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Condo Martin County Market Report

August 2016 Condo Market Report

Closed sales of townhouses and condos in Martin County decreased by 4.8 percent from 83 closed sales in August of 2015 to 79 closed sales in August of 2016. There was a 10.6 percent decrease in the number of people that paid cash from 47 people in 2015 to 42 people in 2016.  Median Sale price decreased by 9.3 percent from $149,900 in August of 2015 to $136,000 in August of 2016. Average sales price depreciated from $165,878  in August of  2015 to $152,181 in August of 2016. There was a 12.6 depreciation in the real estate dollar volume from $13.8 million in 2015 to $12.0 million in 2016. The median time to contract increased from 42 days in August of 2015 to 52 days in August of 2016. The median time to sell decreased f by 19.2 percent from 99 days in August of 2015 to 80 days in August of 2016. New pending sales decreased by 8.7 percent from 167  pending sales in 2015 to 139 pending sales in 2016.There was an increase of 31.5 percent of new listings on the market from 2015 to 2016 for the month of August. There is a 16.7 percent increase in active listings on the market. Months supply of inventory has increased by 25.8 percent from 3.1 in August of 2015 to 3.9 in August of 2016. In Martin County we have a seller’s market which favors sellers over buyers. A seller’s market can make it challenging for buyers to find the right property that meets their needs. The supply of condos, townhouses, and single family homes is low, demand is high, and sellers are in control.

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