MIAMI — Martin County total home sales rose year over year, according to April 2023 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
“The small-town atmosphere of Stuart and Martin County real estate is one of a kind and homebuyers from all over the nation are getting to know the incredible outdoor lifestyle we have,” JTHS-MIAMI President Martha Gillespie-Beeman said.
Martin County Home Sales Rise in April 2023
Martin County total home sales increased 0.6% year-over-year in April 2023, from 320 transactions in April 2022 to 318 in April 2023.
Martin single-family home sales increased 3.6% year-over-year, from 194 in April 2022 to 201 in April 2023. Martin existing condo sales decreased 4% year-over-year, from 124 in April 2022 to 119 in April 2023.
Mortgage Rates Expected to Decline Toward the End of the Year
Home sales are sensitive to mortgage rate changes. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.27% as of April 13. That’s down from 6.28% from the previous week but up from 5% one year ago.
“With inflation on the wane, I expect mortgage rates move towards 5.5% by year-end which will revive the housing rally we saw in the first quarter,” MIAMI REALTORS® Chief Economist Gay Cororaton said.
Martin County single-family home median prices decreased 8% year-over-year in April 2023, from $619,900 to $570,000. Existing condo median prices increased 17.1% year-over-year, from $252,000 to $295,000.
Home prices are determined by supply and demand. Lower supply and higher demand create higher prices. Inventory for Martin single-family homes (2.9months) and condos (3.7 months) are low. Also, one of the supports for home prices is rents and rents are up.
Martin Inventory, New Listings Near All-Time Lows
Total active listings at the end of April increased 104.4% year-over-year, from 385 to 787.
Inventory of single-family homes increased 72.8% year-over-year in April 2023 from 268 active listings last year to 463 last month. Condominium inventory increased 176.9% year-over-year to 324 from 117 listings during the same period in 2022.
New listings of Martin single-family homes decreased 10.9% to 229 from 257 year-over-year. New listings of condominiums increased 8.8%, from 125 to 136 year-over-year.
Months’ supply of inventory for single-family homes increased 123.1% to 2.9 months year-over-year, which indicates a seller’s market. Inventory for existing condominiums increased 236.4% to 3.7 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 April was 1.04 million units, up 7.2% from March and 1.0% from one year ago (1.03 million). Unsold inventory sits at a 2.9-month supply at the current sales pace, up from 2.6 months in March and 2.2 months in April 2022.
Martin Real Estate Posts $39 Million Local Economic Impact in April 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 $122,000, according to NAR. Martin sold 320 homes in April 2023 and had a local economic impact of $39 million.
Martin total dollar volume totaled $273 million in April 2023. Single-family home dollar volume increased 18.5% year-over-year to $220 million. Condo dollar volume increased 16.4% year-over-year to $49 million.
Martin Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.6% of all closed residential sales in Martin were distressed last month, including REO (bank-owned properties) and short sales, lower than 0.3% in April 2022.
Short sales and REOs accounted for 0% and 0.6% year-over-year, respectively, of total Martin sales in April 2023.
Martin’s percentage of distressed sales are on par with the national figure. Nationally, distressed sales represented 1% of sales in April, unchanged from last month and the prior year.
National and State Statistics
In Florida, closed sales of single-family homes statewide totaled 23,334 in April 2023, down 17.2% year-over-year, while existing condo-townhouse sales totaled 10,040, down 26.8%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
Nationally, total existing-home sales transactions slid 3.4% from March to a seasonally adjusted annual rate of 4.28 million in April. Year-over-year, sales slumped 23.2% (down from 5.57 million in April 2022).
The statewide median sales price for single-family existing homes was $400,000, even 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 $325,000, up 4.8% 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 April was $388,800, a decline of 1.7% from April 2022 ($395,500). Prices rose in the Northeast and Midwest but retreated in the South and West.
Martin Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 94.2% in April 2023, down from 100% last year. The median percent of original list price received for existing condominiums was 95%, down from 100% last year.
The median number of days between listing and contract dates for Martin single-family home sales was 31 days, up from 8 days last year. The median time to sale for single-family homes was 77 days, up from 47 days last year.
The median number of days between the listing date and contract date for condos was 39 days, up from 7 days. The median number of days to sale for condos was 77 days, down from 44 days.
Martin Cash Sales Two Times More than National Figure
Cash sales represented 56.8% of Martin closed sales in April 2023, compared to 60% in April 2022. About 28% 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 63% of all Palm Beach existing condo sales and 53.2% of single-family transactions.
To access April 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
###
