It seems the market for Real Estate is pretty edgy right now with buyers pulling back a bit and sellers still thinking it's 2021 in some areas. It makes for interesting results.
This first geographic area comparison is of all four counties of the Treasure Coast including Palm Beach, Martin, St Lucie and Indian River. You can see the patterns are very similar throughout most of this graph beginning in March of 2008 through March 2025. In 2008 in some instances the asking price and the actual selling price were almost 18% apart.
Right now, especially in Martin County you can see the median percent of original list price is down to 92.5% and while that's not terrible it is an indication sellers are wanting too much for their homes currently. It can be a mistake to overprice your home. Ask me how!
You can see during the Covid era beginning in early 2021 and lasting through much of 2022 these numbers jumped often above 100%, meaning properties were sold for above listing price. That all changed when interest rates shot up like a rocket and slowed buyers down considerably taking some completely out of the market.
In the second graph also going back to March of 2008 is the months supply of inventory for each of the Treasure Coast counties. During the last major downturn in real estate in 2008 you can see in some instances, properties were on the market up to 23 months before being sold. While right now it seems like houses are sitting much longer, on average, they're about where they were for Days on Market between 2013 and 2019.
It seems severe because it's been such a quick upward trend over the last year. Since perspective is everything that certainly is important and it doesn't necessarily mean the trend will continue up. Six months supply of inventory is considered a balanced market between buyers and sellers. Hard to believe because perception is everything.
Understanding what's happening in the market helps you as a buyer or a seller when considering transacting real estate. For additional insights on these and other locations call text or email or visit monaleonard.com/blog.