Category Archives: Market Updates

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Brevard County Real Estate Market Update – First Quarter 2018

Category : Market Updates

Hi everyone, Don Norris here with Norris Real Estate. We are right here on Satellite Beach. While the rest of the country, especially in the deep south, is preparing for a hard freeze, and even some snow accumulations, in Texas, and Alabama, and Mississippi, we’re here on the beautiful beach. Now, mind you, for Florida standards, I’m freezing, it’s like in the 60s, but still not too shabby. This is a great, great place to live.

Just real quick, wanted to update everybody on what the market’s doing here in Central Florida.. Right now, the closed properties are up 5.2% near Brevard County at 752 total units. Pending sales right now is up again at 14.2%. New listings here in Brevard County are on a rise at 1.6% over this same time last year. The median price for a home here in Brevard County is up 15.3%, at an average price of $218,000. This time last year, average home sales price was $189,000, so we are still on the rise as far as home prices are good to go.

Inventory right now is up, which is a great thing, up 12%, we’re at 2.8 months of inventory. Again, what that means for you the consumer is that right now if everything here in Brevard County sold in 2.8 months, everything would be sold. Average market is six to seven months of inventory, we’re still at 2.8, which means we’re still in a deep, deep sellers market. A lot of people wanting to buy a home, not very many homes to purchase. We have very low inventory, and the prices are continuing to rise.

For condominiums, here along the coast, the coast sales are down 3.9% at a 195 units. Pending sales are up 2.3%, and new listings are actually down 4.5%, so it’s a little bit different than the housing market, it’s almost the opposite. Median price for a condominium here in Brevard County is sitting at a 160,000, this same time last year, it was 142,000. We’re up just a little bit, but not  as much as with the housing market. The inventory for condominiums sitting at 5.6 months. This time last year it was at 3.4 months. Our inventory is climbing for condominiums as opposed, the water is getting close to me, as opposed to the housing market.

It’s still a great, great time to invest in real estate here in Brevard County. Prices are still on the rise, but it’s a great, great time buy, because those prices are continuing to rise. You give me a call, I can find you some great, great deals. It’s what we do, we grew up here, we live here, Natalie and I, this is just what we do. We love helping people find properties. If you’re owning a property, and you’re thinking about selling, this is the primetime to sell that property, get a great, great price for it, turn a great profit.

Any questions we’d love to help you all out with any of your real estate questions or needs. You can just reach out to us on Facebook, or give me call at 321-759-3857, that’s my cell phone, always have it with me. I will always return your texts, or your phone calls. Love to hear from you. Hope you guys are having a great day, and we’re looking forward to spring already. Take care.


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Brevard County Real Estate Market Report

Brevard County Real Estate Market – November 20, 2017

Category : Market Updates

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!

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.
If you have not already, please click like on our Facebook page to stay in touch with more updates on what’s happening here around central Florida. Have a great day!

Visit our Real Estate site for all things real estate and community related!

Others Have Asked
If you are thinking of selling and wonder how much your house might sell for in today’s Brevard County Real Estate Market, use reach out to us for a quick home value estimate or call 321-759-3857. We serve ALL of Brevard County and have partners across the nation as well.

 

If you would like to compare, take a look back at our last Market Update:


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Norris Real Estate Brevard County

Florida Cities Among America’s Fastest Growing

Florida, the Sunshine State.  There is a good reason both people and corporations are moving to Florida like it’s the 49ers gold rush!  Great climate, beautiful beaches and lots of opportunity!  Forbes has come up with it’s list of “America’s Fastest Growing Cities” for 2017, and the Sunshine State has all but stolen the show!  They have focussed on population growth, employment opportunities, average wages, economic output and home prices/value.  Out of the top 25, Florida has garnered 9 of those 25 fastest growing cities in America, with Brevard County’s Melbourne/Palm Bay/Titusville coming in at #15.  Here is the rest of those cities and how they rank.

