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Friday, December 10, 2010

Residential Short Sales Moving Slowly in Brevard County, Florida as 2010 Nears End

If one is considering buying a short sale in Brevard County, Florida, be prepared to wait!

Patience is definitely a must as the average short sale in Brevard County during November 2010 took a whopping 210 days (7 months) to close.  That is 89 days longer than the November 2009 days on the market!

The number of days required to obtain lender approval is one thing that prevents many home buyers from looking at short sales. Unless you schedule is flexible a short sale may not be an option.

Residential short sale closings in Brevard County during November 2010 (with Nov 2009 data in parentheses):
  • Number of short sale residential properties sold:  75 (121)*
  • Average Days on Market: 210 (141)*
  • Average Selling Price: $160,516 ($159,024)*
  • Median List Price: $168,553 (167,535)*
Short sale and foreclosure residential sales amounted to about 45% of all residential sales in Brevard County, Florida during November 2010.   

[Data extracted from Brevard MLS system on date of publish. Deemed accurate but not guaranteed.]

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