The Real Estate Market has been hot for a while. Homes are selling quickly and for higher prices. Many people fear a crash or wonder about a shift. Many media outlets are also pushing these topics to the forefront. CNBC reported statistics such as homes in August sat on the market an average of five days longer than they did a year ago, or that listing prices are dropping thousands of dollars month to month.

 

There are a couple of things to keep in mind when consuming National Media. First, these are statistics that average together all US markets. Grouping together major cities like Seattle and LA with smaller areas like the Space Coast. Our housing markets are completely different! There is no way an average is an accurate representation of all Real Estate Markets in the US. 

 

Second, these media sites give no context for the numbers. Comparing the numbers we find to previous years is what gives them value and meaning, and allows us to gain perspective on it. For example, homes have recently been selling within 2 weeks, but pre-pandemic, this number would be closer to 3 months! 

 

Finally, let's get to the good stuff. What really is going on in the Real Estate Market locally? When looking at Brevard County, we can look at 5 major statistics. 

• The average list price in August of 2022 had basically no shift at $480K from $481K in July of 2022. However these are a small jump from August of 2021 as it was $435K.
• This year the average home price in August jumped to $427K from $415K in July. In August of 2019, it was $266K.

• The average days homes spent on the market in August of 2022 was 17 compared to 16 in 16of 2021.
  • To put this in perspective, in August of 2019 (pre-pandemic) average days on market was 42 days!

•  The amount of homes sold slid up to 1,187 compared to 1,065 in July. 

• This August we saw 1,516 homes enter the market compared to the 1,699 in July. August 2021 had 1,542 new homes enter the market.

 

Not only are we seeing solid increases in price, but days on Market seems to be slowly creeping up, but still nowhere close to the pre-pandemic market. Most importantly, the amount of homes sold has not been decreasing. Homes are still selling and for more than the past years. 

Overall, when researching the market, keep two things in mind: averages of large areas dilute the meaning of statistics, and always put numbers in context. And if you have any confusion or questions, reach out to your favorite agent!

Florida Lifestyle Realty

321-613-5922