Opportunistic is how the May real estate market can be described.
People are still moving to the Treasure Coast and buying houses — sometimes above the asking price — even though sale prices are increasing and the number of available homes is decreasing, according to a TCPalm analysis of Florida Realtors data. But buyers aren’t paying cash like they were at the real estate market’s peak in March 2022.
With about two to three months worth of available housing supply in May, the market favored sellers, but buyers still had some control, said David Serle, president-elect of Broward, Palm Beaches & St. Lucie Realtors.
“We have quite a bit of properties [sellers] are looking to maybe cash in, or put significant high prices on,” Serle said. “The price entry point is important. Buyers are not looking at properties they perceive as overpriced, so properties have been staying on the market (for longer.)”
Monthly housing supply
Having about 5.5 months of inventory indicates a healthy market that doesn’t favor the buyer nor the seller. Anything above that threshold is a buyer’s market and anything below that is a seller’s market. In May, it was:
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Source: www.tcpalm.com
ENB
Sandstone Group
