Condominium Market Report for January 2011 in Martin County, Florida
Condo sales for January were off slightly from December but remained fairly strong by seasonal measurements. All indications are for a fairly active spring as prices remain low, interest rates are still very attractive and sure seem to be heading higher fairly soon. Additionally a very miserable winter up north has renewed interest in the Sunshine State. A higher price point of condo sales in January saw a marked jump in median prices. It would be nice to see if this trend were to continue, but we remain a bit dubious about this. Inventory levels are down to 774 units. This is the lowest since December of 2005. As the supply shrinks, demand should increase.
Martin County Condominium Statistics
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.
See the full set of charts at Treasure Coast FL Homes
Residential Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties