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Single Family Martin County Market Report

August 2016 Single Family Market Report

The August 2016 Martin County Market Report shows that closed sales have decreased 9.1% from 209 sales in August 2015 to 190 sales in August 2016. There were 3 less buyers that payed cash in August of 2016 compared to August 2015. The median sale price depreciated 0.5% from $312,500 in August 2015 to $311,000 in August of 2016. Average sales price appreciated 2.2% from $370,716 in August of 2015 to $378,802 in August 2016. There is a 13.7% increase in active listings on the market from 879 in August of 2015 to 999 listings in August of 2016.

Monthly supply of inventory has increased by 19% this year to 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. Right not buyers are having a challenging time finding an affordable homes that meets their search criteria. 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.

 

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