In April 2013, the Martin County, Florida real estate market was quite active. The median sales price for single family homes rose 23.5% year-over-year from $214,500 to $265,000. The average sales price jumped 32%, from $320,464 to $423,149. These price increases are due to strong buyer demand and low inventory. The amount of active listings for single family homes dropped from 1,714 in April 2012 to 1,216 in April 2013.
Produced by Florida REALTORS® with data provided by Florida’s multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, May 22, 2013. Next data release is Thursday, June 20, 2013.
The above chart shows the number of closed sales by month for single family homes in Martin County during the January 2009 – April, 2013 time frame. As you can see, we are close to four-year high with 214 closed sales, which is a 28.9% increase year over year.
The above Pending Sales chart shows significant increases in the past four months. Pending sales are a good indication of future closed sales, however not all pending sales close.
The median sales price is my favorite indicator for tracking real estate values. The median value is commonly referred to as the “middle” value, as it separates the high half of sales prices from the low half. In contrast to the average sales price, the median is not sensitive to extreme values that may be rare for a particular area.
Frequently I’m asked the question, “How long does it usually take for a home to sell?”. Well, last month the median days on market for single family homes in Martin County was 65. This marked an 18.8% decline year-of-year.
The chart above shows the average percentage of list price sellers have received in Martin County between January 2009 and April 2013. In 2009, sellers were receiving approximately 83% – 86% of their asking price, while in 2013 so far they are receiving approximately 88% – 93%.
The inventory chart above shows the amount of single family homes available for sale each month from January 2009 to April 2013. In April we had a supply of 1,216 properties on the market. This is a 29.1% decline year-over-year and more than a 50% decline from early 2009!
Economist’s note from Florida REALTORS®: “This is an indicator of the state of the market, whether it is a buyers’ market or a sellers’ market. The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 Months of Inventory. Higher numbers indicate a buyers’market, lower numbers a sellers’ market.”
The chart above breaks down the closed sales in April 2013 by price range. The price range with the most closings in April 2013 was $250,000 – $299,999.
Most homes sold in Martin County are traditional sales, however we do still have a handful of short sales and foreclosures. It’s good to see our foreclosures dropping 41.7% year-over-year and short sales declining by 21.7%.
The data and graphics supplied in this article are courtesy of Florida REALTORS® (http://www.floridarealtors.org/). Reprinted with permission. Florida Realtors®. All rights reserved.
Post by Rusty Abbott