Palm Bay, FL housing market

Palm Bay sellers are learning a hard lesson this month: with more than a thousand homes on the market and one in five listings cutting its price, buyers hold the leverage here right now. Here's the picture. There are about one thousand eighteen homes for sale, and only around 340 new listings came on, so the pile of homes for sale is deep and buyers have plenty to compare. Those homes are sitting a median of 68 days before selling, which is more than two months of waiting. The typical home value is about three hundred eleven thousand dollars, down 2.4 percent over the past year, so values are drifting lower, not crashing. Meanwhile the median list price is around three hundred fifty-five thousand dollars, well above what homes are actually worth here, and about 21 percent of listings have already cut their price. Put it together: sellers who aim high are sitting, then cutting. If you're selling in Palm Bay this summer, price it right from day one. An ambitious list price costs you time, and time costs you money.