Real Estate is hot, hot, hot again. In the spring of 2016 sales had slowed down a bit, but the cooler autumn weather is bringing out the buyers in droves. Brevard County real estate is seeing a surge in sales, more pending sales and 11.4% increase for median sales price for single-family homes.
This is welcome news to sellers who purchased several years ago when prices were low and now able to sell them at a sizeable profit on their investment. Home sellers are seeing more buyers meeting asking prices as the inventory has shrunk and homes are at a premium now. For those who bought at the very height of the market, prices are about back where they were 6 years ago, so even those who bought at the height should now be able to sell their home if they want to.
Big home builders like DR Horton have started several new communities in the Palm Bay area, with home prices ranging from the high $100,000’s on up to the low $300,000 range. The first development they built, Parkside West is all sold out. They also have another development in Palm Bay, Amberwood Wellington with similar homes starting at around $180,00 and up, and those are selling at a pretty quick pace as well. They are fully planned communities with home sizes ranging from 1,500 square foot single level homes, to homes up to 3,045 square feet on two levels. There are community pools, man made lakes and they are close to the major transportation routes. I can help you with the purchase of any of the DR Horton Communities if you would like to go and have a look.
Besides DR Horton’s crop of new developments, homes of all sizes are turning over pretty fast. If you are thinking about selling, I think it’s a good time. With a smaller inventory this had made home buying a faster and more competitive experience.
As a comparison to show the increase activity this past year closed sales of single-family homes statewide totaled 25,518 last month, up 4.5 percent over the May 2015 figure.
- Closed Sales are up 2.6% for May 2016 in which the number of units closed were 942 compared to 918 in May 2015, with a decrease in cash sales by -18.2% compared to May 2015.
- New Pending Sales are up 6.2% and New Listings are up 3.8%.
- The Median Sales Price for Brevard Single Family homes is up 11.4% to $185,000 compared to a year ago, which was $166,000.
“Be prepared to make a quick buying decision in today’s real estate market,” said Nikki McCoy-Freeman of RE/MAX Elite’s McCoy-Freeman Group.
“The median time to contract for single-family homes dropped over 20% to 27 days compared to this time last year,” said McCoy-Freeman.
I hate to sound like a typical Real Estate sales person, but these are the facts, not just hype.
Realtor Coldwell Banker Paradise, Satellite Beach Office