Tuesday, September 10, 2013

Brevard County, Florida Real Estate Market - How do you measure the real estate market's intensity?

One of the most common questions a real estate agent gets is "How is the market doing?"  This question can come from prospective buyers, sellers or just a casual contact.

We all hear and read stories about how the real estate market is heating up.  But what is the measure of its temperature?  The general feeling in Brevard County as well as in many other locations is the market is bouncing back.

Still, how does one measure the real estate market's intensity? 
  • Is it the increasing prices?  This could be a subtle measurement with some bumps and lulls depending on the neighborhood/zip code.
  • Is it the number of homes for sale?  The decreasing inventory could mean many things including potential sellers under water or just waiting for higher prices which usually follows lower inventory.
  • Is it the number of multiple offer situations?  This is becoming a common occurrence. 
  • Is it the average number of days properties are on the market?  Since August 10th (past 30 days)  the average days on the market for residential sales in Brevard County has been 66.  But the average days on the market can be different based on the location within the County as well.  For example, in Viera (west of I-95) the days on the market is 77 days while in Suntree the average is 91. 
So how is the Brevard County, Florida real estate market?  It depends on whether you are buying, selling, an under water owner or a real estate agent?  Ask me!