Here’s an update on our local residential real estate market. Over the last 30 days approximately 325 properties were sold in Martin County counting single family homes, condos, townhomes and manufactured homes. Homes were only on the market an average of 68 days and sellers got an average of 96% of their asking prices. In Port St Lucie, there were approximately 450 sales. Homes were on the market an average of 62 days and sellers got an average of 97% of their asking prices.
Prices are up but buyers are still buying. According to the Florida Association of Realtors the statewide median sales price for single-family existing homes last month was $231,900, up 10.4 percent from the previous year. The statewide median price for townhouse-condo properties in March was $171,000, up 9.4 percent over the year-ago figure.
We still have an inventory shortage--in spite of a considerable amount of new construction in our local area. This is because not enough homes are being built for the population growth. Most new construction is happening in a dozen planned communities in Martin and St Lucie Counties. They are all building and selling homes, but we have a real shortage of re-sale homes. Not everyone wants to pay new home prices and not everyone wants to live in a planned community.
Interest rates have risen a little over the last year but 30-year fixed rate mortgages are still available at around 4.25% (with good credit scores). Bear in mind that the historical norm for interest rates on homes over the last 50 years was around 6%, so a 4.25% mortgage rate is still a very advantageous rate for buyers.
What does this mean? Our local market is active and steady. Approximately 25 homes are being purchased every day in the towns we service--Stuart, Palm City, Jensen Beach, Hobe Sound, Sewalls Point, Hutchinson Island and Port St Lucie. (This does not count homes being bought from builders.)
We aren’t having “run-away” population growth because while many sellers are up-sizing or down-sizing and staying in the area, a fair number of them are moving away. Most of our clients who are moving away are senior citizens who need to be closer to family members “up north” but some are moving into one of the beautiful assisted living facilities we have locally.
If you have friends or family members who are interested in purchasing or selling a home in our area, please put us in touch. We promise to take great care of them!