Port St Lucie Real Estate Market Report
Port St Lucie Home Sales 1st Quarter 2015
The Port St Lucie home sales market report compiled by the Florida Association of Realtors shows a $30,000 increase in Median Sales Price in Q-1 of 2016 compared to the same period in 2015.
The Median sales price for homes sold in Port St Lucie in 2015 was $165,000 while in 2016 the median is registered at $195,000. Other noteworthy figures in this report were both the Median Time to Contract and Median Time to Sale. The 47 days for Median Time to Contract of sold homes in Port St Lucie indicates a healthy real estate market with homes going under contract well below the 60 days threshold. The Median Time to Sale , on the other hand, portrays a bigger picture.
The 47 days for Median Time to Contract of sold homes in Port St Lucie indicates a healthy real estate market with homes going under contract well below the 60 days threshold. The Median Time to Sale , on the other hand, portrays a bigger picture. The significance of this numbers remains in the anticipated effects of closing time after the enactment of the Consumer Protection Act, or as otherwise known Dodd-Frank Act, in October of 2015. The well-publicized changes had a noticeable effect on the mortgage industry, which created the discussion of prolonged closing periods.
The Q1 Median Time to Sell in 2016 proved otherwise by dropping to 95 days from 96 days in the same quarter the previous year or -1%. the first 47 days from the 95 days was allocated to marketing and only the last 48 days was contributed to the closing process. This is while the cash sales, which reduces the necessary time for closing was down -27% from the first quarter of 2015.
The $30,000, or +18.2% increase in Median Sale Price of homes sold in Port St Lucie in the first quarter of 2016 is another wake-up call for the buyers who are still waiting to purchase a home in port St Lucie since last year. This is while the buyers who did purchase a home have created an equity of $35,940 with Median Price of $195,000. This trend is here to stay for a while.
In conclusion, the upward trend is here to stay for a while and if remains in the same pace it would reward over $70,000 to the lucky home buyers in Port St Lucie who purchased during the first quarter of 2015 or over $35,000 to the buyers who purchased their homes in the first quarter of 2016. With interest still at historically low rates and great for sale home prices in Port St Lucie, this prediction seems to be on the target.
Please contact us for more information and a detailed reports on quarterly sales for single family home, townhomes and villas in St Lucie, Martin and Palm Beach counties.