T
he Treasure Coast real estate market experienced a decrease in home sales but an increase in median sale prices in Martin, St. Lucie, and Indian River counties in October. According to local Realtor data, the number of homes sold dropped in all three counties compared to September: 134 in Martin, down from 155; 395 in St. Lucie, down from 420; and 197 in Indian River, down from 205.

    However, median sale prices rose across the board: $615,000 in Martin, up from $600,000; $405,950 in St. Lucie, up from $402,450; and $412,000 in Indian River, up from $398,965. Active listings increased overall, with 4,146 homes on the market in October, just shy of pre-pandemic numbers that peaked at 4,293 in March 2020.

    David Serle, president of Broward, Palm Beaches & St. Lucie Realtors, notes that inventory has increased and prices are leveling out, but it's not yet a buyer's market. He expects closing sales to increase in the coming months and sees no lasting impact from Hurricane Milton on the local real estate market.

    Mortgage rates rose in October, with 30-year fixed rates reaching 6.84% and 15-year fixed rates at 6.02%, according to Freddie Mac's mortgage survey. Home inventory levels remained relatively stable, with Indian River County's nearly five-and-a-half months' worth of homes on the market considered a balanced market favoring neither buyers nor sellers.

    Martin and St. Lucie counties had fewer than four months' worth of homes available, favoring sellers. The median time between listing and contract signing increased in St. Lucie County to 54 days, up from 46 in September.