Sebastian Florida Real Estate Sales Rise, Market Leveling

Sebastian, Florida home sales up from last year.

SEBASTIAN – Real estate for sale in Sebastian, Florida had more closings of new homes year-over-year, but there are signs that the market may be leveling, according to data provided by metrostudy.

Indian River County real estate records also show a boost of 22.6% for new home closings from the year earlier to 65. New home closings in Sebastian saw a 61.7% rise year-over-year in August.

Real estate data showed that 596 new homes were sold during the 12 months that ended in September, up from 584 for the year prior. This indicates a rise from 10.6% of the total closings a year earlier.

While real estate sales remained steady in August from a year earlier, closings of new and existing homes slid year-over-year in September.

September showed a 4.0% decline year-over-year in the average per-unit price of newly sold homes, settling at $254,498. The average mortgage size grew 5.0% to $198,354 in September from a year prior.

The average mortgage size on newly sold homes saw a 6.7% surge year-over-year in August 2016.

Market trends in Sebastian also revealed that closings of attached units, as a percentage of new home closings, have grown since 2015 while closings of single-family homes have dropped.

Foreclosures in Sebastian continued to decline from a year earlier in September but did not appear to be a burden on the real estate market.

The percentage of existing home closings involving foreclosures dropped from 7.6% in September 2015 to 6.8% in September 2016

REO closings as a percentage of existing home closings in Sebastian dropped to 9.4% from 22.6% a year earlier.

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About Scott Lee
Scott Lee is a columnist and reporter for Sebastian Daily. Scott moved to Indian River County in 2015 and has been writing for various publications for approximately 30 years. Currently, he writes part-time and manages a featured column about local businesses in Sebastian and Vero Beach.