With summer winding down and the political environment heating up, let's look at what's been happening in real estate. Comparing the current market to last year’s numbers and the year before provides important data. Focusing on Martin County, Florida for single-family homes. Let’s take a look...
The graph below displays the Active Inventory of single-family homes in Martin County to Closed Sales. Closed Sales are taking a little summer breather and Active Inventory has leveled off, for the moment, after big increases since interest rates began increasing last summer.
The Median Sale Price of single-family homes in Martin County has fluctuated significantly over the last two years, yet in many ways, the overall market has been flat in Median Sale Price while the inventory of homes has been climbing since last summer when interest rates began increasing. The graph below shows the Median Sale Price now where it was two years ago for single-family homes and Closed Sales are about the same as last August. While cash sales comprise a whopping 38% of all sales, this number is down from 60% just a few months ago.
The trends in real estate continue to point toward a more balanced and healthy market. It's a great opportunity if you want to buy or sell. Remember, your property is much more than just a monetary investment. It's the place you call home.
There are 100 ways to increase your home's value if you're thinking of selling. Ask me about the eight deadly mistakes homeowners make. See what your home would likely sell for today by requesting a Relevant Property Market Analysis.
It's been quite some time since we last witnessed what's considered a “balanced real estate market.” In fact, according to statistics from floridarealtors.org, Florida’s last balanced market was in 2011! Check out the free guides available on Selling For More, Relocating, and How to Seamlessly Sell One Home and Buy Another at monaleonard.com/selling.
Large amounts of pent-up equity might be causing more homeowners to cash out and search for a new home. Upsizing, downsizing, or relocating means more home-buying and selling options. With more homes coming on the market, conditions are better than they've been in a long time for both sellers and buyers.
Reach out for a Relevant Property Market Analysis to determine the accurate value of your home. It’s the most important information to consider when selling or buying or schedule a customized free consultation to catch up on what's happening in your local market.