Closed Sales and Market Movements
Data released in October 2024 shows a 7.6% increase in closed sales compared to last year, indicating that buyers are still actively making moves. Interestingly, of the 155 recent home sales, nearly half—73 to be exact—were cash deals. This represents a 20% jump in cash transactions, showing that many buyers are choosing to bypass the loan process entirely. Some of these cash buyers may be moving down from pricier northern states and bringing their profits with them, allowing for swift, no-loan purchases.
Interest Rates and Buyer Demand
September 2024 marked the lowest interest rates seen in over a year, enticing savvy buyers to jump into the market. This drop gave the single-family home market a slight boost in demand. Yet, even with this uptick, the market pace has slowed compared to the frenzied activity of past years.
Price Trends
The median sales price has risen by 3.9%, landing at around $600,000. However, this growth isn’t as dramatic as what we’ve witnessed in previous years. Instead, it points to a market that is stabilizing. Of the recent 155 home sales, 111 were priced between $400,000 and $1 million, aligning with most new listings in the area.
Inventory Insights
One of the more intriguing aspects of the 2024 housing market is inventory. Although new listings are down by 6.8%, the month’s supply of inventory has increased to 4.6 months, up significantly by 58.6% from the previous year. This rise is due to both new listings and existing homes still on the market. What does this mean? The market is more balanced now, with neither buyers nor sellers having a distinct advantage.
Homes on the Market: What to Expect
While the inventory may have increased, homes are taking longer to sell. The median time to sell a home has climbed to 99 days, a 43% increase from last year. This extended timeframe indicates that the market has cooled, moving away from the high-speed, competitive environment of previous years to something more moderate. However, well-maintained homes in desirable locations, priced appropriately, are still moving quickly. Homes that don’t meet these criteria may sit on the market for a bit longer.
Stability and Foreclosures
There’s some reassuring news in the data: foreclosures and short sales are nearly non-existent. With only one foreclosure reported and no short sales, homeowners are holding strong, largely because of significant equity in their properties. While the market isn’t booming, it’s certainly not in distress either.
A Balanced Market: What Does It Mean for You?
The current 4.6 months of inventory suggests a shift towards a balanced market. This balance may even tip towards buyers, giving them a bit more negotiating power as homes take longer to sell. While prices have edged up by 3.9%, the increase isn’t aggressive, which means buyers have time to consider their options and make more informed decisions.
For buyers, this environment is favorable. You’ll have more room to negotiate and won’t feel rushed into a purchase, as homes are sitting on the market longer. For sellers, it’s essential to adjust expectations and price your home realistically. Patience is key—your home will likely sell, but it may not be as fast as in past years.
Final Thoughts
Is the Treasure Coast market truly stuck? Not exactly. It’s finding a new rhythm, moving from the rollercoaster of rapid changes to a steadier pace. This shift represents a more balanced, sustainable market where both buyers and sellers can make thoughtful decisions.
For those ready to make a move, whether buying or selling, this more stable market could be a prime opportunity. And who knows? If interest rates dip again, demand could rise, creating a new wave of activity. So, take a deep breath and embrace the current market—a bit slower, yes, but still full of potential.
Stay sunny and informed, and remember: knowledge is key in making your next real estate move.
Is the Florida housing market stuck in 2024? In this video, we break down the current state of Florida’s real estate market, looking at what’s causing slowdowns, rising interest rates, and the impact on home prices and inventory. Whether you’re looking to buy or sell, understand what these market changes mean for you. We cover key factors driving the slowdown and provide insights into the best strategies for navigating Florida’s unique housing landscape. Stay informed with the latest Florida real estate trends and market predictions!
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