MIAMI — Martin County total home sales and pending transactions rose year-over-year, according to March 2023 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
“Homebuyers are discovering the incredible small-town lifestyle Martin County and Stuart real estate provides,” JTHS-MIAMI President Martha Gillespie-Beeman said.
Martin County Total Home Sales, Pending Transactions Jump
Martin County total home sales increased 13.8% year-over-year, from 297 to 338. Total pending transactions jumped 10.6%, from 340 to 376.
Martin single-family home sales increased 12.5%, from 200 to 225. Martin condo transactions rose 16.5%, from 97 to 113.
Showing appointments in the Southeast Florida MLS, which is owned by MIAMI REALTORS®, increased 14% month over month to 270,143 showings in March.
Martin Home Prices, Household Income Rise with Wealth Migration
Martin County single-family home median prices increased 6.1% year-over-year in March 2023, increasing from $555,000 to $589,000. Existing condo median prices increased 1.5%, from $263,000 to $267,000.
Home prices are determined by supply and demand. Lower supply and higher demand create higher prices. Inventory for Martin single-family homes (3.1 months) and condos (3.3 months) are low. Also, one of the supports for home prices is rents and rents are up.
While local median prices have increased so have local household incomes. Florida ranked No. 1 in the U.S. in largest net gain of adjusted gross income (AGI) due to domestic migration, gaining $23.7 billion, according to most recent IRS-SOI migration data. South Florida’s out-of-state homebuyers with a mortgage earn nearly $100,000 in median household income.
Global FinTech powerhouses such as Citadel, Blackstone, Microsoft, etc. have opened offices/headquarters in South Florida.
“What’s been mainly driving South Florida’s housing market are the job growth and sustained in-migration into the area, particularly from higher-tax states like New York, New Jersey, and California, which has been experiencing a layoff of tech workers,” MIAMI REALTORS® Chief Economist Gay Cororaton said.
Martin Active Listings Still Near Historical Lows; More Supply Needed
Total active listings at the end of March 2023 increased 128.8% year-over-year, from 340 to 778.
Inventory of single-family homes increased 119.3% year-over-year in March 2023 from 223 active listings last year to 489 last month. Condominium inventory increased 147% year-over-year to 289 from 117 listings during the same period in 2022.
New listings of Martin single-family homes decreased 9.2% to 238 from 262 year-over-year. New listings of condominiums decreased 1.3%, from 159 to 157 year-over-year.
Months’ supply of inventory for single-family homes increased 210% to 3.1 months year-over-year, which indicates a seller’s market. Inventory for existing condominiums increased 230% to 3.3 months, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory at the end of March was 980,000 units, up 1.0% from February and 5.4% from one year ago (930,000). Unsold inventory sits at a 2.6-month supply at the current sales pace, unchanged from February but up from 2.0 months in March 2022.
Martin Real Estate Posts $38 Million Local Economic Impact in March 2023
Every time a home is sold it impacts the economy: income generated from real estate industries (commissions, fees and moving expenses), expenditures related to home purchase (furniture and remodeling expenses), multiplier of housing related expenditures (income earned as a result of a home sale is re-circulated into the economy) and new construction (additional home sales induce added home production).
The total economic impact of a typical Florida home sale is $112,500, according to NAR. Martin sold 338 homes in March 2023 and had a local economic impact of $38 million.
Martin total dollar volume totaled $256 million in March 2023. Single-family home dollar volume increased 41.7% year-over-year to $216 million. Condo dollar volume decreased 13.5% year-over-year to $36 million.
Martin Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.3% of all closed residential sales in Martin were distressed last month, including REO (bank-owned properties) and short sales, compared to 1.2% in March 2022.
Short sales and REOs accounted for 0% and 0.3% year-over-year, respectively, of total Martin sales in March 2023.
Martin’s percentage of distressed sales are on par with the national figure. Nationally, distressed sales represented approximately 1% of sales in March, nearly identical to last month and one year ago.
Martin Median Price Appreciation Outperforming Nation, State
In Florida, closed sales of single-family homes statewide totaled 26,161 in March 2023, down 15% year-over-year, while existing condo-townhouse sales totaled 11,188, down 23.5%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
Nationally, total existing-home sales transactions fell 2.4% from February to a seasonally adjusted annual rate of 4.44 million in March. Year-over-year, sales waned 22.0% (down from 5.69 million in March 2022).
The statewide median sales price for single-family existing homes was $405,000, up 2.1% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $320,000, up 3.9% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Nationally, the median existing-home price for housing types in March was $375,700, a decline of 0.9% from March 2022 ($379,300). Prices climbed slightly in three regions but dropped in the West.
Martin Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 94.9% in March 2023, down from 100% last year. The median percent of original list price received for existing condominiums was 95.3%, down from 100% last year.
The median number of days between listing and contract dates for Martin single-family home sales was 37 days, up from 9 days last year. The median time to sale for single-family homes was 73 days, up from 49 days last year.
The median number of days between the listing date and contract date for condos was 31 days, up from 6 days. The median number of days to sale for condos was 66 days, up from 42 days.
Martin Cash Sales Nearly Two Times the National Figure
Cash sales represented 54.7% of Martin closed sales in March 2023, compared to 59.3% in March 2022. About 27% of U.S. home sales are made in cash, according to the latest NAR statistics.
Cash buyers are not deterred by rising rates. The high percentage of cash buyers reflects South Florida’s top position as the preeminent American real estate market for foreign buyers, who tend to purchase with all cash as well as some moving from more expensive U.S. markets who can buy more with their profits from real estate sales.
Cash sales accounted for 60.2% of all Martin existing condo sales and 52% of single-family transactions.
To access March 2023 Martin Statistical Reports, visit http://www.SFMarketIntel.com
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of Realtors®
The MIAMI Association of Realtors (MIAMI) was chartered by the National Association of Realtors in 1920 and is celebrating 103 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations: MIAMI RESIDENTIAL, MIAMI COMMERCIAL; BROWARD-MIAMI, a division of MIAMI Realtors; JTHS-MIAMI, a division of MIAMI Realtors in the Jupiter-Tequesta-Hobe Sound area; MIAMI YPN, our Young Professionals Network Council; and the award-winning MIAMI Global Council. MIAMI REALTORS represents nearly 60,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 246 international organizations worldwide. MIAMI has been selected to host the prestigious FIABCI World Congress on June 5-9, 2023. MIAMI’s official website is www.MiamiRealtors.com