Brevard Mainland 2018 1st Quarter Real Estate Market Report
With a healthy and rapidly growing jobs market, Brevard is a very strong housing market. The average sale price has increased to about $250,000, up 10% from a year ago.
Homes under $250,000 are in a sellers market. Buyers need to act quickly to find deals in this market segment. The inventory is currently about a 9 week supply of homes. Homes priced between $250,000 and $500,00 also are in under supply, however with a 3.9 month inventory of homes on the market buyers have a good selection.
In all market segments, sellers would seem to be in control with inventory stretched thin. However, increasing interest rates will eat up a big chunk of potential buyers ability to pay more. Prices probably will slow to single digit increases, while buyers payments will still see double digit increases. Oddly enough, the rising interest rates have put time pressure on buyers and sellers to act quickly. With each increase in the interest rates, sellers will see more of their potential sale price going to the mortgage increase, and buyer will still be dealing with a tight inventory and demand pressure from sellers and the lenders.