The truth is that the market is good in different pockets for different aspects of the market. Some sellers are doing really well, selling quickly, and getting good prices. Some are struggling and their homes are sitting on the market.
In other areas, buyers are ruling the game because that segment of the market isn’t selling very well. Other buyers are running into bidding wars because they are in a very hot area of the market.
Now that the first quarter is over, I want to share some market stats to give you an idea of what’s going on.
There were 814 homes sold in the first quarter, which is a robust market for us. The average sale price was $344,000, so prices are coming up. The average home sat on the market for about 110 days before selling. That’s about 3.5 months on the market, which is not too bad.
There were 814 homes sold in the first quarter, which is a robust market for us.Here’s where things get interesting—there are almost 1,600 homes for sale in our county, and 316 homes sold in the last 30 days. If you do the math, that tells us that not all of the homes that go on the market are selling and not all areas of the market are as hot as we would like them to be.
Only 20% of homes on the market sold in the past month. If we look closer, 73% of the sales were under $300,000, which tells us that we have a robust market under $300,000. Between $300,000 and $1 million, the market is very lukewarm because we have so much new construction in Indian River county. Sellers above $300,000 are on edge because there is so much competition.
The market over $1 million gets really dicey. There are 260 properties over $1 million, and only 14 of them sold in the last month. In other words, if you’re over $1 million, only 5% of homes in that price range are selling, so that market segment is tough for sellers right now.
If you are in any of these markets, you have advantages and disadvantages to deal with. You need a team on your side to help you navigate your specific situation. I want to invite you to give us a call. We have 25 years of real estate experience, 15 of which are right here in Indian River county.
We’ll have a very honest and straightforward conversation about what’s going on in the market so that you can use it to your advantage. Just give us a call or send us an email. We would love to talk to you.