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Friday, November 19, 2010

Brevard County Florida Residential Sales: A 12-month Analysis

A 12 month (Oct 1, 2009 - Sept 30, 2010) look back at the Brevard County residential real estate market looks like this....

It is no surprise that the number of sales closed in the April to June period is greater as this the heart of the buyer season as folks look to make their moves as school ends and summer begins!

As for residential short sales, who knows for sure where the market is headed!  With 1,239 residential short sales on the market in Brevard County and less than 400 sales occurring every quarter, even if there were no new short sale listings added, the inventory will last some time!

The steady decline in short sales selling price is not a surprise as the new listings far out number the sold properties every quarter and gives buyers more choice - and depresses the market further!

I will not attempt to interpret the Brevard County residential market based on this twelve month period but it does shed light on where the market has been and possibly where it is headed! With an unknown number of these short sale listings inevitably headed to foreclosure (realism) and an unknown shadow inventory of properties not yet on the market, the outlook is really unknown.

Perhaps a bigger unknown with a greater impact is the cost of money - the mortgage rate!

[Disclaimer: This blog represents my opinion only. I am not an attorney, CPA, or clairvoyant.]

For information on homes for sale in Brevard County, Florida (or to sell your house or condo), give me a call at 321-693-3850 or email me.

Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.

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