1. Cape Coral-Fort Myers, FL

Norris Real Estate Brevard County

  • Population Growth 2016: 3.39% (rank: #1)
    Projected Population Growth 2017: 3.61% (1)
  • Job Growth 2016: 3.93% (5)
    Projected Job Growth 2017: 3.83% (1)
  • Real Gross Metro Product Growth 2016: 4.42% (4)
    Projected GMP Growth 2017: 6.82% (1)
  • Wage Growth 2016: 7.08% (4)
    Projected Wage Growth 2017: 7.75% (4)
  • Home Price Growth 2016: 10.66% (6)
    Projected Home Price Growth 2017: 7.56% (7)

 

2. Orlando-Kissimmee-Sanford, FL

Norris Real Estate Brevard County

  • Population Growth 2016: 2.95% (2)
    Projected Population Growth 2017: 3.14% (2)
  • Job Growth 2016: 4.57% (1)
    Projected Job Growth 2017: 3.54% (2)
  • GMP Growth 2016: 3.86% (6)
    Projected GMP Growth 2017: 6.31% (2)
  • Wage Growth 2016: 6.08% (12)
    Projected Wage Growth 2017: 8.22% (2)
  • Home Price Growth 2016: 9.52% (12)
    Projected Home Price Growth 2017: 8.64% (2)

 

3. Provo-Orem, UT

Norris Real Estate Brevard County

  • Population Growth 2016: 1.96% (9)
    Projected Population Growth 2017: 1.94% (11)
  • Job Growth 2016: 4.43% (2)
    Projected Job Growth 2017: 2.86% (6)
  • GMP Growth 2016: 5.11% (1)
    Projected GMP Growth 2017: 5.84% (3)
  • Wage Growth 2016: 7.50% (1)
    Projected Wage Growth 2017: 9.45% (1)
  • Home Price Growth 2016: 7.91% (18)
    Projected Home Price Growth 2017: 7.68% (6)

 

4. Deltona-Daytona Beach-Ormond Beach, FL

Norris Real Estate Brevard County

  • Population Growth 2016: 2.41% (6)
    Projected Population Growth 2017: 2.57% (6)
  • Job Growth 2016: 4.11% (4)
    Projected Job Growth 2017: 3.16% (5)
  • GMP Growth 2016: 3.90% (5)
    Projected GMP Growth 2017: 5.33% (6)
  • Wage Growth 2016: 5.60% (15)
    Projected Wage Growth 2017: 6.92% (11)
  • Home Price Growth 2016: 9.57% (11)
    Projected Home Price Growth 2017: 7.49% (9)

 

5. Jacksonville, FL

Norris Real Estate Brevard County

  • Population Growth 2016: 1.77% (14)
    Projected Population Growth 2017: 1.88% (13)
  • Job Growth 2016: 3.76% (6)
    Projected Job Growth 2017: 2.59% (9)
  • GMP Growth 2016: 3.10% (13)
    Projected GMP Growth 2017: 5.11% (7)
  • Wage Growth 2016: 6.42% (10)
    Projected Wage Growth 2017: 7.77% (3)
  • Home Price Growth 2016: 9.05% (15)
    Projected Home Price Growth 2017: 7.77% (5)

 

6. North Port-Sarasota-Bradenton, FL

Norris Real Estate Brevard County

  • Population Growth 2016: 2.67% (3)
    Projected Population Growth 2017: 2.59% (5)
  • Job Growth 2016: 2.68% (18)
    Projected Job Growth 2017: 2.79% (8)
  • GMP Growth 2016: 2.48% (23)
    Projected GMP Growth 2017: 5.41% (5)
  • Wage Growth 2016: 5.89% (13)
    Projected Wage Growth 2017: 7.45% (7)
  • Home Price Growth 2016: 11.97% (4)
    Projected Home Price Growth 2017: 8.09% (4)

 

