MIAMI — Martin County total home sales and total South Florida showing appointments increased year-over-year, according to July 2023 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Martin total home transactions increased 27.1% year-over-year, from 214 to 272. South Florida showing appointments, meanwhile, increased for the third consecutive month, jumping 8% year-over-year, from 208,359 to 224,187 in July 2023.
“Homebuyers are discovering Stuart real estate and the Martin County market because it offers an incredible small-town atmosphere, waterfront lifestyle and it’s a short drive from the Miami-Broward-Palm Beach tri-county,” JTHS-MIAMI President Martha Gillespie-Beeman said.
Martin County Total Home Transactions Rise Double Digits
Martin total home transactions increased 27.1% year-over-year, from 214 to 272.
Martin single-family home sales increased 25% year-over-year, from 136 in July 2022 to 170 in July 2023. Martin existing condo sales increased 30.8% year-over-year, from 78 in July 2022 to 102 in July 2023.
Home sales are sensitive to mortgage rate changes. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.09% as of August 17. That’s up from 6.96% the prior week and 5.13% one year ago.
Martin Home Prices, Household Income Rise with Wealth Migration
Martin County single-family home median prices increased 8%, from $565,000 to $610,000 in July 2023. Existing condo median prices increased 2.9% year-over-year to $296,250 from $288,000.
Historically, a market with less than 6 months of supply will have appreciating prices. Martin single-family homes and existing condos are at 2.9 and 3.1 months, respectively.
“South Florida’s price appreciation continues to outpace the national trend. With more new contracts signed for every new fresh listing, this area is still a seller’s market, especially for single-family homes priced below $600,000, which typically get snapped up in two weeks,” MIAMI REALTORS® Chief Economist Gay Cororaton said.
Local home prices have risen with South Florida’s wealth migration. In-migration boosted South Florida household income by $16 Billion in 2021, according to MIAMI REALTORS® analysis of the 2020-2021 migration data released by the Internal Revenue Service.
New households moving into Miami-Dade in 2021 had an average adjusted gross income of $229,300. New households moving into Broward County had an average adjusted gross income of $102,600. New households moving into Palm Beach County had an average adjusted gross income of $242,200.
Martin Inventory, New Listings Still Near All-Time Lows
Total active listings at the end of July increased 8.9% year-over-year, from 691 to 753.
Inventory of single-family homes decreased 4.1% year-over-year in July 2023 from 493 active listings last year to 473 last month. Condominium inventory increased 41.4% year-over-year to 280 from 198 listings during the same period in 2022.
New listings of Martin single-family homes decreased 22.8% to 203 from 263 year-over-year. New listings of condominiums decreased 20.5%, from 117 to 93 year-over-year.
Months’ supply of inventory for single-family homes increased 11.5% to 2.9 months year-over-year, which indicates a seller’s market. Inventory for existing condominiums increased 55% to 3.1 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 July was 1.11 million units, up 3.7% from June but down 14.6% from one year ago (1.3 million). Unsold inventory sits at a 3.3-month supply at the current sales pace, up from 3.1 months in June and 3.2 months in July 2022.
Martin Real Estate Posts $33.2 Million Local Economic Impact in July 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 272 homes in July 2023 and had a local economic impact of $33.2 million.
Martin total dollar volume totaled $244 million in July 2023. Single-family home dollar volume increased 79.9% year-over-year to $198 million. Condo dollar volume increased 85.8% year-over-year to $43 million.
Martin Distressed Sales Remain Low, Reflecting Healthy Market
Only 0.4% of all closed residential sales in Martin were distressed last month, including REO (bank-owned properties) and short sales, higher than 0% in July 2022.
Short sales and REOs accounted for 0% and 0.4% year-over-year, respectively, of total Martin sales in July 2023.
Martin’s percentage of distressed sales are on par with the national figure. Nationally, distressed sales represented 1% of sales in July 2023, virtually unchanged from last month and the prior year.
Martin Median Price Appreciation Outperforming Nation, State
In Florida, closed sales of single-family homes statewide totaled 22,198 in July 2023, down 6.4% year-over-year, while existing condo-townhouse sales totaled 8,463, down 9.4%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
Nationally, total existing-home sales transactions waned 2.2% from June to a seasonally adjusted annual rate of 4.07 million in July. Year-over-year, sales slumped 16.6% (down from 4.88 million in July 2022).
The statewide median sales price for single-family existing homes was $415,000, up 0.7% 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 $319,000, up 4.6% 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 July was $406,700, an increase of 1.9% from July 2022 ($399,000). Prices rose in the Northeast, Midwest and South but were unchanged in the West.
Martin Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 96.4% in July 2023, down from 97.5% last year. The median percent of original list price received for existing condominiums was 94.1%, down from 100% last year.
The median number of days between listing and contract dates for Martin single-family home sales was 22 days, up from 14 days last year. The median time to sale for single-family homes was 65 days, up from 54 days last year.
The median number of days between the listing date and contract date for condos was 60 days, up from 11 days. The median number of days to sale for condos was 101 days, down from 57 days.
Martin Cash Sales 85% More than National Figure
Cash sales represented 48.1% of Palm Beach closed sales in July 2023, compared to 51% in July 2022. About 26% 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 53.7% of all Martin existing condo sales and 45.9% of single-family transactions.
To access July 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 256 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com
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