Treasure Coast Of Florida Housing Market Trend Projections

Dated: 11/19/2015

Views: 3833

The Q3 housing market update of Port Saint Lucie is a great indication of where we may be heading on the Treasure Coast of Florida in 2016. While sales volume remained about the same as 2014, the average sales prices are up an average of 16.1 percent as a whole, and inventory down a staggering 14.1 percent.

Let’s take a look at all the factors making today’s market what it is and what effect it will have on both sellers and buyers as we move into 2016.

Rising Sales

So why are sales prices up?

A shrinking housing inventory means more buyers fighting over fewer options. So sellers have an advantage when it comes to pricing their homes. In addition, we’re experiencing a surge of the largest buyer population–people between the ages of 25 and 34 to go along with our retiree/snowbird customers – combine these two customer demographics with our areas affordable cost of living and you can see why prices are going up all along the Treasure Coast (Port St Lucie, Fort Pierce, Stuart, Jensen Beach, Palm City).

Demand may be outgrowing the supply, but where are we exactly with the supply? According to the latest RAPB market report, inventory levels show a 3.4 month supply of single-family homes with a supply of condos and town homes at 5.3 months.

MLS reported data from the last week of October that showed a total of 1,598 single-family houses for sale, and 562 condos & town homes on the market. Therefore, it’s no real surprise inventory levels are playing a role into the rise of home prices, which should continue to rise in 2016.

Large Buyer Pool

Despite rising sales prices, there’s a flood of buyers looking for new homes. Home prices are still 33% lower, on average than at peak in 2006, and many feel that they should take advantage at the current level.

In addition, Interest rates are currently extremely low and with projections showing them remaining under 4% through the end of 2015 the buyer pool should continue to grow.

“The combination of low interest rates and the stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years,” reports Lawrence Yun, Chief Economist at NAR.

There is an effort to replenish the inventory levels with new construction in Tradition as well as from local builders scheduled for a 2016 completion, so we should be looking at a fairly balanced market towards the end of the year 2016.

Time to Act

For sellers, now is the time to take advantage of low inventory and high demand. If your home is priced well, you’ll get a lot of bites quickly. And for buyers, now is a great time to get more for your money with the currently low rates. Even with lower inventory, if you jump on a home quickly, you can get a great deal.

Make it a great day!

 

 



About the agent: Richard L McKinney Realtor, Local Real Estate Expert & Nice Guy

 

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Richard L. McKinney P.A.

Atlantic Shores Realty Expertise

Sell Phone:  (772) 370-8631

RichardMcKinney.re@gmail.com

 

Selling the Treasure Coast - Port St Lucie, Fort Pierce, Stuart, Jensen Beach, Palm City and Hutchinson Island --- Homes, Condos, Townhomes & Land.

 

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Richard McKinney

I have been selling real estate in South Florida since 1998 with a specialization in homes, town homes and condos in St Lucie and Martin Counties. My service areas include the cities of Port Saint Luc....

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