Treasure Coast Luxury Condos Forecast

The Treasure Coast luxury condo forecast is somewhat of a mixed bag, given current statistical trends. The figures vary from city to city, we will mostly focus on the Port St Lucie market, because it is by and largely indicative of the area.
By: Real Estate Expo Inc.
 
FORT PIERCE, Fla. - Sept. 14, 2022 - PRLog -- Per Sergei Goukasov Broker/Owner of Real Estate Expo Inc. serving the Treasure Coast Of Florida. From North Vero Beach thru Jensen Beach to the south.

The Treasure Coast luxury condo forecast is on track to produce a solid year. However, the sales and activity are cooling at this time, due to a few factors. However, since real estate is cyclical, we will likely see an uptick during the next buying and selling season. At this time, all indications point towards a softer market, though definitely not one that will fall flat.

Presently, the meeting listing price in Port St Lucie stands at $420,000, with a median list price per square foot of $234, and a median selling price of $400,000. According to the latest figures, $126 properties were sold under the asking price, $116 homes were sold over the listing price, and 79 were sold at their asking price. With the available inventory and given the number of active buyers, current sales activity puts the area in a seller's market, though definitely not a lopsided one.

Over the coming months, due to rising interest rates and persistent inflationary pressure, sales activity is likely to decline, thereby bringing the area to a more balanced market, meaning there ought to be near purity between active buyers and available homes for sale. This is supported by the number of homes sold, with 430 property transactions in the month of June, falling to 321 property transactions in the month of July, representing a decrease of 25.3% in the Port St Lucie market.

Likewise, the number of new listings dropped in the same period from June to July, although by a very small percentage. During that time, the number of new listings went from $1,550 in June to $1,537 in July, which works out to a drop of 0.8% for that period. Regardless, the difference in sales price actually Rose from June to July, up over $80,000, or 29.3% from June. Although this is a bit odd, it is not necessarily unusual, as this likely represents more luxury homes being sold over that two-month span.

For any questions or help selling or buying properties. Please call Sergei at 772-216-7126
or see https://realestateexpoinc.com/

Contact
Sergei Goukasov
***@gmail.com
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Tags:Treasure Coast Real Estate
Industry:Real Estate
Location:Fort Pierce - Florida - United States
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