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 February. Here are statistics on single family homes.
“The median sale price in Martin County single family homes dropped 7.9% year-over-year to $327,000. This is a significant decrease from the $355,000 median sale price that we saw this time last year. Keep in mind that unlike average sale price, median sale price is not sensitive to high sale prices for small numbers of homes that may not be characteristic of the market area,” said Jeffrey Levine, President of the Realtors® of the Palm Beaches and Greater Fort Lauderdale.
Possibly due to the drop in median sale price, median days to contract also decreased by 22.2 percent to 49 days. Time to contract measures the number of days between the initial listing of a property and the signing of the contract which eventually led to the closing of the sale.
“It’s equally important to point out the increases in active listings and months’ supply of inventory year-over-year. There was a 13.4% increase in active listings and a 15.7% increase in months’ supply of inventory. With the months’ supply of inventory at 5.9 months, buyers have 1,178 active listings to choose from. Contact a local Realtor® today to help you get the best deal possible,” continues Levine.
Months’ supply of inventory (MSI) is a useful indicator of market conditions. There is no single accepted way of calculating MSI. The common method is to divide current inventory by the most recent month’s closed sales count, but this count is usually a poor predictor of future closed sales due to seasonal cycles. To eliminate seasonal effects, a 12 month average of monthly closed sales is used instead.
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.