The September 2016 Martin County Market Report shows the median sale price increased, there are more active listings, and less buyers who payed cash.The closed sales have decreased 9.2% from 206 sales in September of 2015 to 187 sales in September of 2016. There were 15 less buyers that payed cash in September of 2016 compared to September of 2015. The median sale price appreciated 12.4% from $275,750 in September 2015 to $310,000 in September of 2016. Average sales price depreciated 8.1% from $419,701 in September of 2015 to $385,747 in September 2016. Dollar volume in sales decreased from $86.5 million to $72.1 million. There is a 8.7 percent increase in active listings on the market from 906 in September of 2015 to 985 listings in September of 2016.
Monthly supply of inventory has increased by 16.3% this year from 4.3 month supply inventory in September of 2015 to 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. 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.
Florida’s housing market had more new listings, higher median prices and fewer all-cash closed sales in September, according to the latest housing data released by Florida Realtors®. For the state of Florida there was .5% decrease in closed sales from 22,815 in September of 2015 to 22,704 closed sales in September 2016. Less buyers paid cash from 7,764 in 2015 to 6,348 in 2016. Higher median sales price from 11.3 percent from $199,900 in September of 2015 to $222,500 in September of 2016. Average sales price appreciated 6.8 percent from $270,725 to $222,500.
There was an 6.3 percent increase in dollar volume this year from $6.2 billion in 2015 to $6.6 billion in 2016. It took less time for homes to sell from 92 days in 2015 to 90 days in 2016. There was an 1.4 percent increase in new listings on the market from 26,354 in 2015 to 26,719 in 2016. Pending inventory depreciated by 3.5 percent from 38,037 pending inventory to 36,715 in 2016. There was a decrease in number of active listings on the market, from 95,052 in September of 2015 to 93,544 in September of 2016. In the state of Florida, the month supply of inventory decreased from 4.3 month supply in 2015 to 4.2 month supply in 2016.