7. Seattle-Tacoma-Bellevue, WA

Norris Real Estate Brevard County

  • Population Growth 2016: 1.56% (18)
  • Projected Population Growth 2017: 1.38% (19)
  • Job Growth 2016: 3.40% (9)
    Projected Job Growth 2017: 2.81% (7)
  • GMP Growth 2016: 2.99% (14)
    Projected GMP Growth 2017: 4.01% (17)
  • Wage Growth 2016: 7.35% (3)
    Projected Wage Growth 2017: 7.53% (6)
  • Home Price Growth 2016: 11.98% (3)
    Projected Home Price Growth 2017: 7.55% (8)

 

8. Tampa-St. Petersburg-Clearwater, FL

Norris Real Estate Brevard County

  • Population Growth 2016: 1.65% (17)
    Projected Population Growth 2017: 1.76% (15)
  • Job Growth 2016: 3.03% (12)
    Projected Job Growth 2017: 2.43% (12)
  • GMP Growth 2016: 2.83% (16)
    Projected GMP Growth 2017: 4.75% (9)
  • Wage Growth 2016: 6.42% (9)
    Projected Wage Growth 2017: 7.60% (5)
  • Home Price Growth 2016: 9.98% (7)
    Projected Home Price Growth 2017: 7.10% (10)

 

9. Portland-Vancouver-Hillsboro, OR-WA

Norris Real Estate Brevard County

  • Population Growth 2016: 1.20% (23)
    Projected Population Growth 2017: 1.11% (24)
  • Job Growth 2016: 2.84% (16)
    Projected Job Growth 2017: 2.29% (14)
  • GMP Growth 2016: 4.54% (2)
    Projected GMP Growth 2017: 5.45% (4)
  • Wage Growth 2016: 7.44% (2)
    Projected Wage Growth 2017: 7.05% (10)
  • Home Price Growth 2016: 12.18% (2)
    Projected Home Price Growth 2017: 5.99% (17)

 

10. Salt Lake City, UT

Norris Real Estate Brevard County

  • Population Growth 2016: 1.24% (22)
    Projected Population Growth 2017: 1.23% (22)
  • Job Growth 2016: 3.02% (13)
    Projected Job Growth 2017: 3.28% (3)
  • GMP Growth 2016: 3.73% (9)
    Projected GMP Growth 2017: 4.43% (12)
  • Wage Growth 2016: 6.76% (8)
    Projected Wage Growth 2017: 7.21% (8)
  • Home Price Growth 2016: 7.85% (19)
    Projected Home Price Growth 2017: 6.78% (12)

 

11. Boise City, ID

Norris Real Estate Brevard County

  • Population Growth 2016: 1.83% (10)
    Projected Population Growth 2017: 1.69% (17)
  • Job Growth 2016: 3.37% (10)
    Projected Job Growth 2017: 2.46% (11)
  • GMP Growth 2016: 2.52% (22)
    Projected GMP Growth 2017: 5.08% (8)
  • Wage Growth 2016: 5.52% (19)
    Projected Wage Growth 2017: 6.54% (15)
  • Home Price Growth 2016: 9.36% (13)
    Projected Home Price Growth 2017: 5.98% (18)

 

12. Miami-Fort Lauderdale-West Palm Beach, FL

Norris Real Estate Brevard County

  • Population Growth 2016: 1.73% (15)
    Projected Population Growth 2017: 1.85% (14)
  • Job Growth 2016: 2.52% (21)
    Projected Job Growth 2017: 2.37% (13)
  • GMP Growth 2016: 2.57% (21)
    Projected GMP Growth 2017: 4.64% (10)
  • Wage Growth 2016: 5.57% (16)
    Projected Wage Growth 2017: 6.67% (13)
  • Home Price Growth 2016: 9.83% (9)
    Projected Home Price Growth 2017: 6.36% (13)

 

13. Ogden-Clearfield, UT

Norris Real Estate Brevard County

  • Population Growth 2016: 1.34% (20)
    Projected Population Growth 2017: 1.33% (20)
  • Job Growth 2016: 4.32% (3)
    Projected Job Growth 2017: 1.89% (22)
  • GMP Growth 2016: 4.43% (3)
    Projected GMP Growth 2017: 4.20% (15)
  • Wage Growth 2016: 6.38% (11)
    Projected Wage Growth 2017: 6.20% (17)
  • Home Price Growth 2016: 7.68% (20)
    Projected Home Price Growth 2017: 7.03% (11)

