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Thursday, May 10, 2012

Supply, Demand and Equilibrium–Where is the Brevard County Florida Housing Market?

A few days ago I wrote a short article summarizing April 2012 residential sales in Brevard County, Florida (Brevard County, Florida Residential Sales–April 2011 vs. April 2012).

My assessment of Brevard County residential sales in April was simple - more residential properties sold in April 2012 for more money.

I read an article this afternoon that stated tightening inventories are starting to lift home prices. The report by CoreLogic showed Florida among the top five states with highest price appreciation in March 2012. According to the report, the following states had the highest appreciation in March:
  1. Wyoming: +5.9%
  2. West Virginia: +5.3% 
  3. Arizona: +5.1%
  4. North Dakota: +4.7% 
  5. Florida: +4.5%
This tightening inventory is being found among the new construction homes as well in Brevard County.

This may be attributable to record low mortgage interest rates (today was like 3.83%), attractive home prices and buyers getting off the fence and deciding to make the buying decision at the same time.

Regardless, it is nice for sellers to see the demand increase.

The housing market is no different than any other market. It is a simple case of supply, demand and equilibrium.

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