Steady Sales Leads to Healthy Beachside Market

If your dream was to buy an affordable home beachside in Brevard, sorry to say it but gone are the days when the Brevard Beachside housing market was the best kept secret on the Space and Treasure Coast. Inventory under $250K is scarce and when it is available it flies off the shelf, being on the market less than 3-4 weeks. If you find a property under $250k that you like, offer high and cross your fingers that you don’t get outbid. Cash is king especially as we are finding appropriate appraisals can be tough when securing a loan. However the market above $500k is very stable. While homes in this segment are also selling briskly there’s a comfortable balance in negotiating power between buyers and sellers. With inventory just over 6 months, we are likely to see prices continuing to stay stable. While overall prices increased for beachside single family homes, the 11% increase had more to do with a high number of units sold at the higher price point over $1mil rather than an overall price appreciation. 2018 should see similar, modest overall growth in prices with an expected increase of 4-6%, however, with similar sales for higher priced units expected, the average price increases will continue to be artificially inflated in the double digit range. Pricing a home correctly remains one of the determining factors on if your Beachside home will sell quickly.