The local real estate market, so far this year, is going as predicted.
Prices for existing single-family homes continue to rise while builders are focused on replenishing new home supplies in North Brevard (Merritt Island as it leads into the Kennedy Space Center); the Suntree/Viera area and in West Melbourne.
Other details from the local realtors group showed that year over year: Cash sales dropped 8.1 percent New pending sales rose 2.7 percent New listings jumped 9.1 percent The months supply of inventory increased to 2.7 months from 2.5 months Traditional sales rose 10.2 percent with a median sales price of $232,000.
Foreclosure/REO fell 38.7 percent with a median sales price of $159,500.
Short sale closings dropped 55.6 percent with a median sales price of $203,500.
“There are some rising inventories and I do expect inventories to continue to rise as more homebuilders are building more,” Steve Vitani, a Realtor with RE/MAX Elite. "In some areas the new home builders are providing even more competition with move-in ready new homes that offer today's trending home design features."
The aura of an overheated market is on the minds of many as home prices continue to rise.
Parade of Homes honors The Home Builders and Contractors Association of Brevard recently announced honors from its annual Parade of Homes event.
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