T
he Treasure Coast real estate market saw a decrease in median sale price for Indian River and Martin counties in March, according to local Realtor data. In contrast, the number of homes sold and available on the market increased across all three counties: Indian River, St. Lucie, and Martin.

    "It's not a depressed market," said Jonathan Lickstein, president of Broward, Palm Beaches & St. Lucie Realtors. "We have inventory and options, making it a buyer-friendly market."

    The decrease in median sale price was notable for Martin and Indian River counties, with prices dropping to $590,000 and $390,000 respectively. In contrast, St. Lucie county saw an increase to $395,000.

    Home sales increased across the board, with Martin county seeing 173 homes sold, up from 154 in February; St. Lucie county saw 473 homes sold, up from 374; and Indian River county saw 251 homes sold, up from 208.

    The number of homes on the market also increased, with Martin county at 1,005, up from 969; St. Lucie county at 2,797, up from 2,747; and Indian River county at 1,375, up from 1,357.

    Freddie Mac's mortgage survey reported a drop in 30-year and 15-year fixed mortgage rates to 6.65% and 5.89%, respectively, during the last week of March.

    The benchmark for a balanced market is 5½ months of inventory, with anything higher considered a buyer's market. All three counties leaned towards a buyer's market in March, with Martin county at 6.2 months, up from 5.9; St. Lucie county at 6.3, up from 6.1; and Indian River county remaining unchanged at 6.1.

    The median time between listing and signing a contract increased in Indian River and Martin counties, while decreasing slightly in St. Lucie county.