Sebastian 2018 1st Quarter Real Estate Market Report
The housing market here, while increasing in price by 6%, is still a very affordable
community. Buyers love Sebastian for its friendly small town feeling and great
values. While the average home price is still only $218,427, buyers that used to
be able to find homes under $100,000 are now out of luck. This will be the last
quarter that we look at homes under $100,000 as a market segment with only
8 sales at this price point.
At the same time, new construction of larger homes, larger lot sizes available
and waterfront values are bringing in more sales in the luxury category. While
still a small market segment, the number of homes selling over $500,000 is
increasing and probably will become more significant in the future.
Inventory below $250,000 is very tight, with the average home selling in about
10 weeks. However above the $250,000 price, buyers can find a better supply
with over a 6 month supply on the market. Sellers trying to price too aggressively
are seeing longer marketing times in the upper end of the market.
So the mixed message is, buyers in the lower end market need to act quickly
and bid aggressively or risk missing out. In the mid and upper end markets, there
is a selection for buyers, and while prices are slowly increasing, sellers need to
look closely at the competition and price their homes appropriately.