Brevard County Real Estate - Merritt Island

Merritt Island is a census-designated place located on the East Coast of Brevard County, Florida. Although technically a peninsula, Merritt Island is considered a barrier island and is located between the Indian River and the Banana River. The area was visited by Spanish explorers in the early 17th century and the town's roots lie in the mid-19th century agriculture of the area. The majority of the land that makes up the town was covered in citrus groves and cattle ranches until the population began to grow rapidly in the 1950s and 60s with the expansion of NASA.

Merritt Island is located within two zip codes. North of SR520 is 32953 and south of the road is 32952. There are also two separate peninsulas that make the island. The main peninsula is located between the Indian River and Sykes Creek. The southern part of this peninsula is known for high end riverfront properties. Honeymoon Hill is regarded as the most expensive neighborhood on south tropical trail. Courtenay Parkway runs north/south through the center of this part of the island and is primarily business north of SR520 and south of SR528. The northern part of the island is rural and less developed, especially north of the barge canal; where quite a few of the cattle ranches that established the area still exist. The islands other peninsula is known as Newfound Harbor. Newfound Harbor is a strange mix of high-end houses and low-end houses; it is not unusual to see million dollar homes neighbored by trailer parks. Newfound Harbor is bordered by Sykes Creek to the west and the Banana River to the east.

Merritt Island links:

• Kennedy Space Center
• National Wildlife Refuge
• Wikipedia

Merritt Island is located in Brevard County. It has a population of approximately 34,743 people. The population increased X from 2010 to 2012. This compared to a 2.7% increase for the State of Florida, 0.7% for Brevard County and a 1.7% increase for the country as a whole. Merritt Island occupies 17.51 of the 1015.66 square miles in Brevard County. It had a population density of 1984 persons per square mile in 2010. This compared to 535 for the county, 350.6 for Florida and 87.4 for the country.

6.3% ( 17,036) of the 270,512 housing units in Brevard County are in Merritt Island (a housing unit is defined by the US Census Bureau as a house, apartment, mobile home, group of rooms, or single room that is occupied as separate living quarters.) Merritt Island has a 78.5% homeownership rate compared to Brevard County's 75.3% homeownership rate and Florida's rate of 69.0%.

Merritt Island's medium household income in 2011 was $58,528. Brevard County's medium household income was $50,068, which is higher than the medium income for Florida as a whole: $47,827. 9.5% of the population in Merritt Island lives below the poverty line, compared to 14.7% in Florida, 11.2% of the population in Brevard County and 14.3% nationwide. Additional Information:

• Brevard County Census Data

Merritt Island Economic Activity

The U.S. Bureau of the Census, Economic Census, 2007 calculated the total value manufacturing, merchant wholesaler, retail sales and food service sales in Merritt Island. The Census measured activity of large and medium-sized firms during calendar year 2007. It does not include every aspect of the economy but can be used as a measure of economic activity.

At $964 million, Merritt Island's economic activity represents 6.00% of Brevard County's $16,070MM in economic activity. Brevard County represents 2.55% of the Florida economy.

Brevard County Regional Comparisons

Brevard County is located in East Central Florida. This region is responsible for 17.0% of Florida's economic activity. Brevard County represents 15.0% of the region's economy.

Merritt Island Real Estate

There are 21,812 properties in Merritt Island. The following table shows a summary of them based on 2014 sales data.

Agricultural Real Estate in Merritt Island, Florida

184( .84%) of the properties in Merritt Island are classified as Agricultural. 2 of them sold between February 1st, 2014 and August 1st, 2014. The total value of these sales was $550,000. The median sales price was $275,000. In 2014 the median sales price for Agricultural in Merritt Island was $170 per sq ft.

Commercial Real Estate in Merritt Island, Florida

0( .00%) of the properties in Merritt Island are classified as Commercial.

Government Real Estate in Merritt Island, Florida

421( 1.93%) of the properties in Merritt Island are classified as Government. 193 of them sold between July 1st, 2014 and July 1st, 2014. The total value of these sales was $627,250,000. The median sales price was $3,250,000. In 2014 the median sales price for A Class Government Property in Merritt Island was $28 per sq ft, B Class properties sold for $28/ft and C Class $28/ft.

Health Care Real Estate in Merritt Island, Florida

9( .04%) of the properties in Merritt Island are classified as Health Care.

Hotel & Motel Real Estate in Merritt Island, Florida

2( .01%) of the properties in Merritt Island are classified as Hotel & Motel.

Industrial Real Estate in Merritt Island, Florida

271( 1.24%) of the properties in Merritt Island are classified as Industrial.

Miscellaneous Real Estate in Merritt Island, Florida

14( .06%) of the properties in Merritt Island are classified as Miscellaneous.

Mobile/Manufactured Real Estate in Merritt Island, Florida

1,142( 5.24%) of the properties in Merritt Island are classified as Mobile/Manufactured. 17 of them sold between January 1st, 2014 and August 1st, 2014. The total value of these sales was $495,100. The median sales price was $27,500. In 2014 the median sales price for Mobile/Manufactured in Merritt Island was $29 per sq ft.

Multifamily Real Estate in Merritt Island, Florida

571( 2.62%) of the properties in Merritt Island are classified as Multifamily. 197 of them sold between February 1st, 2014 and July 1st, 2014. The total value of these sales was $624,645,000. The median sales price was $3,250,000. In 2014 the median sales price for A Class Multifamily in Merritt Island was $28 per sq ft, B Class properties sold for $28/ft and C Class $28/ft.

Office Real Estate in Merritt Island, Florida

456( 2.09%) of the properties in Merritt Island are classified as Office. 17 of them sold between February 1st, 2014 and August 1st, 2014. The total value of these sales was $26,182,000. The median sales price was $1,300,000. In 2014 the median sales price for Office in Merritt Island was $126 per sq ft.

Residential Real Estate in Merritt Island, Florida

17,496( 80.21%) of the properties in Merritt Island are classified as Residential. 745 of them sold between January 1st, 2014 and September 1st, 2014. The total value of these sales was $147,143,300. The median sales price was $161,000. In 2014 the median sales price for A Class Residential in Merritt Island was $156 per sq ft, B Class properties sold for $91/ft and C Class $47/ft.

Residential Real Estate in Merritt Island, Florida

0( .00%) of the properties in Merritt Island are classified as Residential.

Retail Real Estate in Merritt Island, Florida

1,107( 5.08%) of the properties in Merritt Island are classified as Retail. 3 of them sold between March 1st, 2014 and August 1st, 2014. The total value of these sales was $5,234,900. The median sales price was $1,465,000. In 2014 the median sales price for Retail in Merritt Island was $369 per sq ft.

Senior Housing Real Estate in Merritt Island, Florida

9( .04%) of the properties in Merritt Island are classified as Senior Housing.

Special Purpose Real Estate in Merritt Island, Florida

115( .53%) of the properties in Merritt Island are classified as Special Purpose.

Sports & Entertaining Real Estate in Merritt Island, Florida

15( .07%) of the properties in Merritt Island are classified as Sports & Entertaining. 4 of them sold between February 1st, 2014 and April 1st, 2014. The total value of these sales was $2,619,300. The median sales price was $793,100. In 2014 the median sales price for Sports & Entertaining in Merritt Island was $155 per sq ft.