Despite low inventory, real estate transactions in Martin County showed substantial gains in the third quarter, compared to the same period in 2019. The county’s total home sales jumped 16.8% from two years ago, from 861 to 1,006, according to a press release from the MIAMI Association of REALTORS® (MIAMI).
However, Martin County’s total home sales decreased 9.5% from 2020. “If Martin County had more inventory, it would have significantly more sales,” said Bill Mate, president of MIAMI.
Martin County single-family home sales decreased 13.8% from 780 to 672. Existing condo sales rose 0.9%, from 331 to 334.
Lack of inventory in certain price points is impacting sales, particularly for single-family homes. However, increased housing starts and more sellers listing properties in 2022 should help alleviate the lack of supply, according to the release.
Cash sales represented 47.1% of closed sales in Martin County in the third quarter, compared to 33.9% last year. About 23% of U.S. home sales are made in cash, according to the latest National Association of REALTORS® (NAR) statistics.
The high percentage of cash buyers reflects South Florida’s top position as the preeminent U.S. real estate market for foreign buyers, who tend to purchase with all cash, the release noted.