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Sebastian Real Estate Forecast
The Sebastian real estate forecast is taking a far different trajectory than most of the markets around the Sunshine State. In fact, it's one of the few places in the state of Florida that isn't red hot.
By: Coldwell Banker Paradise Real Estate
The Sebastian real estate forecast is still a good one, though it will probably take another path than many other localities around the state. Currently, the median listing home price stands at $362,400, with a median listing price per square foot of $221 and a median selling price of $353,600. This is a steep increase of 27.7% in a year-over-year comparison. Meanwhile, the sale to list price ratio is at 99.67%, so homes are selling for just shy of the asking price, or 0.33% under the listing price.
Additionally, the median days on the market stand at only 45 days, or about a month and a half. (This length of time is slightly down since last year when the median days on the market were longer.) However, Sebastian is currently in a buyer's market, but it isn't too deep in favor of buyers over sellers. It's actually slightly off balance. Still, there are more available properties than there are active buyers, which makes it a buyer's market.
Although these figures represent some pretty good news for the local residential real estate market, there are other factors that could change trends. Examples include inflation, rising interest rates, materials, and labor shortages, as well as new construction and distressed properties, like foreclosures and short sales.
Currently, inflation stands at a four-decade high and will continue to plague the nation and local economies for months to come. Also, as the Federal Reserve incrementally increases interest rates, buyers will shrink away from entering the market, which will impact the housing market. All of this, plus there continues to be a shortage of building materials and labor alike, which means fewer new construction builds, and that puts more pressure on resales.
However, the biggest unknown is the absence and reintroduction of distressed properties or foreclosures and short sales. Due to the shutdowns two years ago, these types of properties were halted and now, are working their way through the courts. Depending on how foreclosures and short sales come back will mean a lot to the market. If flooded, this will produce negative forces that will push down home values.
For help buying or selling in Vero Beach Fl. area, please call Vance at 772-913-3426 or see https://grandharboragent.com/