Single-family home sales on the Treasure Coast in November were down from the previous month, despite increases in the number of active listings and median sales price.
According to Freddie Mac’s mortgage market research, mortgage interest rates in October were high at 7.5% to 8%, and sales decreased in November. The percentage of cash sales increased in this region, particularly in Martin and Indian River counties. The number of new listings decreased regionally.
Closing sale
Closed sales were down in all Treasure Coast counties in November compared to October.
- Indian River: 147, down from 175 (16% decrease)
- Martin: 132, down from 160 (18% decrease)
- St. Lucy: 391, down from 469 (17% decrease)
Florida Realtors Chief Economist Brad O’Connor said in a Dec. 20 video statement that high mortgage rates contributed to the decline in closings.
“Buyers across the country are facing some of the highest mortgage rates in years, including a typical 30-year fixed mortgage rate of 7.5 to 8 through October,” O’Connor said. %,” he said. Freddie Mac’s weekly survey of lenders. ”
The percentage of cash sales increased month-over-month in November from 46.3% to 62.9% in Martin and from 44% to 50.3% in Indian River.
Median selling price
Median sales prices in all counties increased from October to November.
- Indian River: $399,000, up from $391,150 (2% increase)
- Martin: $595,000, up from $572,000 (4% increase)
- St. Lucy: $398,165 to $400,000 (0.5% increase)
active list
Active listings increased in all counties in November.
- Indian River: Increased from 817 to 900 (10% increase)
- Martin: 585, up from 536 (9% increase)
- St. Lucy: 1,678, up from 1,555 (8% increase)
“At this time last year, the number of new listings was unusually low,” O’Connor said. “However, in recent months, the number of new listings has returned to within recent norms.”
New listing
The number of new listings decreased in all counties in November.
- Indian River: 250, decreased from 272 (8% decrease)
- Martin: 205, down from 239 (14% decrease)
- St. Lucy: 581 cases, down from 665 cases (13% decrease)
Months of inventory supply
Monthly inventory supply increased in all counties in November. An inventory of approximately 5.5 months is considered to indicate a balanced market, while an inventory below that reflects a seller’s market.
- Indian River: 4.2, increased from 3.8 (11% increase)
- Martin: 3.6, increased from 3.3 (9% increase)
- St. Lucy: 3.5, increased from 3.3 (6% increase)
Median time to contract
Median days to contract decreased in all counties in November.
- Indian River: 36, down from 38 (5% decrease)
- Martin: 25, down from 29 (14% decrease)
- St. Lucy: 27, down from 29 (7% decrease)
Ananya Tiwari is a business reporter for TCPalm. Contact her at ananya.tiwari@tcpalm.com or follow her on Twitter.com. @Ananyati.