 

14. Raleigh, NC

Norris Real Estate Brevard County

  • Population Growth 2016: 2.43% (5)
    Projected Population Growth 2017: 3.09% (3)
  • Job Growth 2016: 2.94% (15)
    Projected Job Growth 2017: 2.04% (20)
  • GMP Growth 2016: 3.72% (10)
    Projected GMP Growth 2017: 4.41% (13)
  • Wage Growth 2016: 6.78% (7)
    Projected Wage Growth 2017: 5.83% (22)
  • Home Price Growth 2016: 6.56% (25)
    Projected Home Price Growth 2017: 4.55% (23)

 

15. Palm Bay-Melbourne-Titusville, FL

Norris Real Estate Brevard County

  • Population Growth 2016: 1.56% (19)
    Projected Population Growth 2017: 1.70% (16)
  • Job Growth 2016: 1.39% (25)
    Projected Job Growth 2017: 2.48% (10)
  • GMP Growth 2016: 2.16% (24)
    Projected GMP Growth 2017: 4.40% (14)
  • Wage Growth 2016: 5.61% (14)
    Projected Wage Growth 2017: 6.60% (14)
  • Home Price Growth 2016: 13.47% (1)
    Projected Home Price Growth 2017: 8.32% (3)

 

16. Phoenix-Mesa-Scottsdale, AZ (tie)

Norris Real Estate Brevard County

  • Population Growth 2016: 2.35% (7)
    Projected Population Growth 2017: 2.32% (7)
  • Job Growth 2016: 2.63% (19)
    Projected Job Growth 2017: 2.05% (19)
  • GMP Growth 2016: 3.50% (11)
    Projected GMP Growth 2017: 4.57% (11)
  • Wage Growth 2016: 4.83% (22)
    Projected Wage Growth 2017: 7.19% (9)
  • Home Price Growth 2016: 7.47% (23)
    Projected Home Price Growth 2017: 4.19% (25)

 

16. Las Vegas-Henderson-Paradise, NV (tie)

Norris Real Estate Brevard County

  • Population Growth 2016: 2.43% (4)
    Projected Population Growth 2017: 2.60% (4)
  • Job Growth 2016: 2.49% (22)
    Projected Job Growth 2017: 2.27% (16)
  • GMP Growth 2016: 2.64% (20)
    Projected GMP Growth 2017: 4.12% (16)
  • Wage Growth 2016: 5.26% (20)
    Projected Wage Growth 2017: 6.03% (18)
  • Home Price Growth 2016: 7.93% (17)
    Projected Home Price Growth 2017: 5.01% (21)

 

18. Lakeland-Winter Haven, FL

Norris Real Estate Brevard County

  • Population Growth 2016: 1.82% (11)
    Projected Population Growth 2017: 1.94% (12)
  • Job Growth 2016: 2.01% (24)
    Projected Job Growth 2017: 1.63% (25)
  • GMP Growth 2016: 2.78% (18)
    Projected GMP Growth 2017: 3.87% (19)
  • Wage Growth 2016: 5.24% (21)
    Projected Wage Growth 2017: 5.88% (21)
  • Home Price Growth 2016: 9.81% (10)
    Projected Home Price Growth 2017: 9.58% (1)

 

19. Charlotte-Concord-Gastonia, NC-SC

Norris Real Estate Brevard County

  • Population Growth 2016: 1.78% (13)
    Projected Population Growth 2017: 2.04% (9)
  • Job Growth 2016: 2.35% (23)
    Projected Job Growth 2017: 1.76% (24)
  • GMP Growth 2016: 2.92% (15)
    Projected GMP Growth 2017: 3.46% (20)
  • Wage Growth 2016: 5.54% (18)
    Projected Wage Growth 2017: 6.38% (16)
  • Home Price Growth 2016: 7.47% (24)
    Projected Home Price Growth 2017: 5.73% (20)

 

