season, sales numbers for April were up to 128 units.  This is the highest monthly sales number since I started recording this data in January of 2004.  The inventory of available condos dropped again (fourth month in a row) to only 571 condos.  This low number is beginning to effect prices and at long last it appears that condo prices are starting to rise.   The median sales price was down compared to March, but this is a reflection of the larger number of lower priced condos that sold this month, rather than decreasing value.  Summer is upon us and typically the condo market slows down during the summer months.

The one month absorption rate dipped to 4.46 months from last months 6.93 months, while the three-month average is now at 6.32 months.  A considerably improved condo market after many years of stagnant results.  We have now slipped into a slight sellers market for certain segments of Martin County’s condo sales.  Generally an absorption rate of 6 or 7 months is considered a balanced market.

This summer will be very interesting.  If we don’t have an increase in inventory and buyers remain active, I expect some fairly good price gains.

[singlepic id=3609 w=800 h=600 float=center]
  

 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.

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Data compiled from the Realtor Association of Martin County

See the full set of charts at Treasure Coast FL Homes

Martin County Florida Condo Market Report for April 2013

the Gabe Sanders real estate team

Condo Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties

For more information about Florida’s Treasure Coast Real Estate, visit us at:

Stuart Florida Real Estate

Martin County Florida Condo Market Report for March 2013

Commentary:

The Martin County Florida Condo Market for March 2013 also showed excellent activity for March of 2013.  After disappointing results from much of the fall season, sales numbers for March were up to 84 units.  The last March that had a higher sales volume was back in 2005.  The inventory continues to decline.  Now down to 582 condos (Down 69 units from March of 2012).  This is the third month of decreasing inventory after 3 months of increases.  The median sales price jumped dramatically to $142,500 from $88,250 last month (and 103,500 in March of 2012).   While the median list price rose modestly to $189,450.  These numbers are a little misleading as it appears that prices have stabilized in the condo market.  There have been a relatively greater number of lower priced condos sold which is driving the median sales prices down.  As the inventory continues to decrease, pressure will be on for prices to rise.

The one month absorption rate dipped to 6.93 months from last months 9.15 months, while the three-month average is now at 9.5 months.  A considerably improved condo market after many years of stagnant results.  We are now very close to a balanced market  for condos in Martin County.  Generally an absorption rate of 6 or 7 months is considered a balanced market.

[singlepic id=3523 w=800 h=600 float=center]
  

 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.

[singlepic id=3524 w=800 h=600 float=center]

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Data compiled from the Realtor Association of Martin County

See the full set of charts at Treasure Coast FL Homes

Martin County Florida Condo Market Report for March 2013

the Gabe Sanders real estate team

Condo Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties

For more information about Florida’s Treasure Coast Real Estate, visit us at:

Stuart Florida Real Estate