T
he Treasure Coast real estate market defied expectations in February, with prices rising across the board. Despite a surge in new listings, buyers may be facing sticker shock as median sale prices climbed in Martin, St. Lucie, and Indian River counties. According to local Realtor data, the number of homes sold increased for all three counties, while the number of homes on the market also rose.
"It's a challenging time for buyers," said Jonathan Lickstein, president of Broward, Palm Beaches & St. Lucie Realtors. "High interest rates and acquisition costs make it tough to qualify this as a buyer's market." While there is more negotiability on the buyer's side, sellers will need to be realistic about pricing.
The number of new single-family home listings skyrocketed in January, with Martin and St. Lucie counties experiencing their largest single-month increase in years. Active home listings surpassed pre-pandemic figures for the first time in November, a trend that continues into February.
As mortgage rates climbed to 6.94% for 30-year fixed mortgages and 6.26% for 15-year fixed mortgages, buyers may be feeling the pinch. Home prices rose across the Treasure Coast:
* Martin County: $649,950 (up from $619,000)
* St. Lucie County: $390,500 (up from $383,900)
* Indian River County: $412,500 (up from $390,500)
The number of homes sold also increased in all three counties:
* Martin County: 154 (up from 115)
* St. Lucie County: 374 (up from 310)
* Indian River County: 208 (up from 171)
Home listings rose as well:
* Martin County: 969 (up from 892)
* St. Lucie County: 2,747 (up from 2,580)
* Indian River County: 1,357 (up from 1,312)
The benchmark for a balanced market is 5½ months of inventory. With all three counties leaning toward a buyer's market in February, sellers may need to adjust their pricing strategies.
Time to contract also saw changes:
* Martin County: 40 days (down from 52)
* St. Lucie County: 60 days (up from 52)
* Indian River County: 67 days (up from 52)
