Tuesday, March 06, 2012

Brevard County, Florida Real Estate–Cash is changing hands!

I have been reading a lot lately about the shrinking inventory of properties for sale, the increasing demand (and rising rent) for rental properties, and the increased number of cash buyers scooping up low priced properties.

A report I read stated that 34% of homes sold in January were cash transactions.  In Brevard County the number of cash buyers in January was greater - closer to 50%.

So is the trend in Brevard County real estate leaning more heavily on the cash side?

In Brevard County, Florida during February 2012
  • There were 582 units sold (residential, condo and town home).  Of these 582 properties there were 335 cash purchases – about 57.5% of the total.
  • Of the total 135 short sales in February there were 78 cash transactions (57.8%). 
  • Of the 94 foreclosures sold in February slightly more than 73% (68) were cash deals. 
Is cash used more now than in the past?   During the past three months 55% of all closing were cash transactions.  Over the previous six months the percentage of cash deals was 53%.  In February 2011 the percentage of cash deals was at 57%…no big swing here.
 
Cash buyers are out there, folks, and they are not just buying up the distressed properties…. I guess cash does talk in Brevard County, Florida real estate.