Brevard County Oceanfront Single Family Home Sales

2018

Third Quarter Report

For the Third Quarter of 2018 we had 5 oceanfront sales ranging in price from $750,000 to $1.9 million. The number of sales were down significantly from the same time last year, however the average price per square foot was higher and the time on market remained relatively the same. This quarter we saw buyers negotiating an average of 7% off the listing price, which is 1% less than the year prior.

Sales Volume No. of Sales Avg Days on Market Avg Sale Avg Price Per Sqft List Price vs Sales Price
2016 $8,930,000 8 197 $1,116,250 $341.06 90%
2017 $13,492,000 11 133 $1,226,545 $422.80 92%
2018 $6,190,000 5 138 $1,238,000 $465.72 93%

Reviewing the 1 year chart, we can see that inventory has increased, giving buyers more options to choose from. The number of sales have decreased putting a little bit of pressure on the absorption rate where we are averaging about 9 months worth of inventory. A balanced market’s absorption rate is between 5 – 7 months worth of inventory, so the absorption rate in this sector of the market slightly favors buyers.

In summary, if you’re in the market for an oceanfront home it’s a great time to buy as there are more options to choose from. If you’re thinking about selling, now could be great time to maximize on price as the average sales price is up from last year along with the average price per foot. Contact us for a no-obligation strategy session.