Martin County Florida's single family home inventory in July declined for the sixth consecutive month, continuing this year's trend of an improving market.
There are 2342 homes available through the Multiple Listing Service, a decrease of 67 homes from the previous month and 562 home decrease since January 2008. The month-to-month inventory declined 20 percent since January.
The current inventory reflects a 16-month supply at the current sales pace.
Martin County had 148 single family home sales in July, a slight decrease of 4 homes from the 152 home sales in the month prior, but 32.5 percent above the 116 homes sold in July 2007.
Through July 2008, 902 homes have been sold by Realtors so far this year, a 7.6 percent increase from the 838 sales posted in the same period a year ago.
The median sales price of a home in Martin County in July fell to $233,225, a slight decrease over Junes' $234,950, just under 15 percent below the July 2007's $273,520.
Condos sales in Martin County decreased by 9 units from June 2008, to 36 sales and 7 Units more than in July of 2008 with 29 sales. Condo median prices fell 11.5 percent from $160,000 in July 2007 to $141,500 for July of 2008.
There are currently 1147 condos available for sale in the MLS as compared to 1239 in July of 2007, resulting in an absorption rate of just under 32 months.
These numbers show signs of positive activity in home and condo sales while showing that we're not at quite at the bottom of the ‘bubble' yet. If inventory levels continue their decline, we should see a leveling of prices when absorption rates reach less than 9 months. Real Estate remains very local and some neighborhoods are seeing very good activity, while others lag.
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