MIAMI — Martin County total home sales rose year-over-year, according to November 2023 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Martin County total home sales increased 8.6% year-over-year to 176 sales in November 2023.
“The word is getting out about Stuart and Martin County real estate,” JTHS-MIAMI President Martha Gillespie-Beeman said. “We are a small region with a big city backing. Contact a MIAMI REALTOR® for expert guidance on your home search.”
Southeast Florida Home Sales Forecasted to Expand by 7% Year-over-Year by End of 2024
MIAMI REALTORS® Chief Economist Gay Cororaton forecasts mortgage rates to fall to 5.25% by the end of 2024 given the overall effect of the Fed’s planned cumulative rate cut of 0.75% and cooling inflation. Mortgage rates hit a 23-year high of 7.8% in October 2023, impacting November 2023 sales numbers across the nation.
“Southeast Florida’s home sales could expand by about 7% year-over-year by the end of 2024 while prices will continue to appreciate at a modest pace of 5%,” Cororaton said. “In the low to mid-price segment of the market, the lower mortgage rates will drive up demand from first-time buyers and renter households. In the high-price and luxury segment, the wealth effect from rising stock prices, a pickup in economic growth in 2024, and sustained migration of high-income households into Southeast Florida will push up demand.”
Martin single-family home sales increased 24.5% year-over-year, from 106 in November 2022 to 132 in November 2023. Martin existing condo sales decreased 21.4% year-over-year, from 56 in November 2022 to 44 in November 2023.
Total Martin County New Listings Increase
Martin new listings increased 29.82% year-over-year in November 2023, from 285 to 370. The Martin market remains in a seller’s market but the fresh supply of listings will give buyers more options.
Martin single-family homes new listings increased 30.57% while Martin condo new listings jumped 27.68% year-over-year.
Mortgage Rates at Near Lowest Levels Since May 2023
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.95% as of December 14, falling below 7% for the first time since August 10. That’s down from 7.03% the previous week but up from 6.31% one year ago.
Another leading indicator for sales are showing appointments. South Florida showing appointments declined 1% year-over-year in November 2023 to 157,242 appointments. South Florida showing appointments increased five consecutive months year-over-year before October 2023.
Martin Inventory is Still Down from Historical Average
Total active listings at the end of November increased 25.1% year-over-year, from 806 to 1,008.
Inventory of single-family homes increased 12.5% year-over-year in November 2023 from 520 active listings last year to 585 last month. Condominium inventory increased 47.9% year-over-year from 286to 423 listings during the same period in 2022.
Months’ supply of inventory for single-family homes is 3.6 months, which indicates a seller’s market. Inventory for existing condominiums is 5 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 registered at the end of November was 1.13 million units, down 1.7% from October but up 0.9% from one year ago (1.12 million). Unsold inventory sits at a 3.5-month supply at the current sales pace, down from 3.6 months in October but up from 3.3 months in November 2022.
Martin Home Price Appreciation Continues Trending Up
Martin County single-family home median prices increased 12.8% year-over-year in November 2023, from $527,500 to $595,000. Existing condo median prices increased 7.3% year-over-year from $310,000 to $332,500.
South Florida’s Incredible Wealth Migration
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 Real Estate Posts $21.5 Million Local Economic Impact in November 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 176 homes in November 2023 for a local economic impact of $21.5 million.
Martin total dollar volume totaled $142 million in November 2023. Single-family home dollar volume increased 76.62% year-over-year to $123 million. Condo dollar volume decreased 7.82% year-over-year to $17 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 in November 2022.
Short sales and REOs accounted for 0% and 0.6% year-over-year, respectively, of total Martin sales in November 2023.
Martin’s percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 1% of sales in November 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 17,722 in November 2023, up 4.2% year-over-year, while existing condo-townhouse sales totaled 7,108, up 0.3%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
Nationally, total existing-home sales transactions elevated 0.8% from October to a seasonally adjusted annual rate of 3.82 million in November. Year-over-year, sales fell 7.3% (down from 4.12 million in November 2022).
The statewide median sales price for single-family existing homes was $413,000, up 3.3% 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 $321,990, 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 all housing types in November was $387,600, an increase of 4.0% from November 2022 ($372,700). All four U.S. regions posted price increases.
Martin Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 94.6% in November 2023. The median percent of original list price received for existing condominiums was 93.9%.
The median number of days between listing and contract dates for Martin single-family home sales was 25 days, down from 34 days last year. The median time to sale for single-family homes was 65 days, down from 75 days last year.
The median number of days between the listing date and contract date for condos was 24 days, up from 19 days. The median number of days to sale for condos was 57 days, even with last year.
Martin Cash Sales More than Double National Figure
Cash sales represented 64.2% of Martin closed sales in November 2023, compared to 53.7% in November 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 68.2% of all Martin existing condo sales and 62.8% of single-family transactions.
To access November 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 260 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com
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