Martin County Real Estate Market
April 16th, 2008
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.
