Real Estate Market Report – November 15 to November 21, 2024

The Treasure Coast real estate market continues to thrive, showing signs of stability and gradual growth. Here’s a detailed look at the latest trends and market activity in Port St. Lucie, Fort Pierce, and other surrounding areas.

Market Overview

The real estate market in Port St. Lucie remains highly competitive, especially in sought-after neighborhoods like Tradition, St. Lucie West, and the western portion of the city. As of mid-November, the median sale price of homes has increased by 4.5% year-over-year, reaching an average of $350,000. This steady rise in prices is attributed to both high demand and low inventory, continuing a trend from the previous months.

Sales Activity

The number of homes sold in Port St. Lucie has remained relatively stable. However, given the lower inventory levels, it’s evident that properties priced right are selling fast—often within a week of listing. The luxury home market has shown strong performance, with homes priced over $600,000 seeing multiple offers. Homes in gated communities or near golf courses are particularly popular with both local buyers and those relocating to the area.

Inventory Trends: Inventory remains a significant challenge, with fewer homes on the market compared to this time last year. New listings have slightly increased in recent weeks, but it’s still not enough to fully meet the demand. The lack of available homes is especially noticeable in the $300,000 to $500,000 price range, where competition is fiercest.

Buyer’s Market Insights

For prospective buyers, it’s critical to stay proactive. Homes are moving quickly, so it’s important to have pre-approval from a lender and be ready to make an offer as soon as a property meets your criteria. Buyers may want to consider exploring homes in less competitive neighborhoods or expanding their search area to avoid bidding wars.

Seller’s Market Conditions

Sellers continue to enjoy favorable market conditions. With inventory still low, homes in good condition and well-priced are attracting multiple offers, often above the asking price. Sellers should be mindful of proper pricing—while it’s tempting to price high in a competitive market, homes that are overpriced tend to sit longer and eventually sell for less than expected. Proper staging, professional photos, and strong marketing strategies remain key to getting top dollar for a property.

New Developments and Projects

Port St. Lucie’s real estate landscape is expanding with new developments in key areas like Tradition, Veranda Gardens, and the proposed mixed-use projects near the St. Lucie West area. The city continues to grow, and new residential projects are underway, meeting the demand for single-family homes, townhomes, and condominiums.

Future Market Outlook

The real estate outlook for the Treasure Coast is optimistic, with moderate price increases expected through the end of 2024 and into early 2025. Interest rates remain relatively low, making it an appealing time for buyers to enter the market. On the other hand, inventory constraints will likely persist, keeping competition strong for well-priced homes.

Mortgage Rates

Current Rates: As of early November 2024, the average mortgage rate for a 30-year fixed loan is around 6.79%, with projections suggesting a gradual decline over the next several months4. This trend may encourage more buyers to enter the market.
Future Projections: Experts anticipate that mortgage rates could stabilize around 6.17% by the end of 2024, potentially dipping further into the high 5% range by mid-20254.

Market Sentiment

Buyer’s Market: The current dynamics indicate a shift towards a buyer’s market, especially as inventory increases and homes remain on the market longer. This trend is likely to give buyers more negotiating power and options2 4.
Economic Factors: Despite some challenges, including the impact of recent legal settlements affecting agent commissions, Florida’s overall economic fundamentals—such as job growth and no state income tax—continue to support housing demand

Real Estate Tip of the Week: If you’re a seller, consider offering incentives like covering closing costs or offering a home warranty to make your listing stand out in a competitive market. Buyers will appreciate the extra value and may be more inclined to make an offer quickly.

In summary, while home prices are still appreciating slowly, increasing inventory and changing mortgage rates suggest that buyers may find more favorable conditions in the Treasure Coast real estate market as we move toward the end of 2024.

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