T
he Treasure Coast real estate market saw a mixed bag in June, with median home sale prices increasing in Martin and Indian River counties, but decreasing in St. Lucie County. According to local Realtor data, the number of homes sold and on the market decreased across all three counties compared to May.
"We're not seeing a drop in value," said Jonathan Lickstein, president of Broward, Palm Beaches & St. Lucie Realtors. "Typically, in a low-demand and high-supply market, you'll see a drop in market evaluation."
Summer is usually the most competitive time to buy a home on the Treasure Coast, but May saw the highest number of home sales so far this year. Lickstein noted that there is negotiability in the market, but sellers are pricing their homes appropriately due to the sufficient supply.
The 30-year and 15-year fixed mortgage rates fell to 6.67% and 5.80%, respectively, at the end of June, according to Freddie Mac's mortgage survey.
Here are the key statistics for each county:
* Martin County: Median sale price increased to $648,000 (up from $609,500), with 177 homes sold (down from 188) and 939 homes on the market (down from 1,008).
* St. Lucie County: Median sale price decreased to $390,000 (down from $400,000), with 483 homes sold (down from 529) and 2,536 homes on the market (down from 2,615).
* Indian River County: Median sale price increased to $392,975 (up from $386,190), with 249 homes sold (down from 273) and 1,229 homes on the market (down from 1,294).
The benchmark for a balanced market is 5½ months of inventory. All three counties leaned less towards a buyer's market in June compared to May:
* Martin County: 5.9 months (down from 6.4)
* St. Lucie County: 5.8 months (down from 5.9)
* Indian River County: 5.5 months (down from 5.8)
The median time between listing and contract signing also increased in all three counties:
* Martin County: 56 days (up from 54)
* St. Lucie County: 52 days (up from 51)
* Indian River County: 59 days (up from 58)
