In this month's market update the active inventory over a 7-year period shows some interesting findings. In Martin County in January of 2018 the county had about a thousand properties on the market and that fluctuated a little up and down until the spring of the covid era in which time it dropped rapidly and it's the same time that multiple offers and many sales above asking price occurred. Then as interest rates began to rise especially as rapidly as they Rose inventory began to climb in 2022 and is still below 2018 levels.
Palm Beach County showed active inventory at about 7,500 units each month and dropped but not as severely as other counties and it too is not back to pre-covid era levels. Active inventory is improving however.
St Lucie County's active inventory has been a little different and has a higher amount of inventory now than before the covid era. It's now in many areas considered a buyer's market.
This graph shows active inventory in Indian River County for the last 7 years. You can see back in 2018 they were at about 1500 units per month in the county and it rapidly dropped off during the covid years.
Closed sales in zip code 34996 that's Sewall's Point, and some of Hutchinson islandand Stuart, has been showing an increase in inventory since last July however it is still somewhat below the pre-pandemic years.
Active inventory in Jensen Beach and zip code 34957 show it's up from prior to the covid. And close sales are pretty close to the same. The Jensen Beach areas inventory has climbed fairly steadily since the spring of 2022.
Hobe Sound and Jupiter Island Real Estate has shown growth and clothes sales and active inventory since last summer and are still below those figures in 2018. The trend there currently is up.
Palm City's inventory has grown by Leaps and Bounds and is holding its own while closed sales are still down slightly.
Understanding what's happening in the market helps you as a buyer or a seller when considering transacting real estate. For additional insights call, text or email me. Have a great day.