As of November 1, 2011 the number of new listings this year is down about 3% from the same period in 2010 (314 in 2011, 323 last year). The number of sold listings is is up about 29% this year as well. Of course the net result is a shrinking inventory.
The average selling price in 2011 is up about 3.5% which on the surface seems inconsistent with the general thinking about real estate prices in Brevard County. I would guess the short sale inventory is shrinking which may be driving up the prices a bit as the discounted selling prices disappear.
The number of new short sale listings this year so far is down more than 22% over last year (55 v. 71) although the number of short sales completed is almost the same (40 v. 41). More shrinking inventory here I guess.
The average selling price for a short sale this year in Viera west is $197,482 (down 3.7% over last year). This figure includes all types (residential, condo and townhouses) of structures.
The average selling price of short sale residential units only in Viera west is $221,481 for 2011 while the average selling price for standard sale residential units in $301,507 – definitely two different markets!
If you are looking to purchase a home in Viera west of I-95 here are a couple things to think about.
- If you want a short sale or foreclosure, the choices are limited (only 10 active as of today).
- Chances are more likely the home you end up buying will be a standard/fair market listing (74 as of today) at a higher listing price.