Aside from all-cash home sales, most of the year-over-year statistics from December 2016 and December 2017 vary from county to county in our area
To get an idea of where our tri-county market is headed in 2018, we’re going to examine the year-over-year change of five statistical criteria from December 2016 to December 2017.
We’ll start with closed sales for single-family homes. In Martin County, the number of closed sales decreased 7.2% from 195 sales to 181. In St. Lucie County, they rose 3.3% from 478 to 494. In Palm Beach County, they decreased 1.8% from 1,413 to 1,387.
Next up are single-family homes that were paid for in cash. In Martin County, this number decreased 21.8% from 78 sales to 61 sales. In St. Lucie County, the number of all-cash sales dropped 29.9% from 154 to 108. In Palm Beach County, all-cash sales decreased 6.5% from 505 to 472.
Now, let’s move on to the average sale price. In Martin County, this number dropped 0.6% from $446,396 to $443,576. In St. Lucie County, it rose 4.9% from $210,367 to $220,682. In Palm Beach County, it rose 20% from $423,485 to $508,253.
After that, we look at the number of new listings that entered the market. In Martin County, the number of new listings rose 8.5% from 177 listings to 192. In St., Lucie County, new listings decreased 5.8% from 469 to 442. In Palm Beach County, new listings rose 1% from 1,461 to 1,475.
Lastly, we have the month’s supply of inventory, or however long it would take to sell off all the currently listed homes if no new homes came on the market. A seller’s market is below three months; a buyer’s market is above six months. A balanced, neutral market is somewhere in between.
In Martin County, the month’s supply of inventory dropped 10% from five months to 4.5 months. In St. Lucie County, inventory dropped 12.8% from 3.9 months to 3.4 months. In Palm Beach County, it dropped 2% from 4.9 months to 4.8 months.
As you can see, aside from the number of all-cash sales, which decreased across the board, these statistics differed from county to county.
If you’d like to delve further into these statistics and get a full market analysis from us or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to us. We’d love to help you.