Martin County Florida Residential Market Report for December 2012
Commentary:
The Martin County Florida residential market report for December 2012 showed strong activity. In a month that typically is slow by historical standards, 166 homes closed, 6 homes better than 2011 and 18 homes better than 2010. All this with an inventory of available homes now down by close to 50% from 2010.
Average and median sales prices were down for December. The inventory of available homes showed an unexpected drop this month after a rise in November. Considerably under the 1426 homes that were on the market in December of 2011 (and the 2764 homes in December of 2007). The one month absorption rate for December remained steady at 6.9 months, while the three-month average dropped to 7.1 months. A 6 month absorption rate is considered to be a balanced market, so we remain in a slight buyers market in Martin County.
January’s showing activity remains strong. Some fairly positive economic data and strong positive Wall Street news should signal continuing positive real estate activity for the next few months. Currently, I’m seeing issues with short sales as the banks seem to be reading the national statistics of increasing prices and are currently pricing many of their short sales at initially unacceptable levels.
Please feel free to contact us if you have any difficulty interpreting these charts.
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 Residential Market Report for December 2012
the Gabe Sanders real estate team
Residential Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties
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