Martin County Florida Condo Market Report for May 2012

Commentary:

The Martin County Florida Condo Market for may 2012 continues on a positive trend. Sales for May were a strong 75 units, which equaled the April sales and higher than the past few years. On another positive note, the median sales price rose to $135,000 reflecting some higher to moderate priced condos having sold.  This is the third month we’ve had an increase in median prices.

The inventory declined to 602 condos, down from the 714 condos that were on the market in May of 2011. The one month absorption rate is now at 8.03 months, while the three-month average is down to 8.69 months.  While it remains a somewhat challenging market for condos in Martin County, there are some signs of life as prices across the board have declined significantly. We need to see a sustained absorption rate below 9 months for a healthy market and down to 6 or 7 months to be considered a balanced one.  The May numbers are showing that the condo market is slowly crawling back to life and those units that show ell are in fact selling.  At times for even premium prices by today’s standards.

Our outlook for Martin County is fairly positive as for buyers, prices and rates remain very attractive. For sellers, it looks like this may be an excellent season coming if there’s no big disruption in the economy.  If you need to sell, you may be better off doing so now than facing the uncertainty of what the future may bring.  Especially if you are paying those condo fees.

Click on the individual charts to see charts in expanded mode.

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.

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 2012

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 or Treasure Coast FL Homes

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