Florida real estate: Home sales and home prices down on Treasure Coast in September

Ananya Tiwari, Treasure Coast Newspapers
Updated ·4 min read

The Treasure Coast’s single-family home real estate market continues to slow and normalize, especially as it enters into fall, according to Realtors and data released last week.

There were fewer but faster home sales and lower prices in September compared to August, and there were more homes for sale, but fewer new listings, the data shows.

Mortgage rates rose again in September, from 7.12% to 7.31% for 30-year fixed-rates and from 6.52% to 6.72% for 15-year fixed-rates, according to data collected by Freddie Mac’s primary mortgage survey.

“As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales,” National Association of Realtors Chief Economist Lawrence Yun said. “The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains.”

Median home sale price fluctuates

Median sale prices decreased slightly in September compared to August:

  • Indian River County: $370,000, down from $375,000

  • St. Lucie County: $394,500, down from $395,000

  • Martin County: $577,645, up from $575,000

The slight fluctuation is normal for fall, when more locals move around than out-of-state residents, said Kyle Von Kohorn, president of the Realtors Association of Indian River County.

"Snowbirds from largely the Northeast are buying higher-dollar homes in the spring and summer. When we get into the late summer and early fall, that population isn't as prevalent in our demographics," Kohorn said.

High interest and home insurance rates continue to impact affordability of buyers on the Treasure Coast and across the nation.

Active listings

Active listings increased in St. Lucie and Indian River, but decreased in Martin in September compared to August:

  • Indian River County: 746, up from 708

  • St. Lucie County: 1,408, up from 1,311

  • Martin County: 461, down from 462

The number of houses currently on the market is still not comparable to pre- or early-pandemic levels (before July 2020), after a sharp decline in mid-2020 as an unprecedented number of people bought homes on the Treasure Coast. This is because of high demand and low inventory.

Home sales are still continuing, shown by "FOR SALE" signs in front of a property in the Vero Highlands.
Home sales are still continuing, shown by "FOR SALE" signs in front of a property in the Vero Highlands.

Closed sales

Closed sales declined in Martin and St. Lucie, but increased in Indian River in September compared to August:

  • Indian River County: 224, up from 203

  • St. Lucie County: 474, down from 505

  • Martin County: 144, down from 164

Compared to September 2022, closed sales have declined 10% in Martin and 5.2% in St. Lucie, which could be due to the seasonality of the market, low inventory issues, as well as affordability issues.

Throughout Florida, new pending sales were down in September compared to August, which is normal for fall, according to the Florida Realtors.

Housing supply

The months' worth of inventory increased slightly in Indian River and St. Lucie in September compared to August, but didn't change in Martin, and hasn't since April. Inventory remains much lower than a healthy market's five to six months of supply:

  • Indian River County: 3.4, up from 3.3

  • St. Lucie County: 3, up from 2.7

  • Martin County: 2.9, no change

New listings

New listings remained low in September compared to August and September 2022:

  • Indian River County: 238, down from 280 last month, and down 4% since last year

  • St. Lucie County: 623, down from 624 last month, and down 6.9% since last year

  • Martin County: 205, up from 176 last month, and up 18.5% since last year

New supply of houses has not been keeping up with demand and likely will take some time to catch up, said Stephen Ngo, president of the Martin County Realtors of the Treasure Coast and an agent with Premier Realty Group.

"I think in time, with smart and steady growth, we're going to see our inventory numbers start to approach that seven months' of inventory rate that kind of connotes a steady or stable market," he said.

"Not all new-construction homes are submitted to the multiple listing services for us to be able to report on," Kohorn said on the slow release of housing supply onto the market.

Median time to contract

Median time to contract declined in St. Lucie and Indian River but remained the same in Martin in September compared to August:

  • Indian River County: 37 days, down from 40 days

  • St. Lucie County: 24 days, down from 29 days

  • Martin County: 25 days, no change

Ananya Tiwari is TCPalm's business and real estate reporter. You can contact her at ananya.tiwari@tcpalm.com or follow her on Twitter at @Ananyati.

This article originally appeared on Treasure Coast Newspapers: Florida real estate: Home sales down on Treasure Coast in September