August-2024 Home Sales Trends in Melbourne, Florida

Covering ALL Melbourne Zip Codes

Vacant Land Chart

Let's break down these real estate metrics to understand how they correlate and what they mean for buyers and sellers in the market.

First, let's look at the Months Supply of Inventory, which is currently at 3.15. This number represents how many months it would take to sell all the current inventory of homes at the current sales pace. A lower number indicates a seller's market, where demand is high and supply is low.

Next, we have the 12-Month Change in Months of Inventory, which has increased by +34.04%. This shows that inventory levels have been rising over the past year, potentially indicating a shift towards a more balanced market or even a buyer's market.

The Median Days Homes are On the Market is 41, which is a relatively quick turnaround time. This suggests that homes are selling quickly, likely due to high demand and favorable market conditions.

The List to Sold Price Percentage is 97.2%, indicating that homes are typically selling very close to their listing price. This could mean that sellers are pricing their homes effectively, and buyers are willing to pay close to the asking price.

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Lastly, the Median Sold Price is $510,000, giving us an idea of the average price at which homes are selling in the market. This can be useful for both buyers and sellers to gauge pricing trends and make informed decisions.

Overall, these metrics paint a picture of a real estate market that is currently active and competitive, with homes selling quickly and close to their listing prices. Buyers may need to act fast in this market, while sellers could benefit from pricing their homes competitively to attract buyers. It's essential to stay informed and work with a knowledgeable real estate professional to navigate these market conditions successfully.

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By

Brian Rice

Brian is the owner and managing Broker at Real Estate Kingz LLC, a Florida licensed Real Estate Brokerage. You can contact Brian at 866-735-4649 (866-Re-Kingz) or visit BrianRiceRealtor.com

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