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Tuesday, November 01, 2011

Viera, Florida – The Real Estate Market in November 2011

Viera - the planned unit development in Melbourne, Florida - is divided by Interstate 95 into an older section (east) and the newer area (west).  The below summary of the Viera real estate market reflects only the developments west on the interstate highway.

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.
  1. If you want a short sale or foreclosure, the choices are limited (only 10 active as of today). 
  2. 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.
If you are considering buying or selling a home in Viera, give me a call at 321-693-3850 or email me if I can assist in any way.

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