Realtor · Melbourne, FL · Member since 2021 · 111 posts · 51 votes
I did a deep dive on the Space Coast (Brevard County FL) residential real estate market and zoomed out to get the big picture. The results were even more surprising than I suspected...
Current Inventory: 5336 | Last time it was this high? - 2011 (you know when the MARKET CRASHED)
Average Days on Market: 71 | Last time it was this high? - 2013
Average SP/LP: 93% | Last time it was this low? - 2015
And the interesting part? Although every market factor seems to be working in favor of buyers, Average sold price is still at an all-time high. And when you factor in today's mortgage rates, you see that homes are still as unadorable as ever.
Honestly would love some opinions on how to interpret this data. Is this the early stages of a county-wide price declines in the coming months? Or should we expect more of the same with prices staying stubborn? I still see a lot of people moving here which I think is keeping prices high, but I guess time will tell!
Real Estate Agent · Satellite Beach, FL · Member since 2014 · 65 posts · 42 votes
1y
I find it very interesting how many sellers are sitting on hundreds of thousands of dollars of equity yet only do small price drops as their homes sit on the market for extended periods of time. Many of these homes do eventually go under contract and sell. It tells me that we have a strong economy where sellers are not desperate to sell for below market price. They would rather let their homes sit empty or withdraw the listing and rent it. As a Brevard County investor and agent, I'm still not seeing very many on-market deals in the single family and multi-family space. With respect to condos, prices have come down pretty fast there and I believe will continue to come down, heavily dependent on the community and how well managed is the HOA.
We'll have to wait and see. Lately houses have been selling like hot cakes in Lakeland which is 30 or so miles west of Orlando. Hey my name is Joshua foster I am a new to real estate investing. You sound very knowledgeable, how long have you been in this industry?
Real Estate Agent · Satellite Beach, FL · Member since 2014 · 65 posts · 42 votes
1y
I find it very interesting how many sellers are sitting on hundreds of thousands of dollars of equity yet only do small price drops as their homes sit on the market for extended periods of time. Many of these homes do eventually go under contract and sell. It tells me that we have a strong economy where sellers are not desperate to sell for below market price. They would rather let their homes sit empty or withdraw the listing and rent it. As a Brevard County investor and agent, I'm still not seeing very many on-market deals in the single family and multi-family space. With respect to condos, prices have come down pretty fast there and I believe will continue to come down, heavily dependent on the community and how well managed is the HOA.
Real Estate Agent · Merritt Island, FL · Member since 2017 · 974 posts · 1k+ votes
1y
Real estate is local. So while Florida is feeling the effects of a real estate slowdown (particularly South Florida), it is not as severe in Brevard. Two things to consider:
1. When Florida went crazy during Covid, Brevard was a tad more measured (excluding a few places that went nuts, such as Satellite).
2. The space industry is hot and it's not just the Blue Origin and Space-X in the game, there are many players supporting. That's not just employment, it's also well-educated employment.
Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
1y
I have two barrier island houses that I've listed high, due to the snowbirds. I have been getting low ball offers, which I ignore. Once we get through April, I will take them both off market and rent them out on AirBnb where they will produce cash flow nicely. I might renovate one...just finished renovating the other. Next snowbird season, I will offer the houses back up for sale at a crazy price.
@Tchaka Owen thank you that information was definitely useful. I am looking more locally as there are a lot of leads in my local area. Are you an investor?
@Tchaka Owen thank you that information was definitely useful. I am looking more locally as there are a lot of leads in my local area. Are you an investor?
Getting back into it. Most of my investing experience was in Miami-Dade, Broward and Palm Beach Counties. Relocating to Brevard has made my life happier.