Market update in Hobe Sound

Welcome to Hobe Sound, Florida! The Hobe Sound real estate market in 2022 has seen a significant shift compared to 2021. The current market has become more favorable to buyers. The closed sales have decreased by 47.4%, with 287 in 2021 and 191 in 2022. The median sales price has also dropped by 15.3%, going from $685,000 in 2021 to $580,000 in 2022.  The dollar volume, calculated by multiplying the number of closed sales by the average sales price, has also decreased significantly. In 2021, the dollar volume was $54,934,450; in 2022, it dropped to $11,924,475, a 78.3% showing a decrease. The percentage of the original list price received has also dropped by 12.3%, going from 97.3% in 2021 to 85.3% in 2022. In addition to the decrease in closed sales and prices, the median time to contract has also increased by 140%, going from 30 days in 2021 to 72 days in 2022. Pending sales have decreased by 40%, with 20 pending sales in 2021 and 12 in 2022. Hobe sound's new listings have increased by 53.3%, with 15 in 2021 and 23 in 2022. The inventory of homes for sale in Hobe Sound has increased by 84%, with 25 in 2021 and 46 in 2022. This results in a month's supply of inventory of 3.0 in 2022, a 200% increase from 1.0 in 2021.

In the townhouse and condo Hobe Sound market, the closed sales have decreased by 55.6%, with 9 in 2021 and 4 in 2022. The median sales price has dropped by 26.7%, going from $349,500 in 2021 to $256,250 in 2022. The average sales price has also decreased by 11.5%, with $335,389 in 2021 and $296,875 in 2022. The dollar volume has decreased by 60.7%, going from $3,018,500 in 2021 to $1,187,500 in 2022. The percentage of the original list price received has also dropped by 6.1%, going from 100.1% in 2021 to 94.0% in 2022. The median time to contract has also increased by 200%, going from 5 days in 2021 to 15 days in 2022. Pending sales have decreased by 66.7%, with 6 in 2021 and 2 in 2022. New listings have also decreased by 16.7%, with 6 in 2021 and 5 in 2022. The inventory of homes for sale has increased by 61.5%, with 13 in 2021 and 21 in 2022. This results in a monthly supply of inventory of 2.3 in 2022, a 91.7% increase from 1.2 in 2021. It's worth noting that the percent change may be extreme due to the small sample size, and the data does not account for seller concessions. This data suggests that the real estate market in 2022 has seen a significant decrease in closed sales, prices, and dollar volume compared to 2021. However, there has also been an increase in new listings and inventory of homes for sale. Overall, the Hobe Sound market seems to have become more challenging for sellers and favorable for buyers in 2022. Need help finding the perfect home in Hobe Sound? Call the Guarnero Group today!