To hear people talk these days, nothing is going on in real estate except foreclosures and short sales! The reality is...it depends on where you look and what you are looking for.
Buyers want to see low prices with lots of short sales and foreclosures in great condition while sellers want to see reasonable prices on standard sales with little distressed property inventory!
In the Viera, Suntree and Rockledge areas of Brevard County, Florida there is a mix of activity between the fair market, short sale and REO (foreclosure) markets.
For example, as it relates to single family homes (using data from May 1, 2011 through June 15, 2011 as reported in the Brevard Realtors® MLS system) in the Viera, Suntree and Rockledge markets.....
Total number of active listings for single family homes in Viera, Suntree and Rockledge – 437. Of these 437 properties for sale there are 18 foreclosures (bank owned) and 81 short sales. If my numbers are correct, fair market/ standard sales listings comprise more than 3 of every 4 listings (77%).
Of the 286 properties under contract (pending or contingent in MLS), 164 are short sales or foreclosures. Many of these are short sales (149) and are waiting for lender approval which can take 3-6 months (sometimes longer!).
So what is selling in Viera, Suntree or Rockledge, Florida? Since May 1, 2011 there have been 73 single family units sold. Of these 73, twenty five were distressed properties – about one of every three.
While over half the single family homes under contract are distressed properties (57%) and 34% of the closings being distressed properties, one could look at the glass as half full rather than half empty....
43% of the homes under contract are fair market sales and 66% of the recent closings were fair market sales!