Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

July 25, 2021

Brevard County Market Snapshot June 2021

A quick recap of the Brevard County Single-Family Report for June 2021:
 
  • Closed Sales are up +11.2% for June 2021 in which the number of units closed was 1,168 compared to 1,050 in June 2020, with an increase in cash sales of +68%.
  • New Pending Sales are down -19.3% and New Listings are up +23.7%.
  • The Median Sales Price for Brevard Single Family homes is up +20.9% to $314,250 compared to a year ago, which was $260,000.
  • Months Supply of Inventory is down -57.1% to 0.9 months, a decrease from 2.1 months in June 2020.
  • Traditional Sales are up +12.8%, with a median sales price of $315,000.
  • Foreclosure/REO Sales are down -58.8%, with 7 closed sales and a median sales price of $201,000.
  • Short Sale Closings are down -100% with 0 closed sales in June 2021 and 4 Closed sales in June 2020.
 
A quick recap of the Brevard County Townhouses & Condos Report for June 2021:
 
  • Closed Sales are up +39.0% for June 2021 in which the number of units closed was 321 compared to 231 in June 2020, with an increase in cash sales of +33.9%.
  • New Pending Sales are down -16.1% and New Listings are up 34.5%.
  • Median Sales Price for Townhouses & Condos is up +6.7% to $232,000 compared to a year ago, which was $217,500.
  • Months Supply of Inventory is down -61.3% to 1.2 months in June 2021 from 3.1 months in Jun 2020.
  • Traditional Sales are up +38.1%, with a median sales price of $232,000.
  • Foreclosure/REO Sale reported, 1 closed sale and a median sales price of $307,500.
  • Short Sale Closings reported 1 closed sale in June 2021 and 0 closed sales in June 2020.
Posted in Market Updates
July 16, 2021

Hot Topics in the Housing Market Right Now



If you’re a prospective buyer or seller, it’s important to understand the current real estate market conditions and how they affect you. The Counselors of Real Estate (CRE) just released its Top Ten Issues Affecting Real Estate report. Here are three hot topics from the list and how they impact today’s housing market.

Technology Acceleration and Innovation

The past year ushered in many changes to the real estate industry, especially when it comes to technology. The CRE report elaborates on this:

“Lockdown-driven changes in our work, in the economy, in social structures, and in our personal behavior have pushed our reluctance aside. The acceleration and adoption of technology during the pandemic has impacted everything, and real estate is no exception.

For real estate, innovations like digital documentation, virtual tours, and video chat enable agents to connect with clients no matter their location. These options are ideal for prospective buyers and sellers who aren’t local to the area or those that need the added flexibility signing documents online or doing virtual tours provide. That’s why many trusted real estate advisors will continue to use these technologies moving forward to best serve their clients.

Remote Work and Mobility

Working from home became the reality for many individuals during the pandemic, and the latest list from the CRE identified remote work and mobility as an important influence on the real estate market. As the report notes:

the pandemic universally caused a movement away from urban cores, particularly for those with higher incomes who could afford to move and for lower-income individuals seeking lower costs of living. Most of these relocations remained within their original region—84%—and, while some are returning, it is unknown as to the permanence of these movements or whether they represent a true urban exodus.

With the added mobility remote work offers, where people are moving and where they can ultimately purchase a home is less dependent on a physical office location. This newfound flexibility is giving remote workers the opportunity to move to more affordable areas and buy more home for their money.

Housing Supply and Affordability

Finally, the limited supply of houses for sale and the related affordability challenges also makes CRE’s list of key factors this year:

“According to the National Association of Realtors®, the state of America’s housing inventory is dire, with a chronic shortage of affordable and available homes needed to support the nation’s population.”

There is good news. Homes are still more affordable than they have been historically thanks to today’s low mortgage rates. And while housing supply is still low, we’re seeing steady increases in the number of homes coming to market, which gives hope to homebuyers. As the supply of homes for sale improves, buyers will have more options.

Bottom Line

New technology, remote work, housing supply, and home affordability are key factors in the housing market right now for both buyers and sellers. If you want to better understand how these topics can impact you, let’s connect today.

Posted in Buyers, Sellers
July 9, 2021

Why This Isn’t Your Typical Summer Housing Market



In real estate, it’s normal to see ebbs and flows in the market. Typically, the summer months are slower-paced than the traditionally busy spring. But this isn’t a typical summer. As the economy rebounds and life is returning to normal, the real estate market is expected to have an unusually strong summer season.

Here’s how this summer is stacking up against the norm and what it means for you.Why This Isn’t Your Typical Summer Housing Market | MyKCM

Inventory is increasing.

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), inventory levels have been rising since February of this year. Looking at the graph below, there’s a clear upward trend, as shown in the green bars. Currently, there’s roughly a 2.5 months’ supply of homes for sale. And while inventory is trending up as more houses are coming to the market, it’s still much lower than several of the previous summers, as the orange bars indicate.Why This Isn’t Your Typical Summer Housing Market | MyKCMIf you’re looking to buy, some relief is on the way in the form of more homes coming to the market. Just remember, we still have less inventory than the norm, so be patient in your search.

If you’re thinking of selling, now is the time. Work with your agent to list your house before it has more competition on the market.

Time on the market is still shorter than normal.

Unlike the typical summer trend, time on the market is moving at the fastest speed we’ve seen since NAR started collecting this survey-based information in 2011. The most recent Realtors Confidence Index shows that the average home is on the market for just 17 days, as shown in green in the graph below. This means houses are selling at a much faster pace than a typical summer, which the orange bars represent.Why This Isn’t Your Typical Summer Housing Market | MyKCMIf you’re looking to buy, this means you need to be prepared to move fast. Brace for a quick pace and rely on your agent to stay in the know on the available homes in your area.

If you’re thinking of selling, data shows your house will likely sell quickly. If you’re worried about where you’ll go once your house sells, consider a newly built home as a good way to move up.

Price appreciation is still rising.

The last big factor making this an unusually strong market this summer is home price appreciation. According to the State House Price Index from the Federal Housing Finance Agency (FHFA), we’re currently experiencing double-digit house price appreciation and have an average of 12.6% appreciation across the country. The graph below uses data from NAR to show a more granular view of how prices have changed month-to-month over the past few years. The green bars show the current price appreciation we’re experiencing today. Our current levels are well above what we’ve seen in recent summers, shown by the orange bars.Why This Isn’t Your Typical Summer Housing Market | MyKCMIf you’re looking to buy, competition and bidding wars are driving prices up. Getting pre-approved can show the seller you’re serious and help you know what you can afford. Once you do, work with your agent to make a strong offer that stands out.

If you’re thinking of selling, seize this opportunity to use your additional equity from this price appreciation to power your next move.

Bottom Line

This isn’t a typical summer. Whether you’re buying or selling, let’s connect to talk about how you can capitalize on today’s market conditions to sell your house or find your dream home.

Posted in Buyers, Sellers
June 25, 2021

Brevard County Market Snapshot May 2021

A quick recap of the Brevard County Single-Family Report for May 2021:
 
  • Closed Sales are up +39.2% for May 2021 in which the number of units closed was 997 compared to 716 in May 2020, with an increase in cash sales of +124.4%.
  • New Pending Sales are down -7.6% and New Listings are down -2.1%.
  • The Median Sales Price for Brevard Single Family homes is up +16.0% to $290,000 compared to a year ago, which was $250,000.
  • Months Supply of Inventory is down -70.4% to 0.8 months, a decrease from 2.7 months in May 2020.
  • Traditional Sales are up +42.0%, with a median sales price of $290,000.
  • Foreclosure/REO Sales are down -81.3%, with 3 closed sales and a median sales price of $212,000.
  • Short Sale Closings are unchanged with 0 closed sales in May 2021 and 0 Closed sales in May 2020.
 
A quick recap of the Brevard County Townhouses & Condos Report for May 2021:
 
  • Closed Sales are up +70.7% for May 2021 in which the number of units closed was 285 compared to 167 in May 2020, with an increase in cash sales of +93.2%.
  • New Pending Sales are up +27.2% and New Listings are down -7.0%.
  • Median Sales Price for Townhouses & Condos is up +36.9% to $230,000 compared to a year ago, which was $168,000.
  • Months Supply of Inventory is down -71.4% to 1.0 months in May 2021 from 3.5 months in May 2020.
  • Traditional Sales are up +73.2%, with a median sales price of $230,000.
  • Foreclosure/REO Sales are down -66.7%, with 1 closed sales and a median sales price of $163,000.
  • Short Sale Closings are unchanged with 0 closed sales in May 2021 and 0 closed sales in May 2020.
Posted in Market Updates
June 2, 2021

Things to Do along the Space Coast this Summer

Things to Do along the Space Coast this Summer

Did you know the National Geographic Traveler named Florida's Space Coast the top vacation destination in the U.S.?  We have 72 miles of fun things to do from the beaches, shopping as well as Kennedy Space Center which has plenty of spectacular launches.

Here are a few things to do, whether you are visiting the Space Coast or you live in here and are looking for fun things to do this Summer (or year round).

 

Kennedy Space Center

Port Canaveral

Canaveral National Seashore

Merritt Island National Wildlife Refuge

Cocoa Beach Pier

Ron Jon Surf Shop

Cocoa Village

Indian River Lagoon

Brevard Zoo (Voted #8 in the Country)

Eau Gallie Art District

Sebastian Inlet State Park

 

Of course we have plenty of shopping, restaurants and more along the Space Coast!  What is your favorite day trip?

 

May 24, 2021

3 Things To Prioritize When Selling Your House



Today’s housing market is full of unprecedented opportunities. High buyer demand paired with record-low housing inventory is creating the ultimate sellers’ market, which means it’s a fantastic time to sell your house. However, that doesn’t mean sellers are guaranteed success no matter what. There are still some key things to know so you can avoid costly mistakes and win big when you make a move.

1. Price Your House Right

When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask when setting a listing price. Believe it or not, that’s not always true. Even in a sellers’ market, listing your house for the right price will maximize the number of buyers that see your house. This creates the best environment for bidding wars, which in turn are more likely to increase the final sale price. A real estate professional is the best person to help you set the best price for your house so you can achieve your financial goals.

2. Keep Your Emotions in Check

Today, homeowners are living in their houses for a longer period of time. Since 1985, the average time a homeowner owned their home, or their tenure, has increased from 5 to 10 years (See graph below):3 Things To Prioritize When Selling Your House | MyKCMThis is several years longer than what used to be the historical norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you purchased or the house where your children grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from that sentimental value.

For some homeowners, that connection makes it even harder to separate the emotional value of the house from the fair market price. That’s why you need a real estate professional to help you with the negotiations along the way.

3. Stage Your House Properly

We’re generally quite proud of our décor and how we’ve customized our houses to make them our own unique homes. However, not all buyers will feel the same way about your design and personal touches. That’s why it’s so important to make sure you stage your house with the buyer in mind.

Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. Stage, clean, and declutter so they can visualize their own dreams as they walk through each room. A real estate professional can help you with tips to get your home ready to stage and sell.

Bottom Line

Today’s sellers’ market might be your best chance to make a move. If you’re considering selling your house, let’s connect today so you have the expert guidance you need to navigate through the process and prioritize these key elements.

Posted in Sellers
May 22, 2021

Brevard County Housing Statistics for April 2021

A quick recap of the Brevard County Residential Report for April 2021:
  • Closed Sales are up +43.3% for April 2021 in which the number of units closed was 1,099 compared to 767 in April 2020, with an increase in cash sales of +186.4%.
  • New Pending Sales are up +57.4% and New Listings are up +31.9%.
  • The Median Sales Price for Brevard Single Family homes is up +13.6% to $289,801 compared to a year ago, which was $255,000.
  • Months Supply of Inventory is down -69.0% to 0.9 months, a decrease from 2.9 months in April 2020.
  • Traditional Sales are up +43.0%, with a median sales price of $289,950.
  • Foreclosure/REO Sales are up +33.3%, with 8 closed sales and a median sales price of $288,500.
  • Short Sale Closings are up +300.0% with 4 closed sales and a median sales price of $159,750.
A quick recap of the Brevard County Townhouses/Condos for April 2021:
  • Closed Sales are up +87.1% for April 2021 in which the number of units closed was 348 compared to 186 in April 2020, with an increase in cash sales of +150.0%.
  • New Pending Sales are up +93.7% and New Listings are up +56.2%.
  • Median Sales Price for Townhomes/Condos is up +18.3% to $254,389 compared to a year ago, which was $214,950.
  • Months Supply of Inventory is down -65.7% to 1.2 months in April 2021 from 3.5 months in April 2020.
  • Traditional Sales are up +89.1%, with a median sales price of $254,389.
  • Foreclosure/REO Sales are down -33.3%, with 2 closed sales and a median sales price of $275,500.
  • Short Sale Closings are unchanged with 0 closed sales in April 2021 and 0 closed sales in April 2020.
Posted in Market Updates
May 14, 2021

Your House Could Be the Oasis in an Inventory Desert



Homebuyers are flooding the housing market right now to take advantage of record-low mortgage rates. Many have a sense of urgency to find a home soon since experts forecast a steady rise in both rates and home prices this year and next. As a result, buyer demand greatly outweighs the current housing supply. Here’s how the shortage of houses for sale sets yours up to be the oasis in an inventory desert.

According to the National Association of Realtors (NAR), today’s housing inventory sits at an incredibly low 2.1-month supply, far below the 6-month mark for a neutral market. Inventory of single-family homes a year ago was already very low, and as you can see in the graph below, this year’s levels are even lower:Your House Could Be the Oasis in an Inventory Desert | MyKCMDue to these market conditions, today’s buyers frequently enter fierce bidding wars while trying to purchase a home. This in turn drives up home prices and gives sellers incredible leverage in the negotiation process, two big wins if you’re going to sell your house this year.

Bottom Line

In such a hot market, it can feel as though the supply of homes has virtually dried up, leaving buyers to wander in an inventory desert. That’s why there’s never been a better time to sell. To a parched buyer needing to secure a home as soon as possible, your house could be a true oasis.

Posted in Sellers
May 11, 2021

Brevard County Housing Statistics for Q1 2021

A quick recap of the Brevard County Residential Report for Q1 2021:
  • Closed Sales are up +17.5% for Q1 2021 in which the number of units closed was 2,677 compared to 2,279 in Q1 2020, with an increase in cash sales of +23.7%.
  • New Pending Sales are up +14.4% and New Listings are down -8.7%.
  • The Median Sales Price for Brevard Single Family homes is up +9.1% to $275,000 compared to a year ago, which was $252,000.
  • Months Supply of Inventory is down -66.7% to 0.9 months, a decrease from 2.7 months in Q1 2020.
  • Traditional Sales are up +19.9%, with a median sales price of $275,000.
  • Foreclosure/REO Sales are down -78.9%, with 12 closed sales and a median sales price of $220,000.
  • Short Sale Closings are up +33.3% with 8 closed sales and a median sales price of $220,000.
A quick recap of the Brevard County Townhouses/Condos for Q1 2021:
  • Closed Sales are up +23.8% for Q1 2021 in which the number of units closed was 826 compared to 667 in Q1 2020, with an increase in cash sales of +30.4%.
  • New Pending Sales are up +40.5% and New Listings are up +2.0%.
  • Median Sales Price for Townhomes/Condos is up +13.5% to $219,000 compared to a year ago, which was $193,000.
  • Months Supply of Inventory is down -62.9% to 1.3 months in Q1 2021 from 3.5 months in Q1 2020.
  • Traditional Sales are up +24.4%, with a median sales price of $218,500.
  • Foreclosure/REO Sales are down -75.0%, with a median sales price of $580,000.
  • Short Sale Closings are unchanged with 0 closed sales in Q1 2021 and 0 closed sales in Q1 2020.
Posted in Market Updates
May 5, 2021

May is National Barbecue Month!

It seems like there’s an oddly specific “national holiday” every day of the week — including National Barbecue Day on July 4. But the mouthwatering, messy, tangy delicacy that is barbecue also gets an entire month of celebration in May, which just so happens to coincide with Memorial Day. That’s right — May is National Barbecue Month!

Kick off the season of barbecuing and all things outdoor dining by celebrating this oh-so important holiday. There are several ways to observe National Barbecue Month all month long.

How to Celebrate National Barbecue Month:

Clean Off Your Grill. Before you get it all fired up, make sure your grill is clean and ready for a summer of action. Check out these tips for properly cleaning your BBQ grill.

Spruce Up Your Outdoor Dining Area. Power wash your outdoor furniture and patio or deck, and wash or wipe down any outdoor pillows or accessories. Then spruce up the area with a few new pieces, like string lights, pillows, rugs, lanterns or outdoor dishware, to bring your outdoor dining and lounging areas to life!

Try a New Barbecue Recipe. Try your hand at a new and exciting barbecue recipe to enjoy as a family or with friends. Featuring everything from peachy baby back ribs to barbecued beans, these barbecue recipes are sure to make your mouth water.

Host a Backyard Dinner. Now that you have a clean grill, an inviting outdoor space and some new barbecue dishes under your belt, it’s time to invite a few friends over for a backyard dinner. You can even lighten the load by asking each guest to bring a side!

 

Here are some local BBQ favorites along the Space Coast!

Double D's BBQ - Rockledge, FL

Crydermans BBQ - Cocoa, FL

Slow N Low BBQ - Viera, FL & Cocoa Beach

Charlie and Jakes BBQ - Indialan Harbour Beach & Suntree 

Dig Dogs BBQ - Grant-Valkaria, FL

Rib City - Grant-Valkaria, FL

 

Do you have a favorite BBQ place along the Space Coast?