So is 2007 going to signal the bottom of the real estate market and the beginning of the rebound? Or are we in for more of the same? The preliminary data are in for the first two weeks of 2007 and unfortunately it’s not pretty. Of course, it’s only two weeks of data and we really can’t use this for future predictions, but here are the numbers:
New Listings:
Martin County - 474
Saint Lucie Cty. – 819
Price Reductions:
Martin County - 373
Saint Lucie Cty. – 794
Contracts Signed:
Martin County - 67
Saint Lucie Cty. – 134
Lots of new listings, lots of price reductions and a fair amount of sales. The current absorption rate in Martin County for residential and condo sales is around 24 months. (The average time a listing takes to get sold) If the above rate continues for the next few weeks or months the numbers will get worse.
I’ll report back on the trend in a few weeks and give you my best guess for where we’re going.
Gabe Sanders
Premier Realty Group
