Here’s a market update for single family homes for our market area. Over the last month in Martin County, there were 190 sales closed. The low price was $80,000 and the highest was $2.2 million for a large waterfront home in Harbour Ridge. The average sale price was $408,212 and homes were on the market for an average of 72 days. Sellers got an average of 96% of asking prices.
In Port St Lucie, there were 334 sales closed. The lowest price was $111,000 and the highest was $620,000. The average sale price was $243,472 and homes were on the market for an average of only 47 days (down from 60 days last spring). Sellers received an average of 97% of asking price.
The market is still very active and homes are selling in spite of low inventories and slightly higher interest rates. It’s a great time for sellers to sell because there are ready buyers for almost any home that is priced properly and properly prepared for the market.
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 5% (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 5% 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!