Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in Martin County. The reports compare year-over-year data for November. Here are statistics on single family homes.
“Although the median sales price has risen to $375,000 for single family homes, buyer interest seems to be waning. Compared to last year, closed sales are down 23 percent and dollar volume of sales is down 27 percent," said John Slivon, Immediate Past President of the Realtors® of the Palm Beaches and Greater Fort Lauderdale.
We see a significant decline in closed sales for single family homes. There were 137 closed sales in November which is a 23.0% year-over-year decrease. The November 2018 dollar volume was at 60 million which was down 27.3% compared to November 2017.
"Meanwhile, inventory remains unchanged at 4.8 months. Martin County is transitioning from a heavily favored sellers’ market to a balanced market between buyer and seller. As we head towards the end of the year, we expect this trend to continue,” continues Slivon.
The months supply of inventory for November 2018 was 4.8 which was the same number we saw in November 2017. Months supply of inventory is a useful indicator of market conditions. The benchmark for a balanced market (favoring neither buyers nor sellers) is 5.5 months of inventory. We’ve seen a 0.5 jump in months supply of inventory since September. At the rate of growth we’ve seen in the past two months, we can expect the market to move towards the benchmark of 5.5 by early 2019.
Realtors® of the Palm Beaches and Greater Fort Lauderdale is the 3rd largest local real estate association in the country. As one unified voice, RAPB + GFLR represents 30,000 Realtors®, 33,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, contact firstname.lastname@example.org.