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Tuesday, January 10, 2012

As 2012 begins what is the state of the “short sale” real estate market in Brevard County, Florida?

About five years ago the real estate market was pretty simple - everything was selling for a higher price almost every week.  

In 2012 the real estate market is much more complex.  The 2012 real estate market really consists of several sub-markets (Perhaps the subordinate markets were always there but with less notoriety).

The subdivisions I am referring to include the standard (regular/fair market/normal) sales, foreclosure (bank owned/REO) sales, and the short sales.

As a seller it is important to know what is your competition is from within those markets.   As a standard seller your competition will primarily be other fair market sellers but some will still come from the short sale market.

As a buyer it is important to know what is available from those markets and whether a distressed property is a real consideration (short sales are not for every buyer).

Just four months ago (September 8, 2011) there were 721 active short sale single family home listings in Brevard County.  This represented 27% of all single family listings in Brevard County.  There were 522 single family closings in August 2011 with just over 25% being short sales.

In January 2012 there are 687 active residential single family short sale listings in Brevard County.  This is about 26% of all single family listings.

In December 2011 there 165 short sales among the 486 residential closings - about 34% of all the closings.

So as 2012 begins it looks as if the pattern is very similar - short sales are a major force on the market in Brevard County, Florida.

Here is a chart which shows the single family residential active listings by type of sale as of today.

Considering selling your Brevard County, Florida home in 2012?  The time to get moving is now!

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