Martin County Florida February 2007 Residential Housing Sales Report

PR Log (Press Release) – Apr 07, 2007 – The REALTOR® Association of Martin County has reported the following February residential sales.  The charts below show some very misleading figures.  There is an increase in average sales price for both single family homes and condos this past month.  This would lead many to believe that prices are once again appreciating.  Unfortunately with the reduced volume, the higher priced segment of the market is skewing the results.  

In the condo market, the biggest rise in inventory is low priced older non-waterfront units where the rise in taxes and insurance has priced many fixed income and secondary residents out of the market.  The prices on these units have dropped dramatically as there is very little demand to pick up the excess inventory.  

Probably the best indicator for the health of the local market is the months inventory on hand, currently over 2 ½ years for single family homes and over 3 years for condos.

All Categories   February 2007   February 2006   % Change from 2006
Total Sales                               129                               162                                      -26%
Single Family Home Sales   92          114                                     -24%
Total Dollar Volume    $39,338,350    $43,090,200                 -10%
Average Sales Price   $427,591                           $381,329                                      +12%
Median Sales Price   $265,250                           $330,000                                       -24%
Active Listings   2930                                2485                                      +18%
Months inventory*   31.85                                21.80                                       +46%
Total Condo Sales   37                                  48                                         -30%
Total Dollar Volume (Condo)   $13,442,508   $12,511,700                +7%
Average Sales Price (Condo)   $363,311        $339,405                     +7%
Median Sales Price (Condo)   $285,000   $259,000                                          +10%
Active Listings   1431                               1109                                          +29%
Months inventory* (Condo)   38.68          23.10                                          +59%

* Months inventory estimates the number of months it will take to deplete current active inventory based on the current sales activity.  

For questions or comments please contact Gabe Sanders through either www.StuartRealEstateAgent.com or www.GabeSanders.com .