What is starting to take off in real estate? May 2018 market update

May 2018 Update

Mayday…Mayday…what was going on this past month with our real estate market in Brevard County? Fortunately, our sales are keeping pace with 2017 and are almost even through the end of May. Our year to date numbers are pretty close and our inventory is well under a 3 month supply. However, inventory is still accumulating, new listings coming on the market are up over 7% compared to last year (9,132 in 2018 vs 8,529 in 2017). The selection of properties on the market is on the rise. Homes going under contract are going the other direction and are showing a decline. May 2018 we had almost 1300 go under contract, compared to over 1400 May 2017 and over 1500 May 2016. As I mentioned last month, this is not a huge concern yet, just something I feel is worth keeping an eye on. Remember, a seller’s market is when inventory is under a 4 months supply, a balanced market is a 4-6 month supply, and a buyers market is over a 7 month supply. So, if you are either on the market for sale or have been considering selling your home, just be aware that the market could be changing soon.

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So what is happening in the Cocoa Beach area real estate market? Our active inventory is just over 300  properties for sale in the Cocoa Beach and Cape Canaveral area. May sales came in with 79 closings, giving us a 4 month supply of property for sale. Our beach community is made up mostly of condominiums, which definitely carries over into our MLS stats. We are currently at 239 active condo listings with 64 sales in the month of May, putting us at under a 4 month supply of condos. Single-family home inventory is currently at 54 property for sale with 9 closings in May, which gives a 6 month supply of homes for sale. Our home sales through the end of 2018 are at 66 versus 63 in 2017.

All of the stats and figures in this post were pulled from our MLS on Monday, June 4th, 2018.

About the author:

Eric Larkin is a Broker Associate with REMAX Solutions. He lives, works, and plays in the Cocoa Beach area. Eric has been helping buyers and sellers with their real estate needs since becoming a real estate agent in 2003. His focus is always on helping, answering your questions, and doing everything possible to make certain you have a smooth transaction from beginning to end.

What questions do you have about buying or selling a home? CLICK HERE to ask

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