The April 2025 numbers are, once again, interesting and mixed. As a reminder, for comparison purposes, these numbers are in relation to the average of the three months previous to April. The Median Sales Price dropped 20% in the 32937 Zip Code to $425K and stayed even at $363K on the Space Coast overall. The number of properties sold went up 25% for the Zip Code and 28% for the County.  The average sales price per square foot went up 2% for the Zip Code and the county.  The average days on market dropped 7% in the county and rose 19 to in the Zip Code.  The number of properties for sale dropped 1% for the Zip Code and 3% 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.  Both the county and the zip code saw small increases in the median sales price of Single Family homes.  The only significant change was that the number of properties sold went up by 29% in the county.  Townhomes/Condominiums are a different story to some extent.  The median sale price dropped only 4% in the county but 20% in the Zip Code.  The number of properties sold increased 24% and 56%, respectively, in the county and the Zip Code.  Average days on market diverged – dropping in the county as a whole but rising in 32937.  The new laws affecting condos will likely continue to have an impact on the market.  In the long run, condos will be sounder – both fiscally and structurally.

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.

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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

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December prices fell somewhat, Median Sales Price went down 6% in the 32937 Zip Code to $475K and fell 4% to $358K on the Space Coast overall. The number of properties sold was up 1% for the Zip Code and 14% for the County.  The average sales price per square foot increased 19% for the Zip Code and dropped 4% for the county.  The average days on market rose 17% to 80 days in the Zip Code and was up 3% to 70 days in the county.  The number of properties for sale dropped by 7% both in the zip code and the county.  Builders are still constructing single-family homes and condominiums in the area.  There are numerous remodels and rebuilds going on as well.

If you read the fine print, you will notice that the Market Snapshots are compared to the average for the previous three months.  The graph labeled Price Trends depicts the median sales price by month from January 2023 through December 2024.  It includes all residential property, so the numbers are slightly different.  In any case, you can still see that there has been a generally upward trend in median sales prices in the county over the last 24 months.

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?