October 30, 2023

Q3 Market Analysis

Q3 Market Analysis

Hey there Space Coast friends and family. I’m here to share the real estate rhythms of this quarter. We’ve seen some shifts, and as always, there’s plenty to talk about.

 

1. The Dance of Closed Sales: Finding the New Groove

  • What’s the Score?: There’s a 5.1% dip in closed sales. It’s like when the beach is a bit quieter, but the waves are still rolling.
  • Interest Rates Setting the Tempo: Imagine dealing with a 30-year fixed conventional mortgage at around 8%. Many of our neighbors have their mortgages locked in below 4%, and they’re choosing to enjoy the view rather than dive into pricier waters.

2. Inventory: More Options on the Horizon

  • A Welcome Boost: Inventory is up by 35%, giving us 2.7 months of homes ready for new memories.
  • Seller’s Soiree Continues: Despite the increase, sellers still have the upper hand. But remember, a balanced market dances around six months of inventory.

3. Median Sales Price: Steady As She Goes

  • A Slight Ripple: We’re talking about a 0.3% dip in the median sales price. It’s a whisper of change, not a shout.
  • Consistency is Key: The Space Coast continues to be a haven of stability. But, as the wise say, choices abound, and buyers are getting picky. That quirky layout or retro bathroom might mean a bit more time on the market.

 

Aaron’s Straight Talk: Navigating with Know-How

Now, let’s get down to it. Our market? It’s got character. Those homes with a quirk or two, once charmingly referred to as ‘slightly over-ripe bananas’, used to find their new owners in a heartbeat because the demand was just that high.

 

But the tide has turned. Buyers have more to choose from, and they’re taking their time. And that’s why you need a team that knows the waters like the back of their hand. That’s where Island Pineapple Realty comes in.

 

We’re not just about buying or selling; we’re about ensuring that you #LoveWhereYouLive, every step of the way. So whether you’re thinking of moving, buying your first home, or just curious about the market, we’re here to help. And don’t forget to share this update with friends and family considering making the Space Coast their home too.

 

To loving where you live and living where you love,

Aaron

Here are Some Similar Articles We’ve Recently Published

View all posts

Work With Us

We invest in people by empowering and equipping them to make the right moves so they can love where they live.
Contact
Follow Us