Port St Lucie Housing Statistics
A (Bradley) Bunch of Market Notes- 2010
2010- 2 years of foreclosures 2 years of price declines is where we are now. Could even be that we're stabilizing!
2010- 2 years of foreclosures 2 years of price declines is where we are now. Could even be that we're stabilizing!
Activity levels are very strong.
Great time to buy. Selling prices are about $65 per living square foot even on rehabbed brand new looking type homes.
call Mickey or Josh Bradley direct to discuss current happenings & listings.
2007-2008- First the good news. Many homes sold in 2007 and the year is over. While it isn’t good news for each & every one of us, prices have dropped from 2006- good news for buyers! Interest rates have also dropped! And as homes are rented and purchased, the market will stabilize. Recently it appears the numbers of available rental properties has dropped. A good sign... if rentals start to become scarce- more potential tenants become buyers. Prices over the past 5 years are still higher NOW than at the end of 2002. The median price then for St. Lucie and Martin was $128300!
What next for 2008? See the enclosed link in the e-mail to a January 8, 2008 article in The News. Is the prediction of St. Lucie home sales increasing true? Time will tell. We can tell you this- phones and activity in general have picked up since 12/28/07. In fact, as we are write this February 4 we can confirm- phones, showings e-mails, Internet page views are all way up compared to the 5 months starting August when all the bad publicity regarding sub prime mortgages hit. Typically, the first half of the year yields better activity than the second. The customers we’re seeing are mostly first time buyers and people being transferred in. Also, a handful of retirees.
www.tcpalm.com/news/2008/jan/07/experts-predict-treasure-coast-homes-sales-will-pi/?printer=1/
With all that said, here are comparisons between 2006 and 2007. Remember, 2005 was the peak real estate year in Port St. Lucie in terms of activity and real estate prices.
Sales of Single Family Homes $600000 and under in MLS in Port St. Lucie-
2006- 3552 Homes Sold
2007- 1941- 45.3% decrease
and sales dropped 21% in the second half of 2007 from first half.
2006 Average selling price $251894 Days on market 126
2007 Average selling price $221038 Days on market 147
Price drop of 12.3%
2007 2ND half Average selling price $208960 Days on market 144
Price drop of 17.1% from 2006
Expect further price adjustments- sellers- while 12.3% and 17.1% drops seem high, homes that are not selling in some cases have dropped in value at rates far higher than 17.1%- 50 & 60%!
Moral of story? As Suze Orman discussed on her show recently- you’re paying out so much a month now, adjust your price- get it sold- because sooner or later when you’re paying monthly expenses you’re reducing your price monthly anyway. So, if your home is on the market and not receiving showings and offers, the price needs adjusted!
There are 783 homes for sale under $150000 in Port St. Lucie right now.
1235 homes for sale under $200000.
It is a good time to buy- interest rates are low, seller’s are negotiating, prices good, good selection of homes for sale, insurance rates lower (call us if you think your rates too high), property taxes dropping due to value drop and also somewhat of a milage rate drop by St. Lucie County.
Other facts, thoughts;
There were 5 million dollar plus houses sold through MLS in Port St. Lucie in 2007.
Newer CBS homes are selling the best.
How about a 3/2/2 in ground pool home for $114900- yes bring hammer!
Approximately 96% of PSL homes are NOT in foreclosure. Many that are foreclosures are selling, being remodeled and now lived in by new families.
Homes have always been more about the long view, to live in, raise families- not necessarily investment vehicles. The long term view is this; find a home in a price range you can afford, make the payments... and resist taking money out of the home in the form of equity lines or refinancing. If you do take money out, be absolutely sure you can afford the payments and understand what you’re signing.
We have many great buys on homes for sale including Pool Homes, Foreclosures, Handyman Specials, etc. Call Us!
Buying or Selling? Call Mickey Bradley and the “Bunch” for all your St. Lucie and Martin County Real Needs! 772-343-7005
What next for 2008? See the enclosed link in the e-mail to a January 8, 2008 article in The News. Is the prediction of St. Lucie home sales increasing true? Time will tell. We can tell you this- phones and activity in general have picked up since 12/28/07. In fact, as we are write this February 4 we can confirm- phones, showings e-mails, Internet page views are all way up compared to the 5 months starting August when all the bad publicity regarding sub prime mortgages hit. Typically, the first half of the year yields better activity than the second. The customers we’re seeing are mostly first time buyers and people being transferred in. Also, a handful of retirees.
www.tcpalm.com/news/2008/jan/07/experts-predict-treasure-coast-homes-sales-will-pi/?printer=1/
With all that said, here are comparisons between 2006 and 2007. Remember, 2005 was the peak real estate year in Port St. Lucie in terms of activity and real estate prices.
Sales of Single Family Homes $600000 and under in MLS in Port St. Lucie-
2006- 3552 Homes Sold
2007- 1941- 45.3% decrease
and sales dropped 21% in the second half of 2007 from first half.
2006 Average selling price $251894 Days on market 126
2007 Average selling price $221038 Days on market 147
Price drop of 12.3%
2007 2ND half Average selling price $208960 Days on market 144
Price drop of 17.1% from 2006
Expect further price adjustments- sellers- while 12.3% and 17.1% drops seem high, homes that are not selling in some cases have dropped in value at rates far higher than 17.1%- 50 & 60%!
Moral of story? As Suze Orman discussed on her show recently- you’re paying out so much a month now, adjust your price- get it sold- because sooner or later when you’re paying monthly expenses you’re reducing your price monthly anyway. So, if your home is on the market and not receiving showings and offers, the price needs adjusted!
There are 783 homes for sale under $150000 in Port St. Lucie right now.
1235 homes for sale under $200000.
It is a good time to buy- interest rates are low, seller’s are negotiating, prices good, good selection of homes for sale, insurance rates lower (call us if you think your rates too high), property taxes dropping due to value drop and also somewhat of a milage rate drop by St. Lucie County.
Other facts, thoughts;
There were 5 million dollar plus houses sold through MLS in Port St. Lucie in 2007.
Newer CBS homes are selling the best.
How about a 3/2/2 in ground pool home for $114900- yes bring hammer!
Approximately 96% of PSL homes are NOT in foreclosure. Many that are foreclosures are selling, being remodeled and now lived in by new families.
Homes have always been more about the long view, to live in, raise families- not necessarily investment vehicles. The long term view is this; find a home in a price range you can afford, make the payments... and resist taking money out of the home in the form of equity lines or refinancing. If you do take money out, be absolutely sure you can afford the payments and understand what you’re signing.
We have many great buys on homes for sale including Pool Homes, Foreclosures, Handyman Specials, etc. Call Us!
Buying or Selling? Call Mickey Bradley and the “Bunch” for all your St. Lucie and Martin County Real Needs! 772-343-7005
