| Feb 22, 2017
WEST PALM BEACH, FLORIDA (February 22, 2017) – The January real estate market report for Martin County shows a 24% year-over-year decline in single family home sales.
Other significant decreases include dollar volume (-21.9%) at $55.4 million and cash sales (-11.9%) to 59 transactions. The data also shows a dramatic increase in time to contract (41.7%) to 68 days.
“The significant drop in sales activity in January has a beneficial effect of relieving pressure on the supply of homes for sale,” said John Slivon, President of the Realtors® Association of the Palm Beaches (RAPB). “The increase in the number of homes for sale clearly shows a swing to a more balanced market between both buyer and seller.”
The median sale price in Martin County for January, $333,000, remains firmly above the national median of $235,000. “The prospect of affordability is a looming issue for the county,” adds Slivon. “We have only 125 homes listed for sale below $250,000, in comparison to St. Lucie County, our neighbors to the north, where there are 990 homes (half of the county’s available inventory) priced under $250,000.”
Sources: Florida Realtors® Monthly Market Detail – January 2017
, National Association of Realtors® Year End Market Detail 2016 The Realtors® Association of the Palm Beaches (RAPB) is the 6th largest local association in the country representing over 15,000 REALTOR® members involved in all aspects of residential and commercial real estate throughout Palm Beach and St. Lucie Counties. RAPB members are “The Voices for Local Real Estate,” providing consumers with real insight on the homeownership process with data accuracy and market expertise. Many of their members also engage in one or more divisions offered through RAPB, including the REALTORS® of St. Lucie County (RSLC), the Young Professionals Network, and the award-winning Global Business & REALTORS® Commercial Alliances. Looking to buy or sell property? Think local! Find your REALTOR® or property at www.SouthFloridaPropertyMatch.com.