Brevard Real Estate Market Update for July 2021
The current market statistics for Brevard County are out and they are not what most people would probably expect. Most of you are hearing from friends and neighbors that people are getting many offers within a day of listing and that homes are selling for way above market price. While that is true of the market earlier in the spring into early summer, that has started to change slightly in the last couple of months. It is typical that the buyer traffic slows down in July as most families with school-aged children have chosen a home to purchase or rent and are settling down getting ready for school. However, this year July closed sales and pending sales are down by quite a bit from the same time last year. While the average median sales price continues to rise and inventory is down from this same time last year, the percentage of new listings in June and July compared to last year has been in the positive digits. 23.7% and 12.2% respectively for single-family homes and 34.5% and 21.7% for Townhomes and condos. See the exact numbers for July below.
Market- Single Family Homes
- The median sales price increased to $235,000. A 9.3% increase compared to a year ago, which was $215,000.
- Average of 8 days on market. Compared to 30 days a year ago.
- 1043 closed sales. A 13.3 decrease from the same month last year.
- 1270 new listings compared to 1132 a year ago. That is a 12.2% increase.
- 1093 active listings compared to 1691 a year ago. That is a 35.4% decrease.
- 1073 pending sales. A 6.5% decrease from the same month last year.
- 1.1 months of inventory. A 45% decrease from the same month last year.
- Total sales volume was $407 million. A 6.2% increase from the same month last year.
What’s Happening in the Brevard Real Estate Market- Townhomes and Condos?
- The Median Sales Price increased to $235,000. A 9.3% increase compared to a year ago, which was $215,000.
- Average of 8 days on the market. Compared to 46 days a year ago.
- 251 closed sales. A 22.3% decrease from the same month last year.
- 348 new listings. A 21.7% increase from the same month last year.
- 403 active listings compared to 654 a year ago. That is a 38.4% decrease.
- 260 pending sales. A 16.1% decrease from the same month last year.
- 1.4 months of inventory. A 51.7% decrease from the same month last year.
- Total sales volume was $70.7 million. A 16.8% decrease from the same month last year.
What Does This Mean for Brevard Homeowners and Sellers?
If you are thinking about selling, it’s still a good time. Prices are still high and inventory is still low. However, you have to be cautious about how you price your home. You may be tempted to price your home $20k more than your neighbor because theirs sold in a day and you feel that they price it too low but that is not usually the case. The homes that are selling quickly in this market are priced properly for their condition which is why multiple buyers are inclined to put offers in and even possibly driving the price up. In August, consistent with what we saw in June and July, more people are listing their homes but we are seeing more properties sit on the market. On August 10, 2021, there were 1211 active residential properties on the market and 587 that were on the market for more than 30 days. On August 24, 2021, there are 1220 active residential properties and 615 are on the market for more than 30 days. As it has been historically true, the longer a home sits on the market the lower the sales price will be. Not sure what the best price is to sell your home in this market, Give us a call. We can give you a complimentary market analysis and advise you on what to do to get your bang for your buck.
What Does This Mean for Brevard Home Buyers?
If you are looking to buy a new home the slightly increased inventory is a benefit for you as this will give you more options to choose from. However, be aware that homes that are renovated and/or in good condition are still selling quickly with multiple offers. So, if this sounds like a home that you have your eyes on, you have to be ready to act quickly. So, make sure your financials are in order and you have a pre-approval from a reputable lender or proof of funds if you are paying cash. Also, be prepared to make a strong offer. What makes a strong offer? that will differ, but we can help. Not only can we help you find the perfect property but guide you through the negotiations so you can make that property your future home.
Low inventory and high demand are making for a hot real estate market. The number of new listings has been higher than last year at the same time and steadily increasing month to month. How will this affect the market? We will see.
If you have questions, you can always contact me at 321-960-3547. I will be happy to help.
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