Broker Note from Barbara
Making Sense of the Noise with Housing Data ~ In reviewing housing data graphs & charts, we usually see increases & declines in price appreciation in certain months. At times, we have customers that show us a graph showing a dip in price appreciation and then claim 'sky is falling'. What is most important to note is that in certain months, especially with seasonality at hand, the median price of closed sales can fluctuate so we need to look at averages over longer periods of time. While sales were historically low in 2024, average days on market are longer (but back to previous levels), & condo sales have remained sluggish, price appreciation has remained high throughout Brevard County. We realize it's difficult, but we must try to remove our emotional attachment to a property and price it correctly so it can sell in a reasonable time. As always, we're here to guide you in making the best decision for your goals while analyzing market conditions. Please reach out anytime!
Join the Seaside Stride Beach Trek
Our Team will be one of the main sponsors of the 2nd Annual Seaside Stride beach trek, part of the Get Outdoors for Freedom Spring & Summer Series. It will take place on April 5, 2025, starting at Fish Lips Waterfront Grill. This non-competitive community event offers a 10-mile or 20-mile trek along the beach, aiming to raise awareness and support for ending sexual exploitation. The 20-mile trek starts at 5:00 AM, while the 10-mile trek begins at 8:00 AM, both following an out-and-back route with scenic options to transition to sidewalks. Participants are encouraged to train in advance, share their progress, and consider fundraising to support the cause. Registration includes a post-trek celebration with a complimentary drink, light breakfast snacks, an event t-shirt, and a swag bag. Proceeds benefit efforts to prevent, identify, and rehabilitate survivors of sexual exploitation. Click here for more information.
December Home Sales Surge Despite Seasonal Slowdown, Signaling Positive Market Trends
December's Existing Home Sales data showed a surprisingly strong performance for what is typically a sluggish period in the housing market. Sales increased by 2.2% from the previous month, reaching 4.24 million units, which also marked a significant 9.3% rise compared to the previous year. Notably, housing inventory dropped 13.5% month-over-month but remained 16.2% higher than the previous year. Despite this increase, overall supply stood at just 3.3 months, well below the 4.6-month threshold considered a balanced market. Additionally, 16% of homes continued to sell above their list price. Analyzing historical trends, current home sales are at their lowest levels in many years, comparable to those seen during the 2008 Great Recession, which was followed by a steady rebound—an encouraging sign for the future housing market.
Housing Market Trends: Rising Inventory Meets Stabilizing Prices Amid Slow Sales
With national home sales at 4.06 million, inventory fluctuations and price trends have played a key role. Notably, inventory remains relatively low compared to previous peaks, while median home prices have seen periodic increases but appear to be stabilizing. A significant factor in this trend is the hesitation among young adults aged 25-34, many of whom are choosing to stay at home and save money rather than enter the housing market. Uncertainty about whether home prices will drop, whether current interest rates represent a long-term norm, or if they will eventually decline has left many potential buyers in a wait-and-see mode, contributing to the slowdown in sales. The cyclical nature of inventory and pricing in the chart also suggests that while the market is at a low point, historical patterns indicate potential for future recovery, much like past rebounds.
Brevard’s Building Boom: Major Growth in Housing, Tech, and Infrastructure for 2025
Brevard County is experiencing a significant building boom, with strong residential, commercial, and industrial development expected to continue in 2025. Residential projects are particularly active in Palm Bay, where over 9,000 housing units are under construction, with thousands more under review. Major developments like Cypress Bay West and Palm Vista Everlands are adding single-family homes, townhomes, and age-restricted communities. High-tech expansion is also underway, with L3Harris Technologies and Rogue Valley Microdevices investing heavily in new facilities and job creation. In Titusville, upscale housing at The Shores at Tranquility is driving interest in retail and restaurant expansion, while the redevelopment of Titusville Mall aims to create a multiuse complex. Melbourne is seeing progress on the long-awaited Margaritaville resort and a new 240-unit luxury apartment community at the former Sears site. West Viera remains a hotspot for residential growth, with communities like Aripeka and Crossmolina focusing on eco-friendly and family-oriented living spaces. Hotel construction is booming, with eight new hotels set to open in 2025. Additionally, major educational investments are taking shape, including Eastern Florida State College’s new Center for Innovative Technology Education and Florida Tech’s 557-bed student housing complex. With strong population growth and increased construction activity, Brevard’s development surge is set to reshape the region’s landscape in the coming years.