Indian River County Market Forecast 2021
The Indian River County market forecast is a bit uncertain at this time. (This, for a number of reasons.) However, the Indian River County residential real estate market has experienced a strengthening over the past year.
By: Coldwell Banker Paradise
But, its future over the next few to several months will be at least partially -- perhaps largely -- be determined by the continued absence or the presence of distressed properties. Although, the market currently favors buyers and might tilt slightly more toward a balanced market in the coming months. Read on to learn more about the Indian River County residential real estate market for 2021.
The Indian River County residential real estate market forecast for 2021 will likely be unimpressive. This, not only because of its present circumstances but also because there's little to no indication of a substantial change on the horizon. Albeit, the median listing price has risen by 5.5% over the course of the past year to hit $296,000. Meanwhile, the median listing price per square foot stands at $164, with a median sales price of $206,300. Additionally, the sale to list price ratio in Indian River County is now at 96.17%, with properties selling for 3.83% below the asking price.
Currently, the Indian River County residential real estate market is in a buyers' market. This means there is an abundance of available inventory and relatively few buyers. So, the market is far from balanced. (By comparison, a balanced market is one that contains near parity between buyers and sellers, with the ability to deplete all available inventory in six months without any new listings coming on the market.)
At this time, the average number of days on the market in Indian River County is fairly good, with the median days on the market lasting for 75 days. However, this represents an increase since last month, when the number of DOMs or days on the market were fewer.
What remains to be seen is the impact of distressed properties, which include foreclosures and short sales. Because of the global pandemic and resulting shutdowns and restrictions, moratoriums were placed on foreclosure proceedings. This means that foreclosure and short sale properties have almost been entirely absent from the market. If these properties are reintroduced at a rapid rate, it will have a seriously detrimental impact on the market. However, if distressed properties trickle back onto the market, it might have very little impact.
For more information about renting a home or selling your home, please contact Brendan Maughan and his team at http://teamparadisepropertymanagement.com/