STUART, Fla. - The housing market seems to be bouncing back on the Treasure Coast. Many realtors say 2014’s numbers were the best they’ve had since the housing collapse and 2015 is already looking good.
Young millennials are part of the boom.
Alexis Fruggiero just bought a new home in Stuart.
“I felt like it was a good investment,”
It’s her second house and she’s only 21.
She used money form an inheritance to purchase the property plus she learned a big life lesson from her grandfather.
“Don’t spend it on something you can’t make money on,”
More millennials are acting on that advice. The real estate website Zillow predicts they’ll become the largest group of home buyers this year.
“Right now their mortgage will be less than what the rents are going for because rents are going in that thousand dollar range,” says real estate agent Lauren Stracuzzi-Purkey.
The Realtor Association of Martin County says overall sales were up last year. KW of Stuart is the largest agency in the county. They had sales totaling $308 million dollars in 2014. It’s their best year since 2005.
“It’s almost like a perfect storm,” says Dennis Fadden, President of the Realtors Association, “You’ve got low mortgage rates so people can get more money for less cost. You also have a very stable inventory.”
Fadden also credits the snow up north.
“I had 60 people come through the open house and most of those people were from either New York, New Jersey, Connecticut, Massachusetts,” says Fadden.
The market doesn’t show signs of slowing down. The first quarter of 2015 in Martin County is already looking up for realtors.