WASHINGTON, DC – (RealEstateRama) — 2016 — What a phenomenal year for our local real estate market in St. Lucie County. The median home price rose an incredible 16% according to newly released yearly market reports from Florida Realtors®. Our median sale price in the County is up to $180,000 from $155,000 in 2015. While our prices are up, our median sale price is well below the national median home price of $235,500, still making St. Lucie County a very affordable real estate market for home buyers.
2016 continued to see a robust number of home sales with 5,315 closings, down only slightly from 2015. Active inventory has managed to slowly increase ever so slightly with 1,732 homes for sale, up 6.6% from 2015. Our monthly supply ended the year at 3.9 months, up 8% compared to 2015.
There was a significant drop in distressed home sales this past year. We saw only 580 foreclosure sales and 90 pre-foreclosure sales in 2016, down 48 to 53% compared to 2015. For 2017, we anticipate the prospect of even fewer distressed home sales, a true sign of our recovery from the great recession.
Interestingly, this past year we saw the supply of homes listed for sale below $200,000 diminish. As we head further into 2017, we will be watching closely to see if this trend continues. Shrinking inventory of homes in this range could potentially challenge a large portion of our buyers as they may not be able to find affordable homes for sale.
In 2017, buyers and sellers would be wise to consult with a local Realtor®. Sellers should know there is a demand to fulfill, and buyers should be aware of the challenges in finding affordable homes. But most certainly, one can conclude, now is the time to take advantage of St. Lucie County’s healthy real estate market.
Written by: John Slivon, President of the Realtors® Association of the Palm Beaches
Sources: Florida Realtors®, National Association of Realtors®
The Realtors® Association of the Palm Beaches (RAPB) is the 6th largest local association in the country representing over 15,000 REALTOR® members involved in all aspects of residential and commercial real estate throughout Palm Beach and St. Lucie Counties. RAPB members are “The Voices for Local Real Estate,” providing consumers with real insight on the homeownership process with data accuracy and market expertise. Many of their members also engage in one or more divisions offered through RAPB, including the REALTORS® of St. Lucie County (RSLC), the Young Professionals Network, and the award-winning Global Business & REALTORS® Commercial Alliances. Looking to buy or sell property? Think local! Find your REALTOR® or property at www.SouthFloridaPropertyMatch.com.