According to Jim Rickards' Strategic Intelligence, low interest rates are not necessarily "stimulus." They are often associated with recession and even depression. He may have a point many people might not be considering. With mortgage interest rates being part of the "unaffordability" equation in today's real estate market, lower rates sound great. It may also cause a rise in asking price, stunting the market's overall volume, if more buyers rush in than current inventory can accommodate.

If you're not already receiving a monthly market report, search of a specific area or valuation from me, it's likely I don't have your correct info. Contact me to get customized neighborhood-specific real estate insights or visit monaleonard.com.
Let's take a look at the most recent data for the four counties of the Treasure Coast for all types of residential property combined and all Price Points...

Palm Beach County (above) is showing a slight increase in the median sale price from a year ago up 2%. Closed sales are also up 2% and active inventory is up 8.5%. Dollar volume is up 6% to 1.1 billion dollars and new listings are down 8%. From a month over month perspective it means the market is holding its own with closed sales in spite of an increase in active inventory With new listings down, pricing may remain steady or even increase over time. Months Supply of Inventory (MSI) is trending down from a high in March of nearly 8 months.
This downward trend keeps the Velocity of Sales up as money flows through real estate, indicating a healthy market. Properties are being "delisted" from the market (i.e. expired listings, canceled listings, and withdrawn status) which will also affect the numbers for inventory and length of time on the market before selling. Perhaps many people wanting to get in on the end of an uptrend overshot their valuations when listing and decided to remove their properties from the market when sales didn't occur.

Martin County (above) comparatively from a year ago has had a 32% jump in closed sales month over month with the median sale price remaining pretty flat at .9% and active inventory is up 15%. Dollar volume is up a whopping 86% compared to a year ago at 206 million and new listings are down 16%. This may be an indication of more luxury sales over the past year. Inventory is up year over year at 5.1 months currently. Months Supply of Inventory (not shown) is on a downward trend for the first time in 2 years, which shows the market is flowing well. Remember, these numbers are for ALL types of residential real estate, and all price points.

St Lucie County's closed sales are down 12% and the median sale price is down slightly at 1.2% from a year ago. Active inventory is up 7.6% and dollar volume is down 12%. You can see each County's numbers reflect differently. This is true for each city, town and neighborhood. That's why it's important to have professional guidance when you might be thinking of buying or selling real estate. St Lucie County's Months Supply of Inventory shows the same downtrend indicating balance in the market.

And finally in Indian River County, closed sales are up almost 10% albeit only 217 closings. Median sale price is down 3.7% and active inventory is up 15%. Dollar volume is only up 0.8% from a year ago at 116 million. New listings are up a whopping 61% and new pending sales are up 6% over the past year and this looks to be gaining momentum. Just like the other counties, Months Supply of Inventory is trending down.
Get a professional opinion if you're even THINKING about buying or selling, especially in a shifting market like today's. Get an expert to help with your real estate needs. Programs such as My Florida Home and many benefits for first time buyers are available. A first time homebuyer in Florida is anyone who has not owned a primary residence for the last three years. For specific insights and a free custom consultation, call 772-530-6131 or visit monaleonard.com.
Enjoy your October!
Mona
Mona Leonard Realtor
Keller Williams Treasure Coast
772-530-6131
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