Median Home Price Spikes After Million Dollar Transactions
Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in Martin County. The reports compare year-over-year data for September. Here are statistics on single family homes.
“Martin County’s median sale price spiked to $386,500 in September, an 18.9 percent increase. This was caused by the 62.5 percent increase in single family homes sold over $1 million from 13 home sales in September. The luxury market is heating up in Martin County and is worth a closer look over the next couple of months,” said Jarrod Lowe, Incoming President of the Realtors® of the Palm Beaches and Greater Fort Lauderdale.
Median sale price is our preferred summary statistic for price activity because unlike average sale price, median sale price is not sensitive to high sale prices for small numbers of homes that may not be characteristic of the market area.
“Meanwhile, closed sales remained the same year-over-year at 197. Closed sales are one of the simplest – yet most important – indicators for the residential real estate market. Closed sales are affected by seasonal cycles, so actual trends are more accurately represented by year-over-year changes,” continues Lowe.
Despite closed sales staying the same, there was an increase in closed sales paid in cash of 10.8 percent to 72. The supply of inventory also increased by 4.7 percent to 4.5 months.
Market Reports: Martin Single Family | Martin Townhouses/Condos
Realtors® of the Palm Beaches and Greater Fort Lauderdale has merged with the South Broward Board of Realtors® to form the 3rd largest local Realtor® association in the country. The newly combined association represents 33,000 Realtors®, 35,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, visit RapbGflrMerge.com or contact Communications@rapb.com.