The year is almost over for Brevard County real estate. Here’s what we’ve been seeing.
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Today I want to give you a Brevard County market update for what we’ve been seeing lately.
The total number of single-family home transactions is right around 8,000 this year. This is about the same as it was last year, so not much has changed there. The total number of sales is an important factor in our market because it measures total activity and gives a good indication of the overall health of the market.
Our median sales price is up about 5% from last year to $235,000. If you’ve been watching the trends over the last few years, you’ve seen this number increase almost every month.
The total number of cash sales in Brevard County is down to right around 22%. This can tell us several things. Investors are buying fewer homes and increasing sales prices are causing homes to become less affordable for these cash buyers.
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Another recent trend we’ve been noticing as we head into the fourth quarter of 2018 is an increase in active inventory, aka the total number of single-family homes for sale at the end of the month. Right now, we have about 2,800, which is up about 15% from the 2,300 we saw at this time last year. We’ve been trending this way for a few years and are starting to see a balancing in our market.
The median percent of list price to price received is right around 96%, which is pretty much what we saw last year. This means that sellers are getting 96% of their asking price, on average, on their home sales.
Overall, our market remains healthy. The thing to pay attention to going forward is that increase in active inventory and where that leads us.
If you have any questions about any of the numbers above or about real estate in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
