The real estate market in Satellite Beach, Florida has fluctuated considerably over the last few years, at times reflecting the same variances as the national economy. At other times, the housing ups and downs are triggered by local trends. As of the first quarter of 2011 and for the third time in the past six months, the median sales price of existing homes in the Satellite Beach area is up when compared to April 2010. This increase in median sales prices comes after over four years of prices being lower than their previous year’s counterparts. For just the fourth time in the past year, the sale of existing single-family homes on the Space Coast topped 600. This is a positive sign, considering that the wrap up of the Space Shuttle program eliminated hundreds of jobs.
Monthly foreclosures in the Satellite Beach area exceeded 746 from January 2009 through October At the same time, monthly home sales were less than 584, thus creating an accumulating backlog of unsold homes. During 2010, there were 15,000 more vacant homes than the economy could absorb, as the population was not growing even though the number of homes did. This left the remaining homes vacant and helping to precipitate bursting the United States housing bubble.
The median sales price of single-family homes sold in Brevard County in April 2011, and Satellite Beach is included in that figure. April median sales price on a single-family home was $109,200, a considerable increase from the $89,400 listed in March and $104,000 of April 2010. As far as the sale of condominiums in the Satellite Beach and Brevard County area, the number of units sold was also up when compared to the figures from the same time period in 2010: almost 200 condos were sold in in April, compared to approximately 150 from a year earlier. The median sales price was $95,800, down from $107,00 in April 2010.
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