October 2024
MARTIN COUNTY MARKET UPDATE
The Martin County real estate market experienced significant shifts in October 2024, reflecting ongoing trends in both the single-family home and townhouse/condo segments. This month’s data highlights a mix of price appreciation, increased inventory, and variations in sales activity, offering insights for buyers, sellers, and investors alike.
Let’s take a closer look at the performance of both property types in Martin County:
Martin County Single Family Home
In October 2024, the single-family home market in Martin County saw notable trends that indicate a transitioning market.
- Closed Sales: There were 134 closed sales, a 16% decrease compared to the same period last year. This drop suggests a possible cooling in demand or delays in transactions.
- Median Sales Price: The median sales price rose to $615,000, an increase of 7.5% year-over-year. This price growth highlights continued appreciation, likely fueled by limited inventory in higher-demand areas.
- Active Inventory: Active listings surged to 767, marking a 43% increase from a year ago. This significant jump in available properties provides more options for buyers, potentially easing competition.
- Months Supply of Inventory: The months’ supply of inventory grew to 4.8 months, up from 3.3 months last year. This metric signals a move toward a more balanced market, where neither buyers nor sellers hold a strong advantage.
- New Listings: New listings fell by 13%, with only 209 homes entering the market. This decline may contribute to sustained price growth despite increased inventory.
- New Pending Sales: Contracts on new listings rose to 145, up 7.4% year-over-year, suggesting steady buyer interest despite a slower sales pace.
Martin County Townhouses and Condos
The townhouse/condo market in Martin County also exhibited distinct changes in October 2024, reflecting diverse dynamics compared to single-family homes.
- Closed Sales: Closed sales climbed to 78, a 16% increase from a year ago. This growth highlights a rebound in demand for townhouses and condos, possibly due to affordability or lifestyle preferences.
- Median Sales Price: The median sales price dropped slightly to $275,000, a 6.8% decrease compared to last year. This decline could attract budget-conscious buyers or indicate a shift in the types of units being sold.
- Active Inventory: Active listings skyrocketed to 590, a 57% increase year-over-year. This surge in available inventory presents opportunities for buyers to explore more options.
- Months Supply of Inventory: The months’ supply of inventory grew to 7.3 months, up significantly from 4.4 months last year. This increase moves the townhouse/condo market into buyer-friendly territory.
- New Listings: New listings rose to 153, a 14% increase, reflecting seller confidence in listing their properties amid growing inventory.
- New Pending Sales: New pending sales reached 74, an 8.8% increase, showing strong interest from buyers despite rising inventory levels.
For single-family homes, the increasing inventory and steady price growth point to a market that is stabilizing, offering more options for buyers but still favoring sellers slightly. For townhouses and condos, rising inventory levels and a more pronounced price decline suggest a shift toward a buyer’s market, providing potential opportunities for those seeking affordability or additional leverage in negotiations.
As always, understanding these dynamics is essential for making informed real estate decisions in Martin County. Whether you're considering buying, selling, or investing, staying attuned to these trends will help you navigate the evolving landscape.
