January 2024

Noteworthy News and Space Coast Spotlight:

 

Note from Broker Barbara

Happy New Year to our friends, past customers, & future customers! One thing I've learned about the real estate market is that change is constant. Just like the stock market, we can see wild swings affect property values. These are generally in the short term though, so if you're investing or purchasing a primary residence, we hope you plan to hold it long enough to insulate yourself. 2023 was another interesting year with one of the fastest rises in mortgage interest rates in history, coupled with unique challenges in Florida with much higher insurance premiums and new State required engineering reports by the end of 2024 for all condos 3 stories or higher. Many condo complexes are seeing steep rises in HOA fees to fund the higher Reserve budgets that will be required and/or assessments to offset the HOA fee increases. Experienced, hardworking real estate agents like ourselves were continually on the phone or email explaining these issues and how it was putting downward pressure on property appreciation and longer days on the market for actively listed properties. The commercial real estate market had significant challenges too, with the higher mortgage rates significantly decreasing the ROI on commercial properties as well as short-term rental properties. On the barrier islands of the Space Coast, especially in the areas that allow shorter minimum stays, we also saw saturation of short-term rental properties. Frustrated newer owners of these properties were not seeing the returns they forecasted and some experienced short-term property owners saw decreased guest reservations. Some owners are in it for the long haul and will stay at it through this pullback while others are already ready to unload their properties, even if breaking even or at a small loss. In addition, Brevard County is seeing a lot of new hotel developments that have added to this pressure and it's been discussed that the post-pandemic travel craze has lightened after pent-up demand waned and some of the funds used for travel that may have come from PPP monies dried up. Another wrinkle to this that's been documented is that those who moved to their second homes during the pandemic when work from home was most prevalent decided to continue working from home in their second home and are selling their primary residences. Fortunately for us here in Florida, we've been more insulated from downward pressure in values than some other states with a continued influx of new residents to our state. Throughout the county, values overall have seen slight price appreciation on most property types, though there has been a slight pullback along the barrier islands due to the issues mentioned that especially affect coastal properties. I've always said that we pay a price to live near the ocean. Although final 2023 statistics are not in yet, in general, we saw slower sales volume and a return to a more normalized market. We welcome this for both sellers and buyers which will allow them to make less hurried and more thoughtful decisions. Please find us with your questions. We’d love to help you make the most informed real estate decisions that meet your life goals. As always, we welcome the opportunity to serve you!

 

Brevard Business News Spotlight

After serving as both Owner and Broker of CENTURY 21 Ocean for almost 9 years, I made the careful and thoughtful decision to remain the Broker but merge my company with a much larger brokerage to capitalize on economies of scale and focus on what I love doing best, working directly with buyers and sellers to help them reach their goals. I interviewed many brokerages and found that C21 Results based out of Atlanta, GA was the perfect fit. Lead by the ever enthusiastic Terry Swanson, C21 Results has many other successful satellite offices such as ours. In this quickly changing digital world, we are able to tap into their incredible software systems and support staff. Our name will remain C21 Ocean and I've adopted a new team name, Ocean to River Properties. I'm super excited for this transition and know that "less is more, focus is power". I look forward to passing on more depth of marketing and support to serve you even better!

 

Brevard November Sales Metrics

 

The November sales metrics show an increase in median sales price and homes sold for single family homes compared to the same time last year. Condo's and townhouses fell slightly in price but there was an uptick in units sold. This return to a more normalized market isn't necessarily a bad thing. It allows buyers and sellers to make more educated and thought out purchases.

 

 

I Am A Freedom Fighter - Seaside Stride Beach Trek

 

Ocean to River Properties is the proud supporter of the April 6, 2024 "walkathon" aka Seaside Stride hosted by I Am A Freedom Fighter, a locally run non-profit run by Jenny Pruett, former owner of Juice n Java in Cocoa Beach. Dedicated to raising awareness and funds for those trapped in the human trafficking trade, they are hosting two other outdoor events before the April 6th walk that my team is sponsoring. After I participated in 3 endurance mountain hikes for this cause in Alaska, Utah, and Wyoming, I decided it was time to 'bring it home' to the Space Coast and offer it to a wider audience that loves the outdoors but might not be up for traveling out of state or mountain hikes. Two options will be offered, a 10-mile or 20-mile distance walk either on the beach or along the coast on the sidewalk. Donations are of course highly welcome whether you decide to walk or not. Thank you for your support of this much-needed cause!

Click here to learn more about I Am A Freedom Fighter.

 

 

Monthly Market Detail - November 2023

Brevard County Housing Statistics