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Monday, October 24, 2011

What the Future Holds For The Brevard County Florida Real Estate Market: Inventory…the real (future) issue

Ultimately, the real estate market in Brevard County, Florida  will come down to the inventory.

quick facts sept2011Current as of October 14, 2011. All data from the Brevard Multiple Listing Service. Provided by Florida REALTORS®. Powered by 10K Research and Marketing.

  • Single Family Home inventory 09/2010 - 4,207 
  • Single Family Home inventory 09/2011 - 1,991
  • Condo/town house inventory 09/2010 - 1,108 
  • Condo/town house inventory 09/2011 - 504
  • Months supply of inventory single family home 09/2010 - 14.2 
  • Months supply of inventory single family home 09/2011 - 5.6 
  • Months supply of inventory condos/town house  09/2010 - 18.6
  • Months supply of inventory condos/town house 09/2011 - 6.3
  • Average sales price single family home Year to Date through 09/2011 - $152,813
  • Average sales price condo/townhouse Year to Date through 09/2011 - $133,815
  • Median sales price for single family home increased from $104,400 in Aug11 to $109,465 
  • Median sales price of condo/townhouse increased to $114,900 in September from $105,500 in August 2011
As we enter the fall season and holidays where will real estate sales go?   New listings are usually down in November and December and then pick up in the January through April period.

With about 10% more single family homes closed so far this year and more than 25% condos/town homes closed so far I am optimistic.    Decreased inventory, including fewer new construction homes, will become an issue in the future.

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