Real Estate

BALANCED MARKET GOOD FOR BUYERS AND SELLERS

The real estate market on the Treasure Coast

The real estate market on the Treasure Coast for the first quarter showed fewer sales but higher prices, and Realtors say the market is becoming more balanced. CITY OF PORT ST. LUCIE

Consumer confidence and low mortgage rates point to continued strength

BY BERNIE WOODALL

Home sales on the Treasure Coast fell in the first quarter of 2019, but rising prices and expectations that the economy will remain strong point to a robust real estate market for the rest of the year, local and state industry leaders report.

Florida Realtors showed that single-family home sales in the metro area, including Martin and St. Lucie counties, fell 6.8 percent, while median prices rose 3.3 percent. For the same period and area, condo and townhouse sales fell 11 percent and median prices for those sales rose 8.6 percent.

For Indian River County, single-family home sales fell 6 percent and median prices rose 4 percent. Condo and townhouse sales rose 7.5 percent and values rose 21.7 percent, according to Florida Realtors.
Median price is the point at which half of sales are lower and half are higher.

Jarrod Lowe, a Realtor in Jensen Beach and the president-elect of the Realtors Association of the Palm Beaches, covering Martin and St. Lucie counties as well as the much-larger Broward and Palm Beach counties, says the first-quarter decline in sales is nothing to worry about. The market has already strengthened in April and May, he said, in part because of continuing low mortgage rates and consumer confidence that the economy will stay strong.

The recovery from the recession a decade ago was slow. It took about five years for the market to return to good health, Realtors told Treasure Coast Business. If a significant economic slowdown strikes, the real estate and housing markets are likely to be quicker to recover, as the last recession was largely caused by a housing price bubble and loan crisis, which is not expected to recur.

“We have more of a competitive, balanced market, where before we were definitively in a buyers’ market for a long period of time,” Lowe says. “We are close to 10 years of sustained growth in the real estate market. We’re balancing and evening out, and it’s a healthy market which is fair for both buyers and sellers.”

REAL HEALTHY

REAL ESTATE STATS QUARTER 1 2019 VS. QUARTER 1 2018

Andrew Harper, president of the Realtor Association of Indian River County, says the average price for home sales rose 8.3 percent, well more than the median because of the outsized value of homes on the barrier islands. Beach area homes in the quarter averaged sale prices of $1.05 million. They made up 40 percent of the county’s transactional dollar volume in the first quarter while making up only 13 percent of all county sales.

In Okeechobee County, volume of sales is much less than its Treasure Coast neighbors, but it may be the hottest market among the four right now.

Cristie Schmidt, president of the Okeechobee County Board of Realtors, says, “We’ve got a real healthy market right now.” She says homes that were reaching contract in a month now often take only one or two weeks.
Buyers still come to the Treasure Coast from up north, but many are now relocating from Palm Beach, Broward and Miami-Dade counties, Realtors say, particularly to Port St. Lucie.

Realty group figures show that Martin’s market narrowly favors buyers, while Indian River and St. Lucie are still sellers’ markets, but much less so than a year ago.

A factor that may have contributed to the Treasure Coast’s drop in first quarter 2019 sales volume is that early 2018 sales may have been boosted by sales postponed from late 2017 when the area was recovering from the effects of Hurricane Irma. Also, mortgage rates rose above 4 percent in the first quarter and have since fallen below that point, according to area Realtors.

Statewide, Orlando-based Florida Realtors showed a 1.2 percent drop in home sales in the first quarter as median sale prices rose 2 percent.

Treasure Coast Business is a news service and magazine published in print, via e-newsletter and online at tcbusiness.com by Indian River Magazine Inc. For more information or to report news email staff@tcbusiness.com

  • Permalink Gallery

    Seminole Bluff groundbreaking signals construction start for $40 million luxury waterfront condo project

Seminole Bluff groundbreaking signals construction start for $40 million luxury waterfront condo project

STUART – Construction for Seminole Bluff, Stuart, Florida’s limited edition, luxury waterfront residences, is officially underway with a groundbreaking on the banks of the St. Lucie River. Congressman Brian Mast (R-18th District) joined a host of other local dignitaries for the start of the $40 million-dollar project.

“Seminole Bluff is an example of why we […]

Three real estate firms merge into one

From left, the new Water Pointe Realty Group Leadership Team: Mark Eble, Debra Duvall, Stephen Osburn, David Derrenbacker, Chris Clifford and Bill Dean.

STUART — Three local real estate firms are uniting under the name Water Pointe Realty Group. The Q1 announcement comes from the six principal owners of Willoughby Realty, IRP Realty, and […]

Daniel Ochse hired as advisor

ST. LUCIE COUNTY – Coldwell Banker Paradise has announced that Daniel Ochse has officially joined the organization as a Luxury Residential, Commercial & Agricultural Real Estate Advisor.

In 1996, Ochse left a successful agricultural career in the wine and dairy industries in South Africa and moved to California to continue his career in dairy and […]

Romaine Benton Joins Vero Beach firm

VERO BEACH – Vero Beach Real Estate Company Coldwell Banker Paradise is proud to announce that Romaine Benton has joined Coldwell Banker Paradise. Benton recently moved to the South Florida area to be closer to family and soak up the sunshine. She graduated from MCU with honors. She has three children and three grandchildren. […]

Janelle Jackson joins South Hutchinson Island firm

SOUTH HUTCHINSON ISLAND – Coldwell Banker Paradise has announced that South Hutchinson Island Real Estate agent Janelle Jackson has joined Coldwell Banker Paradise REALTORS team serving clients at Ocean Village in the leasing department.

