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Sunday, August 07, 2011

July 2011 Residential Sales in Viera and Suntree (Melbourne) Florida–A comparison of Standard Sales, Short Sales, and Foreclosure Sales

When one speaks of homes for sale these days there is always an additional qualifier, specifically, is it a short sale, a foreclosure or a standard sale (also called fair market sale).

There is an expectation that each of these takes differing amounts of time with short sale taking forever (OK, maybe six months or more!).

There is an expectation that a short sale or foreclosure will be discounted significantly from the fair market sales in the same area.  After all, the foreclosure and short sale are distressed properties.

So how did these expectations play out in the Viera and Suntree areas of Brevard County Florida during July 2011?

For residential short sales in Viera and Suntree during July 2011:
  • 10 sold, 
  • Average days on market (DOM - list date to contract date) 143 days, 
  • Average listing price $166,250, 
  • Average selling price $155,900,
  • List/Sell Ratio 94%
For residential foreclosures in Suntree and Viera sold in July 2011:  
  • 4 sold, 
  • Average DOM 14 days, 
  • Average listing price $286,650, 
  • Average selling price $254,038, 
  • List/Sell Ratio 89%
For fair market sales (standard) residential sales in Viera and Suntree that were NOT SHORT SALE or FORECLOSURE selling in July 2011:  
  • 47 properties sold, 
  • Average DOM 113 days, 
  • Average listing price $286,628, 
  • Average selling price $269,699, 
  • List/Sell Ratio 94%
I will let the reader interpret these for themselves.  To me, some things look obvious.  Like, contrary to popular belief, there are more fair market sales than distressed properties.  Everybody is not selling under duress.  Foreclosures go under contract a lot more quickly and sell for less. Foreclosures sell for an average of 11% below list price (and there is likely a really good reason for it).

Buyers and sellers should be careful with their generalizations and expectations.  Every house, every transaction, every closed deal is unique although they have common elements.

For information homes for sale in Viera, Suntree and Rockledge, Florida, call me directly at 321-693-3850 or email me.

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