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 January. Here are statistics on single family homes.
“One of the key statistics that we study and review is the steady increase of months’ supply of inventory because it is a helpful indicator of the market’s condition. There was a 14 percent increase year-over-year in months’ supply of inventory to 5.7 months,” said Jarrod Lowe, President Elect of the Realtors® of the Palm Beaches and Greater Fort Lauderdale.
Similar to months’ supply, there was an increase in active listings inventory to 1,130 which was a 9.4 percent increase year-over-year. Months’ supply of inventory is a useful indicator of market conditions.
“The benchmark for a balanced market (favoring neither buyer nor sellers) is 5.5 months of inventory. The Martin County market has finally eclipsed the benchmark number and is now balanced. Contact a local Realtor® for advice on whether you should list your home,” continues Lowe.
Along with the emergence of a balanced market, we saw a significant decline in closed sales for single family homes. There were 115 closed sales in January which is a 18.4 percent decrease year-over-year. There was also a decrease in closed sales paid in cash at 44 which is a 27.9 percent year-over-year decrease.
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.