T
he Treasure Coast real estate market is shifting toward a buyers' market, driven by a massive surge in new home listings. According to local Realtor data, the number of single-family homes on the market increased 54% in January, the largest single-month increase in years for Martin and St. Lucie counties. This marks the first time active home listings have surpassed pre-pandemic figures.

    The influx of new listings means more options and negotiating power for prospective buyers. Jonathan Lickstein, president of Broward, Palm Beaches & St. Lucie Realtors, notes that this trend is expected to continue in the coming months, but at a slower pace. He attributes the increase in listings to snowbirds and vacationers who visit the area during December and decide to look for homes.

    The decrease in interest rates also contributed to the shift toward a buyers' market. The 30-year fixed mortgage rate dropped to 6.63% and the 15-year fixed rate fell to 5.94%, according to Freddie Mac's mortgage survey.

    Home prices decreased in St. Lucie and Indian River counties, while sales declined across all three Treasure Coast counties. Martin County saw a median sale price of $619,000, down from $585,000 in December. The number of homes sold decreased by 35% in Martin County, 23% in St. Lucie County, and 17% in Indian River County.

    The benchmark for a balanced market is 5½ months of inventory. In January, all three counties leaned more toward a buyers' market, with Martin County at 5.4 months, St. Lucie County at 5.7 months, and Indian River County at 6.0 months. The median time between listing a house and signing a contract remained the same across all counties, but decreased in St. Lucie and Indian River counties compared to December.