Your November Treasure Coast Market Update

Here’s what you need to know about our local real estate market.


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

St. Lucie County:

  • Closed sales decreased by 24.6%, from 589 to 444 units.
  • The number of units paid in cash decreased by 22.2%, from 144 to 112 units.
  • The average sale price rose by 6.8%, from $362,233 to $386,791.
  • The total dollar volume of homes sold decreased by 19.5%, from $213.4 million to $171.7 million.
  • Pending sales dropped by 35.1%, from 721 to 468 units.
  • New listings decreased by 19.9%, from 787 to 630 units.
  • The months’ supply of inventory increased by 130.8%, from 1.3 to 3.0 months.


Martin County:

  • Closed sales dropped by 36.2%, from 210 to 134 units.
  • The number of units paid in cash decreased by 31.9%, from 91 to 62 units.
  • The average sale price fell by 42.1%, from $1,014,608 to $713,767.
  • The total dollar volume of homes dropped by 9.3% from $149.9 million to $136.0 million.
  • Pending sales decreased by 38.1%, from 197 to 122 units.
  • New listings decreased by 4.2%, from 189 to 181 units.
  • The months’ supply of inventory increased by 190.0%, from 1.0 to 2.9 months.


Palm Beach County:

  • Closed sales decreased by 28.7%, from 1,471 to 1,049 units.
  • The number of units paid in cash fell by 27.9%, from 594 to 428 units.
  • The average sale price rose by 15.3%, from $804,575 to $928,051.
  • The total dollar volume of homes sold dropped by 17.7%, from $1.2 billion to $973.5 million.
  • Pending sales decreased by 42.8%, from 1,712 to 979 units.
  • New listings decreased by 6.9%, from 1,694 to 1,577 units.
  • The months’ supply of inventory rose by 146.2%, from 1.3 to 3.2 months.


By now, it’s pretty obvious: Our market has shifted. Inventory is increasing dramatically, and demand has decreased. This is likely a result of higher interest rates. Despite this, prices remain high, and sellers can still get fantastic deals for their properties. We’ll be sure to keep you updated on any further developments.


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.

 

Post a Comment