Happy July! It’s been a while since I’ve done a North Banana River Drive Real Estate update, so here you go!
There are currently 25 homes and one condo for sale in the North Banana River Drive Area. The Condo is in the Merritt Island Co-op and is priced at $32,750. The non waterfront homes are for sale between $159,900 to $189,000. The waterfront homes range from $219,900 to $899,000. None of them are distress sales. (Short Sale/Bank Owned)
There are currently 19 homes that are under contract/pending ranging in price from $96,500 to $600,000. Two are Bank Owned properties and one is a short sale.
In the past 6 months there have been 73 closed sales. Seven of them were in the Treasure Coast Harbor Villas and closed between $41,000 and $82,000. The homes that were not on the water sold between $70,000 and $358,000. The waterfront homes in our area all sold between $174,000 and $625,000. 14 of the 73 sales were distress sales.
What does this mean?
As prices tick up and interest rates at historic lows, many buyers can now qualify for more home for their money. Many renters are getting back into owning, even though the rental market is very strong with 27 homes leased over the last 6 months (Ranging from $1100/Month – $2150/Month). Inventory is generally moving quickly, especially homes on the East side of North Banana River Drive as many boaters enjoy not having height restrictions to the river.
If you are interested in buying or selling, or just want to receive emails when something sells or comes on the market in the North Banana River Drive area, give us a call or email!
North Banana River Drive Real Estate Update July 2016
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