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Martin County Townhouses and Condos October 2016 Market Detail
Martin County Townhouses and Condos October 2016 Market DetailMartin County Townhouses and Condos Market Detail for October 2016 showed a dramatic drop in sales.  Closed sales were down for the month by 46.9% (was down by 3.2% in September) while new sales under contract (new pending sales) were down by 23.7% from October 2015 (decreased by 16.8% in September).
Prices were also down for October as the median sales price decreased by 1.7% (was up by 6.5% in September) while the average sales price decreased by 14.7% (was down by 4.0% in September) as compared to October of 2015.  Not totally unexpected with the rapid rise of prices for the past three years as there may be a small correction taking place.  Though this market is till active.
The inventory of available townhouses and condos increased by 41 units to 405 properties as compared to last month.  This is 17.7% greater than the October 2015 inventory.  Currently, there’s a 4.3 month supply of inventory (a 30.3% increase from last year).  Still a sellers market for townhouses and condos in Martin County. A balanced market favoring neither buyers or sellers is considered to be one with a 6 to 7 month supply of inventory.
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