Space Coast FL - How bad is the housing market?

[Samuel Boyd]

I did a deep dive on the Space Coast (Brevard County FL) residential real estate market and zoomed out to get the big picture. The results were even more surprising than I suspected...

Current Inventory: 5336 |         Last time it was this high? - 2011 (you know when the MARKET CRASHED)

Average Days on Market: 71 | Last time it was this high? - 2013

Average SP/LP: 93% |                Last time it was this low? - 2015

And the interesting part? Although every market factor seems to be working in favor of buyers, Average sold price is still at an all-time high. And when you factor in today's mortgage rates, you see that homes are still as unadorable as ever.

Honestly would love some opinions on how to interpret this data. Is this the early stages of a county-wide price declines in the coming months? Or should we expect more of the same with prices staying stubborn? I still see a lot of people moving here which I think is keeping prices high, but I guess time will tell!

[Jonathan Paz]

I find it very interesting how many sellers are sitting on hundreds of thousands of dollars of equity yet only do small price drops as their homes sit on the market for extended periods of time. Many of these homes do eventually go under contract and sell. It tells me that we have a strong economy where sellers are not desperate to sell for below market price. They would rather let their homes sit empty or withdraw the listing and rent it. As a Brevard County investor and agent, I'm still not seeing very many on-market deals in the single family and multi-family space. With respect to condos, prices have come down pretty fast there and I believe will continue to come down, heavily dependent on the community and how well managed is the HOA.