Facebook
X
Pinterest
Copy Link
The March numbers are mixed and interesting. Overall, the local real estate market has shifted to a buyer’s market based on the absorption rate/inventory but that doesn’t tell the whole story. More on that later, but first the regular numbers. The Median Sales Price dropped 4% in the 32937 Zip Code to $505K and 2% to $355K on the Space Coast overall. The number of properties sold went up 21% for the Zip Code and 17% for the County. The average sales price per square foot went down 19% for the Zip Code and dropped 2% for the county. The average days on market dropped 12% to 67 days in the Zip Code and dropped 3% to 73 days in the county. The number of properties for sale dropped 7% for the Zip Code but rose 1% for the county. Builders are still constructing single-family homes and condominiums in the area. There are numerous remodels and rebuilds going on as well.
The above numbers include both Single Family homes and Townhouses/Condominiums. When they are separated, it appears that the Single Family home market still leans toward a sellers’ market while the condo market favors buyers. Much of the difference is likely associated with increases in Condominium Owners Association Fees. Increases in insurance and the impact of some new laws drive much the increase. Many condominiums are now required to conduct structural inspections and repair any deficiencies. In addition, they are required to hold certain financial reserve amounts. All of this will be worked out over time. Meanwhile, we have 9 months condo inventory for the Zip Code and 8 months for the county. For Single Family homes, however, the months of inventory are about 4 in both places. Rule of thumb is that inventory over 6 months is a buyers’ market and below 6 months belongs to the sellers. All of this can vary by specific location and price point.
The 32937 Zip Code is part of the Space Coast and consists of Satellite Beach, Indian Harbour Beach, and South Patrick Shores. It is bounded by Patrick Space Force Base to the north, Eau Gallie Causeway to the south, the Atlantic Ocean to the East, and the Banana River to the west.
Let me know if you find this information useful. What else would you like to know?
https://stevennatschke.cbfloridahomes.com/
321.473.4507
#realestate #lifestyle #home #saltlife #spacecoast #brevard #spacecoastliving #satellitebeach #waterfronthomes #indianharbourbeach #southpatrickshores
#coldwellbankerparadise #stevennatschke #stevennatschkerealtor #spacebasedelta1 #spacelaunchdelta45 #patrickspaceforcebase #psfb 
