Home sale price Stuart, Vero Beach, Fort Pierce, PSL
The Treasure Coast real estate market in March saw fluctuating home prices, fast sales, more homes sold, and more homes on the market compared to February, according to state and local Realtor data.
Over 3,700 homes were on the market and new listings hit record-high levels since October 2022, increasing the choice of homes available to buyers.
More home sales show the market is robust and buyers are house-hunting despite high interest rates. The 30-year and 15-year fixed mortgage rates have been above 6.62% and 5.87%, respectively, since the start of the year, according to Freddie Mac’s mortgage survey.
The following data comes from: Florida Realtors; Martin County Realtors of the Treasure Coast; Broward, Palm Beach & St. Lucie Realtors; and the Realtors Association of Indian River County, Inc.:
Home price
The median sale price of homes fluctuated across the counties, decreasing in Martin County, increasing in Indian River County and not changing in St. Lucie County:
- Martin: $575,000, down from $650,000 in February
- Indian River: $460,000, up from $425,000 in February
- St. Lucie: $390,000, same as February
Median home prices in Indian River County have increased over the year from $395,000 to $460,000 even with the increase in inventory and high interest rates over the period. The increase suggests there is “healthy” demand for homes in the area, Realtors Association of Indian River County’s President-Elect Jennifer Bailey told TCPalm.
“This is likely driven by Indian River County’s enduring appeal and the relative affordability compared to neighboring areas,” she said.
Homes sold
The number of homes sold in March increased by 18.4% from February. Home sales tend to pick up in spring and early summer:
- St. Lucie: 480, up from 425 in February
- Indian River: 231, up from 171 in February
- Martin: 188, up from 163 in February
Active listings
There were 3,799 homes for sale in March, a 2% increase from the previous month:
- St. Lucie: 1,954, up from 1,949 in February
- Indian River: 1,154, up from 1,088 in February
- Martin: 691, up from 677 in February
Since the start of the year, inventory has been similar to early pandemic levels seen between May and June 2020 in Martin and Indian River counties and near pre-pandemic levels between January and March 2020 in St. Lucie County.
The number of homes on the market has been returning to early and pre-pandemic levels since January 2022, when it hit a record low of 1,105.
New listings
The number of new listings on the market in March was 1,347:
- St. Lucie: 722, up from 698 in February
- Indian River: 370, up from 349 in February
- Martin: 255, down from 277 in February
New listings in Indian River County reached their highest levels since October 2022.
The high number of new listings is a good sign for the housing market on the Treasure Coast.
“Higher inventory levels will provide some relief in terms of affordability over time, as well as provide more choices for prospective buyers,” said Florida Realtors’ Chief Economist Brad O’Connor.
Homes for sale
Inventory in Indian River County was at a level Realtors consider a “healthy” market, between five and six months’ supply, but Martin and St. Lucie remained low:
- Indian River: 5.5, up from 5.1 in February
- Martin: 4.2, up from 4.1 in February
- St. Lucie: 4.2, same as February
Time to sell a house
The median time to contract — meaning the days between a seller listing their house and signing a contract — in March were:
- Martin: 39, down from 40 in February
- St. Lucie: 41, up from 35 in February
- Indian River: 49, up from 47 in February
Ananya Tiwari is a business reporter for TCPalm. You can reach her via email at[email protected] or follow her work onFacebook,Twitter or X, andMuckRack.
