Real Estate Market Report - Merritt Island, FL (Nov, 2023)
Current Market Condition
339
Active Listings
75
Pending Listings
$545,000
Median List Price
The median sale prices for homes fluctuated throughout the year, with a high of $584,950 in November 2022 and a low of $399,000 in February 2023. The median list prices followed a similar pattern, with a high of $515,000 in May 2023 and a low of $361,000 in July 2023.
Median Sale/List Price
The median sale price per square foot fluctuated over the course of a year, with a peak of $269.62 in May 2023 and a low of $231.49 in December 2022. Overall, the median sale price per square foot appears to be trending upward, with a general increase from December 2022 to September 2023.
Median Sale Price per Square Foot
The data shows that from November 2022 to October 2023, the median sale price to list price ratio has fluctuated between 0.958 to 0.988. The highest median ratio was in September 2023 at 0.988 and the lowest was in January 2023 at 0.958. Overall, the median ratio seems to be relatively stable, with only a few notable dips and peaks.
Median Sale Price to List Price Ratio
The first set of data shows an increase in the number of properties sold/listed from November 2022 to May 2023, with a peak of 142 in May. The second set of data shows a similar trend, with a peak of 105 properties listed/sold in May 2023. However, there is a slight decline in the number of properties listed/sold from June to October 2023 in both sets of data.
Properties Sold/Listed
The median days on market for homes is relatively stable, with a range of 44 to 78.5 days from November 2022 to January 2023, but starting in March 2023, it steadily decreases until October 2023, with a low of 46 days in June 2023.
Median Days on Market
Categories
Recent Posts
Is Now a Good Time to Buy in Florida?
First-Time Homebuyer Mistakes to Avoid in Florida
Are Home Prices Dropping in Florida Right Now?
FHA vs Conventional Loans: Which Is Better in Florida?
From Search to Closing: Demystifying the Home Buying Journey
What Is a Mortgage Pre-Approval and Why It Matters
5 Mistakes to Avoid When Buying a Home in 2026
Is It Better to Rent or Buy in Florida Right Now?
Different types of mortgages for first time home buyers
First-Time Homebuyer’s Guide: What to Expect and How to Prepare