Just in! Newly released market reports from Florida Realtors® detailing recent real estate activity in St. Lucie County. The reports compare year-over-year data for November. Here are statistics on single family homes.
“Prices may be leveling off for single family homes as inventory increased to 4.2 months, up 20 percent compared to last year. Buyer interest in St. Lucie appears to remain active with closed sales up 4.2 percent and dollar volume of sales up 3.4 percent," said John Slivon, Immediate Past President of the Realtors® of the Palm Beaches and Greater Fort Lauderdale.
The market report reflects an increase in closed sales for single family homes. There were 443 closed sales in November which is a 4.2% year-over-year increase. The November 2018 dollar volume was at $100.4 million which was up 3.4% compared to November 2017.
"With the increased supply, buyers have more choices and strength in negotiating, a trend that counters what we’ve been seeing in the past several years. The pendulum is finally swinging the other way. We are transitioning out of a sellers’ market towards a more balanced situation between seller and buyer,” continues Slivon.
The months' supply of inventory for November 2018 was 4.2 which is a 20.0% increase in year-over-year. Months' supply of inventory is a useful indicator of market conditions. The benchmark for a balanced market (favoring neither buyers nor sellers) is 5.5 months of inventory. We are seeing the months' supply of inventory moving towards a more balanced market in the future.
Realtors® of the Palm Beaches and Greater Fort Lauderdale is the 3rd largest local real estate association in the country. As one unified voice, RAPB + GFLR represents 30,000 Realtors®, 33,000 MLS subscribers, and 5 regional boards across South Florida & the Treasure Coast. For more info, contact firstname.lastname@example.org.