BREVARD HOME PRICES Supply and Demand: when supply is up and demand is down, it is easy for Buyers to get good deals; however, when demand is up, and supply is down, Sellers benefit, and prices generally go up. The lower the month’s supply of inventory, the better the market is for Sellers, and the higher the month’s supply of inventory, the better the market is for Buyers. The month’s supply of inventory in a balanced market is somewhere around 4 to 5 months. When the month’s supply of inventory is below 4 months, the market favors Sellers, and when the month’s supply of inventory is greater than 6 months, the market favors Buyers. Brevard County currently has a relatively low supply of homes for sale.
The volume of single-family home sales still remains below sales in the same period in each of the last four years. Currently, condo sales are also below the previous 4 years. The volume of available housing inventory (total of all housing types) is now 143% higher than its low point in March 2022 and is now the highest it’s been since June 2020. Single Family Home prices peaked in May 2022 but then dropped about 9% from their peak by February 2023. However, prices have been gradually rising again since March and are approximately 5% higher than they were 7 months ago.
Housing Stats (Up to August 2023): The median sale price continues to go up; the Active Inventory is increasing (good for Buyers); Months Supply of Inventory, 2.6 months is good for Sellers; New Listings and New Pending Sales have decreased. Buyers and Sellers are waiting (if they can) for a change in interest rates. I watch these numbers daily because everything is negotiable. Sellers and Buyers want to make a deal.
A significant 35% of homes sold in Brevard County are closing at prices higher than their listed values. The escalating bids and counterbids have made the buying process stressful for many. We expect prices and interest rates to become more balanced in the next few months. Contact me, and I will find you the home you are looking for at a fair price. MGallegos@DSREinc.com
Mark Gallegos, Real Estate Advisor for Dale Sorensen Real Estate, Inc. Indialantic Office, Brevard County
Office: 321-723-9990 ext. 2614 / Cell: 305-761-8500