Luxury & Waterfront Insights June 2024 Edition

Luxury & Waterfront Insights June 2024 Edition

  • DeWayne Carpenter
  • 06/12/24

As we wrap up the spring selling season

Our latest digital brochure offers a deep dive into the evolving Space Coast real estate market. 

This May, inventory increased by nearly 5% from April, and remarkably, it’s up 64% compared to last year alone. This rise has placed significant pressure on prices, with 54% of Melbourne homes undergoing price reductions.

Mortgage rates have been notably volatile, peaking at 7.35% after a brief dip to 6.99%. With 72% of May’s sales in Brevard involving mortgages, these fluctuations have crucially impacted buyer affordability and demand.

Despite these challenges, homes continue to move, with the median time to contract standing at 35 days—60% longer than last year but still indicative of a dynamic market. Immediate, well-calculated pricing and marketing strategies remain critical to attracting buyers quickly.

Discover in-depth analyses and navigate through listings of luxury and waterfront properties—both available and recently sold.

For an in depth market report for your specific zip code, email us at [email protected] with the subject “Market Report” and provide us your zip code.

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