2023 was a unique year for the housing market here on the Space Coast. As we reflect on the past year and begin our predictions for 2024, here are some key insights to keep you in the know:

Closed Sales - A Slight Dip: 

In 2023, we saw a 6.2% decrease in closed sales, which wasn't entirely surprising. Homeowners held onto their properties, anchored by the allure of their 3-4% interest rates. This cautious approach naturally limited housing inventory, impacting overall sales.

Steady Rise in Median Sale Price: 

Despite the dip in closed sales, the median sale price edged up by 0.3%. The persistent shortage of available homes kept prices stable, however, we noticed more sellers offering concessions to buyers at closing, covering those crucial buyer's closing costs. Remember, these concessions don't factor into the sale price figures. 

Inventory Levels on the Upswing: 

The supply of inventory increased by a noteworthy 39.1%, shifting from 2.3 months to 3.2 months of inventory. However, it's vital to grasp the concept of hyperlocal real estate. For instance, in charming Melbourne Beach, there are only 13 single-family homes for sale, with just 4 listed under one million dollars. If you own a modest single-family home here, you might just be sitting on a pot of gold.

Interest Rates - The Heart of the Matter: 

Presently, interest rates are dancing just below the 7% mark for most mid-tier conventional buyers seeking a 30-year fixed mortgage. Many are hopeful that by the end of the first quarter in 2024, we might see rates come down a notch. This could stir the waters, leading to an intriguing dynamic: will more buyers enter the market or will a wave of sellers seize the opportunity to upgrade from their starter homes?

As we wrap up this glimpse into the housing market, we're reminded of what makes the Space Coast so exceptional - our unique community and the cherished places we call home. We firmly believe that your home isn't just where you keep your belongings; it's where your family thrives.

At Island Pineapple Realty, we're not just your trusted real estate professionals; we're your neighbors and friends. We're here to be your local voice for all things Space Coast, ensuring you always #LoveWhereYouLive. As press forward into 2024, remember that we're here to support you every step of the way on your real estate journey.

Wishing you a fantastic year ahead!