Monday, August 6, 2018

Kingsmill Subdivision Sales Data YTD 7/2018

Kingsmill Subdivision, 
Melbourne, Florida Sales - MLS Data Only

YTD -  Jan. 1, 2018 - July 31, 2018
Data compiled by JoAnn Young 

There were 18 homes sold in the MLS & 1 non-MLS sale from 1/1/2018- 7/31/2018

Pool Homes:                                                                    
Average Price  $271,400
Average Price per sq ft  $150
Average days on the market (DOM)  45

Non-Pool Homes:
Average Price  245,000
Average Price per sq ft $136
Average days on the market (DOM) 25

2623 Nobility Ave      1809 sq ft,     4/2,    Pool    $265,000
2403 Empire Ave        1690 sq ft,     3/2,    Pool    $245,000
2742 Kingsmill Ave    1877 sq ft,     3/2,    ----      $237,000
2781 Majestic Ave      1881  sq ft     3/2,    ----      $245,000
2697 Empire Ave        1640 sq ft      3/2,    ----      $222,000
2419 Kingdom Ave     1886 sq ft      4/2,   Pool     $256,000
2739 Empire Ave        1824 sq ft      3/2,   Pool     $277,500
2434 Kingsmill Ave    1554 sq ft      3/2,    ----      $226,700
2794 Kingdom Ave     1604 sq ft      3/2,    ----      $254,000
2417 Empire Ave        1663 sq ft      3/2,    ----      $245,000
2476 Kingsmill Ave    1825 sq ft      3/2.    ----      $209,000
2753 Empire Ave        1605 sq ft      3/2,   Pool     $260,000
2727 Kingdom Ave     1845 sq ft      3/2,   Pool     $278,000
2671 Kingdom Ave     1711 Sq ft     3/2,    ----       $245,000
2626 Nobility Ave       2034 sq ft     3/2,   ----        $255,000
2613 Majestic Ave       1484 sq ft    3/2,    ----        $235,000
2807 Kingsmill Ave     1961 sq ft    3/2,    Pool     $285,000
3401 Monarch St          2144 sq ft    3/2,    ----       $283,000
2638 Empire Ave         1854 sq ft     ?/?     Pool     $305,000  - Non MLS sale 4/23/2018 - $164 sq ft

Additional Information:
The smaller homes in Kingsmill are still under the $250,000 mark for the average home price in Brevard.  They are more affordable for a young family just starting out or a retiree who is downsizing who want to live in a nice, well-kept community, centrally located and close to just about everything.

Some homeowners have asked why the price per sq. ft. for Kingsmill homes vary greatly.  Here is my opinion:
Kingsmill's marketing is quite relative to the updating of a house.  Current buyers are making choices between updated, 30 year old homes in Lake Washington or buying a new home in Viera or West Melbourne where construction of newer homes is taking place.  The pricing of a Kingsmill home is strategic by comparison.  Some Kingsmill residents have updated the bathrooms but not the kitchens or vice-versa.  Some homeowners have elected to replace windows and doors, flooring, etc.  The more updates a home has in Kingsmill, the faster the sale and sold closer to the asking price which in turn, increases the price per sq ft.  The less updated the home is, the home stays on the market much longer.  The pricing of an outdated home should be decreased for the cost to update it.  We are at 30+ years old and we are at that point where updating is a key factor in obtaining a good market price.

The most popular updates are the kitchen first, then the baths and flooring.  Buyers are no longer looking for carpet in higher priced homes in Florida. Natural light & open floor plans are also important.  Most of the models in Kingsmill are sectioned into smaller rooms such as family room and a separate living room rather than great rooms.  They sometimes tend to be dark.  Buyers in the current market are looking for open floor plans.  A classic example of this fact is the home on Majestic that sold last November for $305,000.  See it here. 2572 Majestic  This home sold for more than the asking price!

Another key factor in getting your asking price is defects found in the home inspection process after the contract is executed.  Buyers are more inclined to go back and renegotiate a contract price if defects are found.  There are a few common defects in Kingsmill that keep popping up due to the age of the homes.  Keeping your home maintained is imperative. 

The current market:
We are in the summer months for selling in Florida.  Typically these are the slower months for us.  The Florida Association of Realtors & the Space Coast Association of Realtors also reports of more inventory in the market.  Read Florida Realtors Article here.  Higher inventory slows down selling time or days on the market for a home, changing the market to more of a "sellers and buyers market" rather than just a "seller's market".   See the Brevard MLS statistics for June here.  You may begin to see homes on the market longer as there is more for a buyer from which to choose.  Pricing a home in Kingsmill will be even more important going forward! 

This is free information for Kingsmill residents to inform my neighbors where our values are in the neighbrohood and also in helping you decide what updates to make to your home should you plan to sell it in the future.  Your questions & comments are always welcome:  email:
You can also follow me on Facebook at My Florida Dream Home

Have a fantastic week Kingsmill Neighbors!
JoAnn Young