The October 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 10.7 % from 196 sales in October of 2015 to 175 sales in October of 2016. There were 10 less buyers that payed cash in October of 2016 compared to October of 2015. The median sale price appreciated 0.9% from $292,500 in October of 2015 to $295,000 in October of 2016. Average sales price depreciated 12.2% from $423,057 in October of 2015 to $371,635 in October of 2016. Dollar volume in sales decreased from $82.9 million to $65 million. There is a 3.9 percent increase in active listings on the market from 966 in October of 2015 to 1,004 listings in October of 2016.
Monthly supply of inventory has increased by 10.9% this year from 4.6 month supply inventory in October of 2015 to a 5.1 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. According to Florida Realtors, ” affordability continues to plague first-time home buyers. Today, the average starter home buyer needs to spend 38.5 percent of their monthly income to buy a home – a 1.9 percentage point increase from last year.” 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.