MIAMI — Martin County single-family home sales surged year-over-year, according to October 2023 statistics released by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Martin County single-family home sales rose 19.4% year-over-year, from 134 to 160.
“Martin County and Stuart real estate is routinely ranked as one of America’s charming small towns,” JTHS-MIAMI President Martha Gillespie-Beeman said. “Contact a MIAMI REALTOR for that expert knowledge beyond the listing.”
Martin Total Pending Sales Increase Year-over-Year in October 2023
Martin total pending sales rose 15.79% year-over-year in October 2023 to 220 transactions.
“Two telling indicators of the positive momentum are the increase in single-family pending sales and new listings in all the counties of Miami-Dade, Broward, Palm Beach, and Martin, something we have not seen since 2021 when mortgage rates were at historic lows,” MIAMI REALTORS Chief Economist Gay Cororaton said. “I think the housing market is poised for a strong comeback in 2024. Rising mortgage rates have gravely hurt affordability this year and that pent-up demand will show up next year.”
Martin total home sales declined 1.7% year-over-year in October from 231 to 227.
Martin single-family home sales increased 19.4% year-over-year, from 134 in October 2022 to 160 in October 2023.
Martin existing condo sales decreased 30.9% year-over-year, from 97 in October 2022 to 67 in October 2023.
Total Martin New Listings Increase
Martin new listings increased 35.17% year-over-year in October 2023, from 2,938 to 3,405. 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 32% while Martin condo new listings jumped 39% year-over-year.
Mortgage Rates Tumble for Third Consecutive Week with 6% Forecasted Rates in 2024
Home sales are sensitive to mortgage rates changes and after surging to near 8%, rates have declined for the past three weeks. National Association of REALTORS(R) Chief Economist Lawrence Yun said at last week’s NAR NXT conference that rates have peaked and will now head to the 6% range by spring 2024.
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.44% as of November 16. That’s down from 7.50% the previous week but up from 6.61% one year ago.
Another leading indicator for sales are showing appointments. South Florida showing appointments declined 1% year-over-year in October 2023 to 181,633 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 October increased 19.1% year-over-year, from 766 to 912.
Inventory of single-family homes increased 2.9% year-over-year in October 2023 from 521 active listings last year to 536 last month. Condominium inventory increased 53.5% year-over-year from 245 to 376 listings during the same period in 2022.
Months’ supply of inventory for single-family homes is 3.3 months, which indicates a seller’s market. Inventory for existing condominiums is 4.4 months, which also indicates a balanced market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Nationally, total housing inventory registered at the end of October was 1.15 million units, up 1.8% from September but down 5.7% from one year ago (1.22 million). Unsold inventory sits at a 3.6-month supply at the current sales pace, up from 3.4 months in September and 3.3 months in October 2022.
Martin Home Price Appreciation Continues Surging
Martin County single-family home median prices increased 0.7% year-over-year in October 2023, increasing from $568,250 to $572,000. Existing condo median prices decreased 1.6% year-over-year from $299,900 to $295,000.
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 $27.6 Million Local Economic Impact in October 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 227 homes in October 2023 for a local economic impact of $27.6million.
Martin total dollar volume totaled $157 million in October 2023. Single-family home dollar volume decreased 5.7% year-over-year to $128.1 million. Condo dollar volume decreased 14.2% year-over-year to $26.6 million.
Martin Distressed Sales Remain Low, Reflecting Healthy Market
Zero closed residential sales in Martin were distressed last month, including REO (bank-owned properties) and short sales lower than 0.4% in October 2022.
Short sales and REOs accounted for 0% and 0% year-over-year, respectively, of total Martin sales in October 2023.
Martin’s percentage of distressed sales are lower than the national figure. Nationally, distressed sales represented 2% of sales in October 2023, virtually unchanged from last month and the prior year.
South Florida Median Price Appreciation Outperforming Nation, State
In Florida, closed sales of single-family homes statewide totaled 19,729 in October 2023, down 5.3% year-over-year, while existing condo-townhouse sales totaled 8,115, down 2.9%. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
Nationally, total existing-home sales transactions fell 4.1% from September to a seasonally adjusted annual rate of 3.79 million in October. Year-over-year, sales tumbled 14.6% (down from 4.44 million in October 2022).
The statewide median sales price for single-family existing homes was $410,000, up 2% 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 October was $391,800, an increase of 3.4% from October 2022 ($378,800). All four U.S. regions registered price increases.
Martin Real Estate Attracting Near List Price
The median percent of original list price received for single-family homes was 96% in October 2023. The median percent of original list price received for existing condominiums was 96.4%.
The median number of days between listing and contract dates for Martin single-family home sales was 29 days, up from 20 days last year. The median time to sale for single-family homes was 70 days, up from 63 days last year.
The median number of days between the listing date and contract date for condos was 36 days, up from 24 days. The median number of days to sale for condos was 73 days, up from 63 days.
Martin Cash Sales Nearly Double the National Figure
Cash sales represented 51.9% of Martin closed sales in October 2023, compared to 51% in October 2022. About 29% 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 65.6% of all Martin existing condo sales and 46.3% of single-family transactions.
To access October 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 257 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com
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