20. Nashville-Davidson–Murfreesboro–Franklin, TN

Norris Real Estate Brevard County

  • Population Growth 2016: 1.32% (21)
    Projected Population Growth 2017: 1.32% (21)
  • Job Growth 2016: 3.02% (14)
    Projected Job Growth 2017: 2.03% (21)
  • GMP Growth 2016: 3.42% (12)
    Projected GMP Growth 2017: 3.92% (18)
  • Wage Growth 2016: 4.09% (23)
    Projected Wage Growth 2017: 6.68% (12)
  • Home Price Growth 2016: 9.14% (14)
    Projected Home Price Growth 2017: 4.55% (24)

 

21. Atlanta-Sandy Springs-Roswell, GA

Norris Real Estate Brevard County

  • Population Growth 2016: 1.82% (12)
    Projected Population Growth 2017: 2.10% (8)
  • Job Growth 2016: 2.84% (17)
    Projected Job Growth 2017: 2.26% (17)
  • GMP Growth 2016: 2.65% (19)
    Projected GMP Growth 2017: 3.07% (21)
  • Wage Growth 2016: 5.55% (17)
    Projected Wage Growth 2017: 4.87% (25)
  • Home Price Growth 2016: 7.51% (22)
    Projected Home Price Growth 2017: 6.08% (15)

 

22. San Jose-Sunnyvale-Santa Clara, CA

Norris Real Estate Brevard County

  • Population Growth 2016: 1.03% (25)
    Projected Population Growth 2017: 0.99% (25)
  • Job Growth 2016: 3.56% (7)
    Projected Job Growth 2017: 2.29% (15)
  • GMP Growth 2016: 3.84% (7)
    Projected GMP Growth 2017: 2.61% (25)
  • Wage Growth 2016: 6.94% (5)
    Projected Wage Growth 2017: 5.82% (23)
  • Home Price Growth 2016: 8.49% (16)
    Projected Home Price Growth 2017: 4.92% (22)

 

23. Denver-Aurora-Lakewood, CO

Norris Real Estate Brevard County

  • Population Growth 2016: 1.69% (16)
    Projected Population Growth 2017: 1.39% (18)
  • Job Growth 2016: 3.13% (11)
    Projected Job Growth 2017: 1.86% (23)
  • GMP Growth 2016: 2.82% (17)
    Projected GMP Growth 2017: 2.99% (23)
  • Wage Growth 2016: 3.95% (24)
    Projected Wage Growth 2017: 5.96% (19)
  • Home Price Growth 2016: 11.50% (5)
    Projected Home Price Growth 2017: 6.07% (16)

 

24. Dallas-Fort Worth-Arlington, TX

Norris Real Estate Brevard County

  • Population Growth 2016: 2.04% (8)
    Projected Population Growth 2017: 2.02% (10)
  • Job Growth 2016: 3.52% (8)
    Projected Job Growth 2017: 3.25% (4)
  • GMP Growth 2016: 0.96% (25)
    Projected GMP Growth 2017: 3.06% (22)
  • Wage Growth 2016: 3.89% (25)
    Projected Wage Growth 2017: 5.95% (20)
  • Home Price Growth 2016: 9.86% (8)
    Projected Home Price Growth 2017: 5.86% (19)

 

25. Sacramento–Roseville–Arden-Arcade, CA

Norris Real Estate Brevard County

  • Population Growth 2016: 1.18% (24)
    Projected Population Growth 2017: 1.12% (23)
  • Job Growth 2016: 2.59% (20)
    Projected Job Growth 2017: 2.06% (18)
  • GMP Growth 2016: 3.77% (8)
    Projected GMP Growth 2017: 2.98% (24)
  • Wage Growth 2016: 6.80% (6)
    Projected Wage Growth 2017: 5.45% (24)
  • Home Price Growth 2016: 7.65% (21)
    Projected Home Price Growth 2017: 6.26% (14)

 

 

Source:www.forbes.com/sites/samanthasharf/2017/02/10/full-list-americas-fastest-growing-cities-2017/#60a7c64f3a36