July 2018 Market Update

July 2018 update

I am a huge fan of classic rock. I used to listen to it all the time and was pretty proud of my record collection back in the day. Then I converted the LP’s to CD’s and then my CD’s to mp3’s and keep all my music on iTunes. The problem with me and my music is it seems I only listen to it when I  run. I keep my iPod shuffle loaded with fresh tunes (not newer music, just stuff I haven’t heard in a while) I also try and pick themes when possible. Hard rock, blues, female singers, one band’s entire catalog, etc. This time around I went searching for train songs. Aerosmith-Train kept a rollin, Ozzy-Crazy train, Jethro Tull-Locomotive breath, Blackfoot-Train, Train, G&R-Nightrain, The Clash-Train in Vain, etc. (I am sure you can name a few train tunes too)

Train

This railroad theme kind of ties in with our real estate market, which is a lot like a moving train. It takes a while to change direction or stop without something drastic knocking it off the tracks. Like last year’s hurricane season, which took a good shot and derailing our real estate market (especially Irma). The numbers from last years 4th quarter were not that good. Then the rates started to rise, which should have blown the bridge sending the train off the rails. Instead, it seems the market is full steam ahead. We have had a slight increase in our active inventory, but our year to date sales in 2018 are ahead of 2017. We are averaging under a 3 month supply for 2018.

Here is a breakdown of our July’s sales in Brevard County.

Active inventory 3,655

Sold property 1,330

2.69 month supply of property is available

Our median sales price for July was $218,000

Days on market (DOM)

770 sales took less than 30 days to sell

384 sold in 7 days or less

116 sold the first day on the market. We are chugging along!

What is really interesting is the number of $1M+ sales that have occurred. 16 properties closed in July at over $1M ($1,850,000 was the high sale for the month. It was a 5,800 SqFt home on South Merritt Island) This is the most properties to see for over $1M in any month in Brevard County. The next closest was this past March where 13 closed.

RR bridge

The market continues to be a strong one here in Brevard County. If you are buying a home, make certain you have your pre-qualification letter or proof of funds and be prepared to be competing with another buyer on your dream home. If you would like more guidelines on what to do to get your offer accepted, give me a call/text, send me an email, or leave a comment below.  I will make certain you are on the right track, keep the train a rolling, and you arrive on time at the station for your closing.

If you are selling a home, you still need to make certain your home is priced right for the condition and neighborhood, you have an excellent story about your home and area, great photos, and hire the right agent to make certain your home gets the right marketing and exposure to find the right buyer. If you would like to see what homes are selling for in your area, give me a call/text, send an email, or click here to enter your home info on my website  I will help you go full steam ahead, on the fast track of getting your home on the market,  and make certain the light at the end of the tunnel is at the title company for a successful closing.

RR Tracks


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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