A Tri-County Update on the 2018 Market

Monday, February 4, 2019   /   by Alexander Haigh

A Tri-County Update on the 2018 Market

For today’s market report, we’re breaking down the numbers from December 2018 by county and comparing them to December of 2017.

For single-family homes in St. Lucie County:

  • Closed sales dropped by 17.2% year over year, going from 494 sales in 2017 to 409 in 2018.
  • The number of homes paid for in cash dropped 4.6% year over year.
  • The average sale price was $220,682 in 2017, increasing by 6.1% to $234,242 in 2018.
  • The dollar volume in terms of homes sold was $109 million in 2017, which dropped by 12.1% to $95.8 million in 2018.
  • There were 615 units pending to close in 2017, which dropped by 2.4% to 600 units in 2018.
  • There were 3.4 months’ supply of inventory in 2017, compared to 4.2 months in 2018—a 23.5% increase.

For single-family homes in Martin County:

  • Closed sales dropped by 9.4% year over year, going from 181 sales in 2017 to 164 in 2018.
  • The number of homes paid for in cash dropped 4.9% year over year.
  • The average sale price was $443,576 in 2017, increasing by 13.8% to $504,983 in 2018.
  • The dollar volume in terms of homes sold was $80.3 million in 2017, which rose by 3.2% to $82.8 million in 2018.
  • There were 259 units pending to close in 2017, which dropped by 22.4% to 201 units in 2018.
  • There were 4.5 months’ supply of inventory in 2017, compared to 4.7 months in 2018—a 4.4% increase.

For single -family homes in Palm Beach County:


  • Closed sales dropped by 11.4% year over year, going from 1,387 sales in 2017 to 1,229 in 2018.
  • The number of homes paid for in cash dropped 14% year over year.
  • The average sale price was $508,253 in 2017, decreasing by 5% to $482,881 in 2018.
  • The dollar volume in terms of homes sold was $704.9 million in 2017, which dropped by 15.8% to $593.5 million in 2018.
  • There were 2,213 units pending to close in 2017, which dropped by 19.7% to 1,776 units in 2018.
  • There were 4.8 months’ supply of inventory in 2017, compared to 5.1 months in 2018—a 6.3% increase.

The third quarter of 2018 was tough for many buyers and sellers—with the federal interest rates increasing, the market seemed to slow down. It seemed to indicate a downward trend in the market and an upward trend in inventory.


The numbers you’ve seen today indicate a bit of a recovery from the scary third quarter, but only time will tell how the market plays out in the coming year.


If you have any questions or need any help buying or selling a home, don’t hesitate to reach out. We hope to hear from you soon!

 

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