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Is the real estate market cooling? Treasure Coast home sales declined in July, August – TCPalm

This has been a rough year for potential homebuyers on the Treasure Coast. 

Thousands of newcomers vying for the area’s more affordable, yet limited, properties has skyrocketed prices and accelerated sales. 

Market data shows the median single-family home price from January to August jumped:

  • 10%: Martin, peaking at $495,000
  • 17.7%: Indian River and St. Lucie, reaching $345,000 and $317,900, respectively

Active listings have steadily decreased throughout the year, dropping by:

  • 32.1%: Indian River
  • 26.7%: St. Lucie 
  • 25%: Martin

Rental rates: Population surge, ‘luxury developments catapult prices

Unprecedented market: Treasure Coast properties in high demand, low supply

Million-dollar listings: Top 15 Treasure Coast home sales in August

Though trends show prices are still on the rise, all three counties saw home sales decline in July and August. 

Many potential homebuyers have been watching, waiting and wishing for the market to cool. Is there a light at the end of this year’s tunnel? 

Is the real estate market cooling?

July and August typically see the lowest sales of the year, said Mike Lafferty, president of the Realtors Association of Indian River County. Lafferty doesn’t believe the drop in sales was big enough to warrant significant changes to the market. 

From June to August, closed sales decreased by:

  • 23.1%: Indian River
  • 19.8%: St. Lucie
  • 17.5%: Martin

“I don’t think the market is really cooling off,” Lafferty said. “It might be going from red hot to really hot.”

More importantly, Lafferty said, sales are closing quickly, which indicates the market is still booming. In August, the median time to go under contract — meaning when the seller accepts an offer from a buyer — it was:

  • 9 days: St. Lucie 
  • 12 days: Martin
  • 13 days: Indian River 

When’s the best time to buy a house?

Lafferty said he anticipates sales will increase again around October or November, as seasonal residents look to the Treasure Coast. 

“I think it’s going to be an extremely hot market come late fall, winter, early spring,” Lafferty said. “It’s not going to slow down. It’s going to get busy — very, very busy.”

November, December and January have proved to be the market’s best months for buyers nationwide because of inclement weather and holiday celebrations, slowing the supply and demand of the housing market, according to ATTOM Data Solutions, a nationwide property data company.

Florida typically sees its lowest median sale price in the winter, according to market listing data. Bankrate data as of October 2020 shows mortgage interest rates are also lowest in December. 

However, other homebuying factors fare better other months, according to In April, listing prices are about 6.1% lower than average and there are about 15.2% more houses on the market. 

Catie Wegman is TCPalm’s community and real estate reporter. You can keep up with Catie on Twitter @Catie_Wegman, on Facebook @catiewegman1 and email her 

Read more of Catie’s stories, and support her work with a TCPalm subscription.



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