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Monday, July 30, 2012

Florida Homes for Sale - Those comps are not the real comps…anymore!

This morning while reviewing some comparable properties in a condo community in Rockledge, Florida for an out of state inquiry I noticed comparable sales for the past eight months (seven closings) were all short sales.

But that does not give an accurate picture of the Brevard County, Florida real estate market now.

Of the six units in the Ventura at Turtle Creek complex under contract right now four are short sales and another is a  foreclosure.

Two of the three active listings are standard sales listed at higher prices than the previous sales or listings – except for the two units that went under contract this month.

Both units with ratified contracts in July were at prices higher than any of the other sales.

The signal here is clear – prices are rising, inventory is shrinking including fewer short sales and, more importantly,

the old comps are not the real comps anymore.

If you are considering a home or condo purchase in Brevard County, Florida, make sure the comparable properties you are using to gauge the market are reflective of the current market – not last year.

As real estate is very local there will be variations or fluctuations within the Brevard County market.   For this reason it is critical you work with a real estate agent who is very knowledgeable of the area you wish to buy or sell.

If you are interested in buying or selling a house or condo in Viera, Suntree or Rockledge, Florida, call me.   I know central Brevard County real estate including the beaches.




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