Don and I had a great time recording today’s market update from Port Canaveral! If you have not seen Majesty of the Seas, she is a gorgeous ship and calls the Port her home. How awesome for those of us that call Brevard County “home”, to live where rockets and cruise ships launch!
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Brevard County Real Estate Market – November 20, 2017
Here is the text version of the video we made today:
Hey, good morning everybody. It’s Don Norris with Norris Real Estate, coming to you guys right here from Port Canaveral in Central Florida. Right behind me is the beautiful, beautiful cruise ship ‘Majesty of the Seas’, based right here out of Port Canaveral which is its home port. It’s a huge ship, it’s beautiful. We haven’t been on it yet, but it’s definitely on Natalie and I’s bucket list.
I just wanted to give you guys an update on the market for the real estate going on here in Central Florida. So, for the 3rd quarter, 2017, average sale prices are up twelve percent to 220,000. That’s up from 196,909 this time last year. Inventory is actually up. But don’t get too excited. Even though it’s up 12%, we’re still at a 28.8 months of inventory, as compared to 2.5 months last year.
Basically, what that means for the consumer, whether you’re a seller or a buyer, that if nothing else came on the market right now, no other new houses for sale, then in 2.8 months, everything would be depleted. The average inventory inventory for an average market, is about 6 to 7 months. So what this tells you that we’re in a deep, deep seller’s market. This means prices are going to tend to be a little higher, mortgage rates are still low, hovering around 3.8 to 4.1%.
The good news is that foreclosures are down 42%, as well as short sales, which means that’s a very, very healthy market. We don’t have a lot of properties out there just kind of sitting around with the defaults going on. Close sales, so far this year, are down 3.4 percent. Which is not too bad and that has a lot to do with the low, low inventory. The less amount of properties we have to sell, the less properties we’re going to sell. That’s just the way it works.
The good news is that foreclosures are down 42%, as well as short sales, which means that’s a very, very healthy market
Cash sales are also down 12%, which again is just indicative probably of the lack of inventory, so we have a little bit less investors coming in and purchasing up those inventory properties kind of hanging around.
So again, just to kind of give you a quick snapshot, that’s what’s happening in the real estate market here in Central Florida, on the East Coast for the third quarter of 2017.
Thanksgiving is right around the corner. I hope you guys have a safe and wonderful holiday. Safe travels to those of you who are going out of town, and we look forward to reconnecting with you after the Thanksgiving holidays.
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If you would like to compare, take a look back at our last Market Update: