Steadily Climbing Real Estate Inventory in Melbourne, FL
It has been a seller's market in Brevard County, and the inventory of single family homes is still low to meet buyer demands; however, market trends show a movement towards a more balanced market.
A balanced market is defined by a 6 month supply of homes for sale. That means it would take 6 months to deplete the current inventory of homes if no new homes entered the market.
According to statistics released by Florida Realtors, there was a 4.5 month supply of homes for sale in October.
Today I looked at a subset of the market by studying the availability of average sized homes built since 1990 in Melbourne and West Melbourne. One year ago there was a 3.7 months supply of such homes. 6 Months ago, the level rose to a 3.9 months supply, and over the last 3 months has climbed further to a 5.5 months supply.
The positive news for home buyers is the growing availability of homes to meet demand while the currently low interest rates increase the purchasing power for qualified buyers.
If you are a homeowner who has considered selling, now is the time to enter the market before it transforms into a buyer's market. The current lack of inventory has pushed prices higher allowing sellers to receive top-dollar.
Contact Melbourne Real Estate Agent, Laura Forman, for a free market analysis with no obligation.