Discover the latest trends shaping Brevard County's real estate landscape with our comprehensive March 2024 digital brochure. Reflecting on February's market dynamics, we delve into the nuances of supply and demand affecting local real estate.
February Recap:
- Inventory Rise: Witnessed a 4% monthly boost in inventory, culminating in a 35% annual increase, with over 3,350 properties on the market, surpassing pre-COVID figures.
- Mortgage Rates Influence: Buyer interest is waning due to escalating mortgage rates, which rose from 6.63% to over 7%, resulting in slower sales and growing inventory.
- Cash Deals Prevalence: In January, 74% of sales above $1 million were cash transactions, highlighting how rising rates influence purchasing methods.
- Market Dynamics: Melbourne's real estate is swift yet sensitive, with a median listing period of 35 days and 42% of properties seeing price reductions, indicating a market that is active but reactive to pricing strategies.
Strategic Insights for Market Players:
- Buyers: More listings and price adjustments are creating a favorable environment for buyers seeking value.
- Sellers: In a market that demands precision, sellers must adopt creative strategies and ensure their representation maximizes exposure to attract the right buyers.
Exclusive Content:
This edition's "State of the Marketplace" video series is particularly exciting, featuring a special session with renowned real estate coach Tom Ferry, who joins forces with Dewayne Carpenter and Kirk Kessel. Together, they'll provide invaluable insights, dissecting current trends and offering forward-looking perspectives on the market's direction.
Our brochure serves as a comprehensive resource, equipping you with the knowledge to understand and navigate the intricacies of Brevard County's real estate landscape as we move deeper into 2024.