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Martin County Residential Market Report for February 2010

By
Real Estate Agent with Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales 3090099

Our market is sending out some mixed signals from last months statistics.  Sales are up from a year ago (127 homes in 2010 vs. 112 in 2009) but the inventory also jumped a bit from the December low.  Still down from a year ago (1900 in 2010 vs. 2268 in 2009). 

My speculation is that we have seen a slow increase of sales prices in the lower end of the market as the demand for affordable housing (with the added benefit of tax credits from Uncle Sam) remains strong as we head towards the April 30 deadline for a contract.  This has resulted in some previously frustrated sellers in placing their homes back on the market.  So while sales are up, so is inventory and our absorption rate has crept up a bit.  It will be very interesting to see what happens after the tax credits expire.

Overall, average prices continue to dip slightly, more from the predominate mix of sales in the lower end of the price range rather than a continuing decline of value.  It appears the low to mid range of the market in Martin County bottomed out last fall as prices have held steady or even increased slightly.  In the middle to upper range of homes, we are still seeing some softening of prices, as demand is relatively low for the volume of homes available.

Martin County Residential Absorption Rate

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. 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.

Martin County Residential Sales Volume Chart

Martin County Residential Price Chart

Martin County Residential Trend Graph

 

Comments (6)

Mayra Espinosa Realtor San Mateo Pacifica Homes
Mayra Espinosa Broker- Realtor | Call 650-996-8961 - Pacifica, CA
San Mateo County Real Estate | Buy | Sell | Invest

Gabe, great presentation and graphic. 2010 will be better than 2009 as you have mentioned sales are up from a year ago.  Buyers are taking advantage of the historical low interest rates and discounted home prices of distress short sale and foreclosure real estate market.

Mar 19, 2010 09:01 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks Mayra.  I certainly hope you're correct.

Mar 19, 2010 11:10 PM
Matt Listro
National Credit Fixers - Matt Listro - Vernon, CT
Your Credit Repair Expert

Hi Gabe: Thanks for the market update - you have the best graphs!

:)

Mar 22, 2010 03:14 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks for reading.  You can find additional Stuart FL real estate information by clicking here.

Jun 10, 2015 03:17 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Mayra, thanks for taking the time to comment it is always appreciated.

Jan 29, 2018 05:57 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Matt, thanks for taking the time to comment it is always appreciated.

Jan 29, 2018 05:57 AM