Stuart, FL - The numbers are in and it’s looking like another good month for the Martin County real estate market. April makes the third straight month in a row now that have seen an increase in residential home sales in Martin County. Now I’m no expert and I’m not a realtor, but I can spot a trend when I see one. One or even two months could be a possible fluke, but three months in a row is a trend and it’s headed in the right direction.
According to information released from the Realtor Association of Martin County, April has seen an increase in the dollar value of homes sold from a year ago of over 24 percent. The number of units sold, which may be a better indicator was flat at the same number of units sold last year. If nothing else, that means we may be at the bottom of the downward trend. The large percent increase in home values sold could be contributed to a small number of high dollar homes sold.
On the listing side, another good indicator of the market, the number of homes available for sale has dropped again this month by nearly 9 percent. The average asking price for the homes currently on the market have seen a decline of almost 3 percent this month which is down from an over 4 percent decline the month prior. Again I’m not an expert but this feels like it’s leveling off to me.
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Everyone hears all the time the gloom and doom of how the national real estate market is on a downward, out of control spiral. Well, for folks in Martin County we have a bit of good news to report. The numbers from the Realtor® Association of Martin County for the month of March have just come out and it’s looking pretty good.
March 2008 vs March 2007 is a nice turn around for residential real estate in the county with home sales increasing this year vs last. Last year, there were 132 home sales in March in Martin County, this year? 156 homes were sold. That’s an increase of 24 homes. That’s an 18% increase year to year. The average sold price this year dropped almost 20% from this time last year, which is a good indicator that prices are finally reaching normal levels and homes will start selling. Another good indicator is the monthly absorption rate of homes in Martin County. The absorption rate is a calculation of how long it will take to sell the current level of inventory based on the current rate of sales. Last year at this time, if no new homes were to come on the market, it would have taken 22+ months to sell all the inventory that was available. This March the rate is down to only 17 months of available inventory, meaning there are less homes listed this year and they are selling faster.
It’s a good time to buy a home but if you were waiting for the market to hit the bottom before you bought you may want to start thinking of getting in the market now.
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