Fort Pierce, Florida Real Estate Market

There have been many fluctuations in the prices and number of home sales in the real estate market in Fort Pierce, Florida.  Some of these trends are local effects, such as the ending of NASA’s Space Shuttle program and termination of many job opportunities.  Weather has had a considerable and direct impact on the real estate market in Fort Pierce as well.  For instance, various insurance companies pulled out of Florida after hurricane losses in the 1990s and 2000s.  For many homeowners, property insurance became a major concern.

There is much debate over when the housing market in the Fort Pierce area will recover, and some economists believe that things will not turn up until at least 2011.  Another analysis in 2009 estimates the market would fall and bottom out by the end of 2010.  The average non-foreclosed house sold for $143,000 in 2010, down from $147,000 in 2009.  Foreclosed home prices fell as well, from approximately $80,000 in 2009 to $70,000 in 2010.  Nearly one-quarter of homes sold in 2010 in the areas surrounding Fort Pierce had been foreclosed.

By 2008 estimates, there was an expectation of 100,000-300,000 more people by 2020, an increase of 60%.  However, there were 1,550 permits for residential projects valued at $355.45 million, which figure reflects the lowest number of filings since 1975.

Signs of improvement in the Fort Pierce real estate market are few, but they do exist.  The median sales price of existing homes in the Fort Pierce area is up when comparing the first quarters of 2010 and 2011.  Also, the sale of existing single-family homes topped 600 for the fourth time in a year as of April 2011.  The median sales price of single-family homes was higher during the first quarter of 2011, and the sale of condominiums in the Fort Pierce region increase almost 40%.