Janelle Jackson moved to Florida over ten years ago from New York City because she wanted a change of environment, year-round […]

New director of sales training announced

Coldwell Banker Paradise has announced that Patricia Cappello is the new director of sales training

Cappello has sold millions of dollars worth of real estate on the mainland and beachside of Vero Beach since 2004. She recruited a group of real estate professionals into a Buyer’s Agent team, specializing in extraordinary customer service for FHA, […]

John’s Island Real Estate hitting historical highs

VERO BEACH — John’s Island Real Estate Company, exclusively serving John’s Island, is off to a remarkable start this year, with first quarter sales double that of 2013. With 23 properties placed under contract in the past two weeks, John’s Island Real Estate Company is on its way to hitting historical highs in sales. […]

Do you want massive traffic?
Dignissim enim porta aliquam nisi pellentesque. Pulvinar rhoncus magnis turpis sit odio pid pulvinar mattis integer aliquam!
  • Goblinus globalus fantumo tubus dia montes
  • Scelerisque cursus dignissim lopatico vutario
  • Montes vutario lacus quis preambul den lacus
  • Leftomato denitro oculus softam lorum quis
  • Spiratio dodenus christmas gulleria tix digit
  • Dualo fitemus lacus quis preambul pat turtulis
* we never share your e-mail with third parties.
COMPANY NAME
221, Mount Olimpus, Rheasilvia, Mars,
Solar System, Milky Way Galaxy
+1 (999) 123-45-67
Thank You. We will contact you as soon as possible.
Do you want more traffic?
Dignissim enim porta aliquam nisi pellentesque. Pulvinar rhoncus magnis turpis sit odio pid pulvinar mattis integer aliquam!
  • Goblinus globalus fantumo tubus dia montes
  • Scelerisque cursus dignissim lopatico vutario
  • Montes vutario lacus quis preambul den lacus
  • Leftomato denitro oculus softam lorum quis
  • Spiratio dodenus christmas gulleria tix digit
  • Dualo fitemus lacus quis preambul pat turtulis
  • Scelerisque cursus dignissim lopatico vutario
  • Montes vutario lacus quis preambul den lacus
SUBSCRIBE TO OUR NEWSLETTER AND START INCREASING YOUR PROFITS NOW!
* we never share your e-mail with third parties.
SUBSCRIBE TO NEWSLETTER
Turpis dis amet adipiscing hac montes odio ac velit? Porta, non rhoncus vut, vel, et adipiscing magna pulvinar adipiscing est adipiscing urna. Dignissim rhoncus scelerisque pulvinar?
SUBSCRIBE TO OUR NEWSLETTER
PGlmcmFtZSB3aWR0aD0iMTAwJSIgaGVpZ2h0PSIxMDAlIiBzcmM9Imh0dHA6Ly93d3cueW91dHViZS5jb20vZW1iZWQvajhsU2NITzJtTTAiIGZyYW1lYm9yZGVyPSIwIiBhbGxvd2Z1bGxzY3JlZW4+PC9pZnJhbWU+
All rights reserved © Company Name, 2014
CONTACT US
COMPANY NAME
221, Mount Olimpus, Rheasilvia, Mars
Solar System, Milky Way Galaxy
+1 (999) 999-99-99
Thank You. We will contact you as soon as possible.
Macbook Pro
* Intel Core i7 (3.8GHz, 6MB cache)
* Retina Display (2880 x 1880 px)
* NVIDIA GeForce GT 750M (Iris)
* 802.11ac Wi-Fi and Bluetooth 4.0
* Thunderbolt 2 (up to 20Gb/s)
* Faster All-Flash Storage (X1)
* Long Lasting Battery (9 hours)
Ivan Churakov, developer
Tel.:
Fax:
E-mail:
Website:
+1 (800) 800-1234, +1 (800) 123-4567
+1 (800) 800-1234 (ext. 1234)
ivan.churakov@domain.tld
http://halfdata.com/
My CodeCanyon Portfolio
Banner Manager Pro - CodeCanyon Item for Sale
Coming Soon and Maintenance Mode - CodeCanyon Item for Sale
Code Shop - CodeCanyon Item for Sale
Keyword Tooltips - CodeCanyon Item for Sale
Subscribe & Download - CodeCanyon Item for Sale
"A placerat mauris placerat et penatibus porta aliquet sed dapibus, pulvinar urna cum aliquet arcu lectus sed tortor aliquet sed dapibus."
John Doe, Astronomer
Bubble Company Inc. © 2011-2014
SUBSCRIBE TO NEWSLETTER
PGlmcmFtZSB3aWR0aD0iMTAwJSIgaGVpZ2h0PSIxMDAlIiBzcmM9Ii8vd3d3LnlvdXR1YmUuY29tL2VtYmVkL3NCV1BDdmR2OEJrP2F1dG9wbGF5PTEiIGZyYW1lYm9yZGVyPSIwIiBhbGxvd2Z1bGxzY3JlZW4+PC9pZnJhbWU+
ENJOY AURORA BOREALIS
SUBSCRIBE TO NEWSLETTER
INTERGALACTIC COMPANY
"Ridiculus enim cras placerat facilisis amet lorem ipsum scelerisque sagittis lorem tis!"
Jojn Doe, CEO
Tel.: +1 (800) 123-45-67, +1 (800) 123-45-68
Fax: +1 (800) 123-45-69 (any time, 24/7/365)
E-mail: info@intergalactic.company
Website: http://www.intergalactic.company
Address:
221, Mount Olimpus,
Rheasilvia region, Mars,
Solar System, Milky Way Galaxy