St Lucie County Real Estate Report January 2020

The report contains the local real estate activities for the homes sold by Realtors® and homes sold by owners are not a part of this report. The Florida Association of Florida, FAR,  shows the continuation of the established trend of rising prices.  Although there is an increase of 4.2% on average home prices the area still offers some of the best bargains when compared to other nearby counties. This has brought an influx of homebuyers from southern counties to Port St Lucie and Tradition area.

St Lucie Real Estate Market January 2020

The most notable changes for single-family homes in the St Lucie County real estate are:

• Median Price- Rose to $230,000 in January of 2020 from $220,644 in the same period in 2019, a 4.2% increase.
• Average Days on Market- Drop to only 45 days in comparison to 54 days in January of the last year. This is a clear indication of low inventory and high demand, which in turn fuels the rising prices.
• Inventory- The total inventory for single-family homes for sale in St Lucie Country is only 3.9 months in comparison to 4.8 months in January 2019. Considering the shortage of inventory of homes for sale in 2020, a drop of 18.8% representing a bustling sellers’ market. This is in addition to the construction of the new homes which home builders have been adding to the inventory.  Ultimately, with the continuous shortage of inventory, the higher prices are inevitable. The problem for surrounding counties is more severe as some like Palm Beach County has reached the boiling point of maxed out prices much earlier in 2014.

Overall the Port St Lucie real estate report for January 2020 indicates a stronger seller’s market which combined with anxious buyers has resulted in some listings ending up in the multiple offer situation.  This is a reminder of how the market went crazy in the last decade’s real estate boom.  Multiple offers, price war, anxious buyers trying to buy before prices increase even higher while sellers holding back in the hope of cashing out even more in tomorrow’s market.  With Port St Lucie real estate prices being lower than the neighboring counties the market is destined to stay active attracting buyers from other areas who can no longer afford their local real estate.