Brevard Island 2018 1st Quarter Real Estate Market Report
The beachside market in Brevard is a healthy growing real estate market. Sales for the 1st quarter are up 10% and prices overall are up over 8% from the numbers from a year ago.
The under $500,000 market remains strong for sellers. However with inventory staying close to a 3 month supply, buyers still have some selection unless they are hoping to buy under $250,000. Price increases in the first quarter in this market have been moderate, staying in the 3% to 5% range. This trend of moderate price increases should continue into the 2nd quarter and probably through the end of the year.
The $500,000 to million dollar market is a more balance market. With an 8 month supply of inventory, buyers are negotiating more aggressively and sellers unwilling to price tightly to past sales are finding their homes on the market for longer periods. As always, quality homes are hotter on the market.
The luxury market in Brevard is the bigger news. While still a very small slice of the number of units sold, sales topping $2 million and even $3 million are becoming more common. Buyers are seeing the value in Brevard over the markets in Indian River, South Florida and Central Florida where prices of luxury homes can be much higher. Buyers seeing the value of the Brevard waterfront will create big potential for the future.