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Monday, June 30, 2014

Phillips Landing in Rockledge, Florida: "Does the number of for sale signs mean prices are lower?"

I had a call from someone who was driving around the Phillips Landing neighborhood in Rockledge, Florida over the weekend.    They wanted to know if the prices were low because there were lots of homes for sale in Phillips Landing.  Their assessment of the market was based on "lots of signs" in the neighborhood. 

After explaining the home sales process they understood that just because you see the signs doesn't mean a home is for sale.  (Most real estate agents leave their signs out front of a home to generate phone calls.)

I did provide current market information on Phillips Landing to the caller by email later that day.  Here is some of the same information about homes sold as well as for sale in Phillips Landing in Rockledge.

There are eight homes in Phillips Landing in the process of being sold (probably still have signs out front).  Six of the homes are under contract and two are active listings.

Four of the homes under contract went under contract this month (June 2014).  The two active listings just went on the market this month as well (one just a few days ago).

Homes in Phillips Landing are going under contract pretty quickly.   Take a look at the days on the market for some of these most recent sales in Phillips Landing. [Days on market is the number of days from being listed active until an accepted offer.  Closing may take place up to 30-45 days later.]

1432  Hemingway Blvd - Under contract after one day.  Sold 06/11/14 for $203,500 (97% of original list price)
2190 Bridgeport Circle - Under contract after nine days.  Sold 06/10/14 for $205,000 (99% of original list price).
1930 Bridgeport Circle - Under contract after 12 days on market.  Sold 05/30/14 for $219,900 (97.7% of original list price).
3302 Merrick Avenue - Under contract after three days on market.  Sold 05/14/14 for $196,000  (98% of original list price).

The above recent sales illustrate a couple of key points about the Brevard County, Florida real estate market during the summer of 2014.
  • First, homes that are priced appropriately go under contract quickly.
  • Secondly, sellers are getting what they are asking for in Phillips Landing.   Of course, getting 95%+ of listing price is an indication that sellers are pricing realistically.
Considering selling your Rockledge, Florida home?  Give me a call at 321-693-3850 for a market analysis.  If you are ready to buy a home in Rockledge or Viera, Florida, I can help as well.

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