THE HONEST BROKER: MARKET WATCH FOR JANUARY 2022

BY: DIANE LOTT, BROKER PARADISE FOUND REALTY, INC.

It is time for reviewing the most recent marketing statistics that are available for Martin County. The current closed sales for single family homes is down 18% from this time last year with only 142 in January. However, the average sales price, $523,175, has risen another 16% from one year ago. The rise in prices is primarily due to laws of supply and demand. There is little inventory, down 62% from a year ago with only 152 active listings, causing buyers to compete for the available homes. This competition is inflating sales prices because buyers are not hesitating to purchase over list. Adding to the supply problem is the fact that “New Listings” in January were 212, which is down 15% from a year earlier.

It has been amazing to see the rise in property pricing over the past year. The addition of new residents into our area from down south and from the north is driving the increase.

The above graph also demonstrates the ups and downs of our market throughout the past year. We are closing less properties now than January of 2021, but not that much less. There was a peak in May/April and has continued to fall since then. If history repeats itself, we should see another peak this year during the spring season.Be Well!