August-2024 Home Sales Trends in West Melbourne, Florida
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The real estate market currently has a Months Supply of Inventory of 4.17, indicating a healthy balance between supply and demand. However, there has been a significant increase in the 12-Month Change in Months of Inventory at +107.46%, suggesting a potential shift towards a buyer's market in the near future.
Homes in this market are spending a median of 69 days on the market before being sold, which is a reasonable timeline for both buyers and sellers. The List to Sold Price Percentage is at a strong 97.3%, showing that homes are generally selling close to their listing price.
The Median Sold Price in this market is $395,000, offering a competitive price point for both buyers and sellers. Overall, these metrics indicate a balanced market with opportunities for both parties to find success in their real estate transactions.
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Buyers should act promptly to secure a property in this market, as the increase in Months of Inventory may lead to more competition in the future. Sellers can feel confident in listing their homes at a reasonable price point, knowing that homes are selling close to their asking price.
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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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