The July 2016 Martin County Market Report shows that closed sales have decreased 9.5% from 243 sales in July 2015 to 220 sales in July 2016. There were 31 less buyers that payed cash in July of 2016 compared to July 2015. The median sale price appreciated 6.1% from $301,500 in July 215 to $320,000 in July of 2016. Average sales price appreciated 13.8% from $403,488 in July of 2015 to $459,195 in July 2016. Monthly supply of inventory has increased by 14% this year to almost a 5 month supply of inventory. Currently Martin County is experiencing a seller’s market with less than a 6 month supply of inventory. This market favors sellers because there are fewer choices for the buyers causing the value of homes to continue to appreciate. If monthly supply of inventory continues to increase to over a 6 months’ supply of inventory than the market will favor buyers and lead to lower prices.
Produced by Florida REALTORS® with data provided by Florida’s multiple listing services.