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Tuesday, November 16, 2010

Is It “The Brevard County Real Estate Market?” or A Tale of Three Markets: Short Sales, Foreclosures and Standard “Fair Market” Sales

As I try to compile monthly real estate statistics for the Brevard County Florida real estate market , I wonder about the effectiveness or usefulness of a single report.

Buyers who enter the real estate market are usually in the market for only a single type of sale based on their time line and goals: standard sale, short sale or foreclosure.  So perhaps separating these types of sales allows them to get a clearer picture of the Brevard County real estate market.

[Admittedly some buyers will hope for a steal with a foreclosure until they understand the real differences between a foreclosure and other properties! Don't know the difference, email me.]

The problem facing fair market sellers is they must compete with everything on the market, especially the short sales.

Are there multiple Markets?  You can decide for yourself...

Short Sales
  • Closed in October: 79
  • Average Days on Market: 158 
  • Average Selling Price: $143,571 
  • List to Sell Ratio: 95% 
  • % Cash Buyers: 44% 
  • Median List Price: 119,900 
  • Median Sell Price: 114,000
Standard (Fair Market) Sales
  • Closed in October 2010: 393 
  • Average Days on Market: 102 
  • Average Selling Price: $133,077 
  • List Sell Ratio: 93% 
  • % Cash Buyers: 49.9% 
  • Median List Price: 99,800 
  • Median Sell Price: $94,000
Foreclosures/Bank Owned Sales
  • Closed in October 132 
  • Average Selling Price: $63,972 
  • List to Sell Ratio: 93% 
  • Average Days on Market: 53 
  • New REO listings in October: 218 
  • % Cash Buyers: 73%
*The above statistics reflect only single family residential properties - no condos.

So what is it? One, two or three different markets?  In my opinion it is a three-legged stool!

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