The National Association of Realtors ® (NAR), focuses on median sales prices, which may be slower to leave out luxury priced homes during trend swings. Median price indices are subject to many vagaries of changes within the marketplace. When the market trend begins to appreciate, the median price indices tend to be misaligned lower from the sales of a greater number of lower priced starter homes as “first time” buyers enter the marketplace. Conversely, when the market trend begins to depreciate (deterioration), the luxury home market is generally the last segment to be affected, misaligning the median price higher. The reliance on median price indices does not take into account sales outside the influence of the Realtor ® / MLS system, (example: For Sale By Owner - FSBO). The FSBO market segment is not deliberated / compared within the NAR statistics.
The local residential appraiser usually must rely on recent NAR Statistics, simply because it drills deeper into specific macro-area markets, including the subject area (Brevard County, FL).
NAR publishes median sales pricing of existing Residential & Condo homes (within the MLS system) for all U.S. major metropolitan areas (further described as Metropolitan Statistical Areas - MSA's). These areas are defined by the U.S. Office of Management and Budget (2004).
The Florida Metropolitan Areas (MSA's) of (Fort Meyers) (Daytona) (Gainsville) (Jacksonville) (Miami - Fort Lauderdale) (Ocala) (Orlando) (Palm Bay - Melbourne - Titusville) (Pensacola) (Sarasota - Bradenton) (Tallahassee) (Tampa - St. Petersburg - Clearwater) are published for your convenience. These MSA's include the named central city and surrounding areas.