What the Latest Data Says About Our Market

The latest numbers and trends from our South Florida markets.

The latest year-over-year numbers for our South Florida market are in. Here’s how the May 2022 numbers compare to what we saw in May 2021:

St. Lucie County:

• Closed sales increased 2.3% from 656 to 715 units.
• The number of units paid in cash rose 6% from 182 to 193 units.
• The average sale price rose 31.6% from $337,482 to $444,084.
• The total dollar volume of homes sold rose 34.6% from $221.4 million to $298 million.
• Pending sales dropped 7.3% from 744 to 690 units.
• New listings increased 13.4% from 766 to 869 units.
• The months’ supply of inventory increased 30% from 1 to 1.3 months.

Martin County:

• Closed sales dropped 20.9% from 273 to 216 units.
• The number of units paid in cash decreased by 18.1% from 127 to 104 units.
• The average sale price fell 0.6% from $962,045 to $956,150.
• The total dollar volume of homes dropped 21.4% from $262.6 million to $206.5 million.
• Pending sales decreased 27.2% from 268 to 195 units.
• New listings rose 1.8% from 276 to 281 units.
• The months’ supply of inventory increased 54.5% from 1.1 to 1.7 months.

Palm Beach County:

• Closed sales decreased by 19.2% from 1,890 to 1,527 units.
• The number of units paid in cash fell 10.2% from 835 to 750 units.
• The average sale price rose 1.7% from $983,654 to just over $1 million.
• The total dollar volume of homes sold dropped 17.8% from $1.9 billion to $1.5 billion.
• Pending sales decreased 25.1% from 2,016 to 1,509 units.
• New listings increased by 7.4% from 2,069 to 2,222 units.
• The months’ supply of inventory rose 30.8% from 1.3 to 1.7 months.

The trend is pretty clear: Inventory is going up, and sales are decreasing. The only county that doesn’t follow suit is St. Lucie County. Prices are staying relatively the same, but fewer properties are going under contract. This is definitely a trend, so we’ll see where this goes in future updates.

If you’re thinking about buying or selling, we’re here to help advise and guide you through that process. Just call or email us if you have any questions.