[ad_1]
The Treasure Coast residential real estate market in December continued its decline in home sales in Martin and St. Lucie counties, but increased in Indian River County. Across the tri-county area, the median sale prices dipped, compared to November.
The 30-year mortgage rate ranged from 6.61% to 7.03% in December, lower than in November, according to Freddie Mac.
“Now that we’re coming down, there’s less pressure on prices,” said David Serle, president of Broward, Palm Beaches & St. Lucie Realtors. “Buyers have realized that prices are not going to be dropping significantly. So they’re coming back into the market at a lower interest rate because there’s less pressure on the prices.”
Closed sales
Closed sales declined in Martin and St. Lucie counties, but increased in Indian River County in December compared to November:
Martin County: 128, down from 132St. Lucie County: 384, down from 391Indian River County: 181, up from 141Median sale price
The median sale price dropped in December compared to November, but prices are beginning to stabilize, reaching a 2-3% appreciation rate, according to Serle:
Martin County: $560,000, down from $595,000St. Lucie County: $389,995, down from $400,000Indian River County: $380,000, down from $399,000Active listings
Active listing increased in Martin and St. Lucie, but decreased in Indian River in December compared to November:
Martin County: 590, up from 585St. Lucie County: 1,719, up from 1,678Indian River County: 888, down from 900New listings
New listings declined in December compared to November:
Martin County: 153, down from 205St. Lucie County: 491, down from 581Indian River County: 221, down from 250Months supply of inventory
The months supply of inventory is an estimate of the number of months it will take todeplete the current housing inventory. The benchmark for a balanced supply of inventory is about 5.5 months, according to Florida Realtors.
Martin County: 3.6, same as NovemberSt. Lucie County: 3.6, up from 3.5Indian River County: 4.2, same as NovemberMedian time to contract
The number of days a house is on the market before a contract is signed decreased in December compared to November:
Martin County: 25 days, same as NovemberSt. Lucie County: 32 days, up from 27 daysIndian River County: 46 days, up from 36 days
Gianna Montesano is TCPalm’s trending reporter. You can contact her at gianna.montesano@tcpalm.com, 772-409-1429, or follow her on X (formerly Twitter) @gonthescene.
[ad_2]
This article was originally published by a www.tcpalm.com . Read the Original article here. .