You've all heard the buzz, it's been going on for a while... housing inventory is low. Locally, the month's supply of single family homes in Brevard County is at 3.1 months. That means it would take only 3.1 months for the the current inventory to be sold. In a balanced market there would be 6 months of inventory. Still, sales are down and prices are on the rise.
A quick recap of the Brevard County Residential Report for June 2018:
- Closed Sales are down -7.3% for June 2018 in which the number of units closed was 958 compared to 1,033 in June 2017, with a decrease in cash sales of -12.7% compared to June 2017.
- New Pending Sales are up 2.4% and New Listings are down -1.4%.
- The Median Sales Price for Brevard Single Family homes is up 4.5% to $229,950 compared to a year ago, which was $220,000.
- Months Supply of Inventory is up 14.8% to 3.1 months, an increase from 2.7 months in June 2017.
- Traditional Sales are down -6.5%, with a median sales price of $232,000.
- Foreclosure/REO Sales are down -14.7%, with a median sales price of $154,000.
Short Sale Closings are down -60%, with a median sales price of $126,125
For more local stats please give me a call or email me - I would love to hear from you!