Let's examine the current state of the real estate market and compare it to the previous year. Specifically, we will focus on Martin and St Lucie Counties regarding single-family homes, townhomes, and condos.


Let's begin with Martin County's single-family homes. Closed sales have experienced a decrease of only 2% compared to last year. The median sale price has risen 6.6% to $607,500, and the inventory of homes on the market has increased 44% from last year to 669. More sellers are taking equity as the months of supply have risen from 2.9 months a year ago to 4.1 months today. That's a 41% increase in the time it takes to sell a property. Overall, the county's dollar volume has remained flat, currently at $221M for April.


Shifting attention to townhomes and condos in Martin County, closed sales are down 4.2%. Conversely, active inventory has surged by 71%, indicating increased options for potential buyers. It's also pushed our leading indicator, months supply of inventory, up from 3.7 months a year ago to 6.4 months. That means Martin County's condos and townhouses are now in a slight buyer market. A balanced market is a six-month supply of inventory. Median sale prices are flat compared to a year ago.


Moving on to St Lucie County, closed sales for single-family homes are up 4.6%. Additionally, the inventory of homes on the market has skyrocketed by 59%! Days on the the market, or months, supply of inventory is up by 59% year over year to 4.4 months, still giving sellers the edge. Despite these figures, the median sale price has experienced a modest increase of 4% year over year. These numbers indicate that the market is approaching a state of balance, where inventory meets demand, and homes typically sell, on average, within six months. It's been quite some time since we last witnessed what's considered to be a balanced real estate market. In fact, according to statistics from floridarealtors.org, we last had a six-month inventory supply in the State of Florida in late 2011! It's similar throughout the State of Florida. Days OnMarkett has gone from just 2.6 months to 4.2 months with a 62% increase, and inventory continues to come onto the market. We are back at pre-pandemic inventory levels.


The graph below displays the inverse relationship between closed sales and months of supply. It is always about supply and demand, irrespective of the reasons for the supply and demand in the market. This shows the mirror effect of classic supply and demand economics in all markets. Large amounts of pent-up equity might be causing more homeowners to cash out and upsize, downsize, relocate, or even move to assisted living. This means more home-buying options, making selling a current property more accessible. Conditions are better than they've been in a long time for both sellers and buyers.