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St Lucie County Single Family Homes October 2016 Market Detail
St Lucie County Single Family Homes October 2016 Market DetailSt Lucie County Single Family Homes Market Detail for October 2016 continues to have reduced sales activity from last year.  Closed sales were down by 24.5% (in September they were down by 6.6%) and new sales under contract (new pending sales) decreased by 8.9% (they were down by 11.5% last month).
Prices, however, continue their upward march at strong rates.  The median and average sales prices up by 12.0% and 13.4% respectively from last October (For September these numbers were up 10.0% and 10.6%).  While these are very good results for sellers, they make me a little nervous as rates of increase this high may result in lower affordability of homes and subsequently less sales in the future.
Active listings increased by 14 homes to 1,685 homes.  This inventory is 8.2% higher than last year.  The current supply of homes is at 3.8 months (3.4 months for October of 2015)  This is 11.8% greater than last year.  The St Lucie County single family home market remains in a very strong sellers market.  A balanced market is one with a 6 to 7 month supply of inventory.
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