August 2024 Market Update
57% of homes had price reductions in July.
In July, we are in the heart of the summer market, with home-buying having already peaked for the year. The trend of new listings outpacing sales continues, giving buyers more choices. Although the pace of rising inventory has slowed, inventory is now over 80% higher than the same time last year.
Mortgage rates have decreased slightly with good news about slowing inflation but remain higher than they were a year ago. Properties priced accurately and marketed correctly are still selling in 37 days, which is longer than last year but still relatively quick. The good news is that sellers can sell within a reasonable time frame without rushing to buy another house, and buyers have more inventory to make informed decisions. The market is normalizing.
Explore our digital brochure to discover more insights into the Space Coast luxury and waterfront real estate market, including trends, record-breaking prices, and the challenges faced by average properties.