Market Update 2018.75

September market update 2018

I don’t know about you, but I am looking forward to a break from the Florida heat! Hello October, 80 degree temperatures, and ocean breezes!!! The cooldown will be appreciated. You know what else is showing signs of giving us a break and starting to cool? Our real estate market. The inventory is creeping up towards the 4,000 mark, the amount of inventory going under contract is slowing down, and our months supply of inventory jumped up to well over a 3 month supply. Here is a breakdown of our September sales in Brevard County:

Active inventory 3,709

Sold property 1,008*

Months supply of property 3.67

Median sales price for September $220,000

Price range of sales $8,600 to $1,700,000

6 property sold for over $1,000,000

So, what does this mean? Is this a bubble, the beginning of a correction, or just a normal slowdown for the fall season? Time will tell if this is the bubble getting ready to pop. There isn’t enough information to say this is the case right now. There are signs from the last 12 months that we are having a correction. Active inventory has definitely increased since the beginning of and we are seeing the number of homes go under contract trend down compared to last years numbers. We are also seeing interest rates that have risen a full point since last year. http://www.freddiemac.com/pmms/  

chart

Days on Market (DOM)

556 sales took less than 30 days

261 sold in 7 days or less

65 sold the first day on the market

Looking at the number of the days on market, the amount of time it takes a home to go under contract; it is still indicating we are in a seller’s market. Over half the sales took less than 30 days with 65 properties selling within 1 day. Our average days on market for September is 47, which is a 2-day increase over the average in 2017. These numbers are showing we are still in a very active market. Most homes are selling quickly and buyers are still contending with multiple offer situations.

Since the October is the start of the 4th quarter, it only makes sense to see how the numbers look overall for the 3rd quarter:

Total number of sold property

3,686 in 2018 versus 3,479 in 2017

An increase of 5.95%

Median home price

$218,000 vs $202,500

An increase of 7.65%

Average sales price

$256,077 vs $243,716

An increase of 5.07%

Average Days on Market

46 vs 42

An increase of 9.52%

Homes selling under 30 days

2,068 vs 2,164

A decrease of 4.43%

It is always interesting to see how the numbers work and I believe will help us keep an eye on what is happening in our local real estate market. If you are wondering how this could affect you, simply give me a call or text at 321.795.1854, send me an email Eric@EricLarkin.com or leave a comment on this post!

*=as documented in our MLS as of 10/3/2018 315pm

All of the sales numbers (price, days on market, inventory) were taken from our local MLS between October 1 and October 5, 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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