Sebastian 1st Quarter Market Report - 2018

Sebastian

RECENTLY SOLD

www.FLColdwellBanker.com

SOLD $505,000

SOLD $369,900

6535 114th Lane

9448 52nd Court

7200 S US Hwy 1

SOLD 349,000

SOLD $310,000

SOLD $290,000

13170 77th Street

6275 N Mirror Lake Drive

SOLD $900,000

200 Sebastian Crossings Blvd

SOLD $240,000 599 Redwood Court

SOLD $219,150 349 Brookedge Terrace

SOLD $209,000 585 Albatross Terrace

Homes selling fast!

Call to see how much your home is worth!

772-589-7777 SOLD $182,000

SOLD $175,000

158 Spring Valley Avenue

873 Wentworth Street

VERO BEACH OFFICE 1950 US-1 Vero Beach, FL 32960 772-778-2029

SEBASTIAN OFFICE 1209 US-1 Sebastian, FL 32958 772-589-7777

VERO BEACH ISLAND OFFICE 4625 Florida A1A Vero Beach, FL 32963 772-231-4880

www.FLColdwellBanker.com

2018 Sebastian 1st Quarter Real Estate

MARKET REPORT

Price Point

Year

Homes Sold

Current Listings

Month’s Supply

Average Price

Under

2018

8

3

1.1

$76,163

$100,000

2017

9

3

1.0

$75,719

Change

-11.1%

+0.0%

+12.5%

+1.0%

2018

120

97

2.4

$188,101

2017

128

111

2.6

$188,958

Change

-6.3%

-12.6%

-6.8%

+0.0%

$250,000-

2018

37

82

6.6

$299,127

$500,000

2017

35

62

5.3

$288,140

Change

+5.7%

+32.3%

+25.1%

+4.0%

Over

2018

4

23

17.3

$666,250

$500,000

2017

1

20

60.0

$705,000

Change

+300.0%

+15.0%

-71.3%

-5.0%

2018

169

205

3.6

$218,427

2017

173

196

3.4

$206,116

Change

-2.3%

+4.6%

+7.1%

+6.0%

$100,000 to $250,000

Total

The housing market here, while increasing in price by 6%, is still a very affordable community. Buyers love Sebastian for its friendly small town feeling and great values. While the average home price is still only $218,427, buyers that used to be able to find homes under $100,000 are now out of luck. This will be the last quarter that we look at homes under $100,000 as a market segment with only 8 sales at this price point.

At the same time, new construction of larger homes, larger lot sizes available and waterfront values are bringing in more sales in the luxury category. While still a small market segment, the number of homes selling over $500,000 is increasing and probably will become more significant in the future.

Inventory below $250,000 is very tight, with the average home selling in about 10 weeks. However above the $250,000 price, buyers can find a better supply

with over a 6 month supply on the market. Sellers trying to price too aggressively are seeing longer marketing times in the upper end of the market.

So the mixed message is, buyers in the lower end market need to act quickly and bid aggressively or risk missing out. In the mid and upper end markets, there is a selection for buyers, and while prices are slowly increasing, sellers need to look closely at the competition and price their homes appropriately.

If you would like to find the right price for your home in today’s changing maket, contact us at 772-589-7777. With eleven offices covering 135 miles of Florida’s East Coast, Coldwell Banker Paradise is the largest full service real estate company in the area.