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Monday, March 04, 2013

Brevard Country, Florida Short Sales–Supply Shrinking in 2013

It was not that long ago that it seemed almost every buyer inquiry was someone looking for a great deal on a short sale

Buyers understand a short sale property typically is in better shape than a foreclosure. 

After all, most short sellers need to get as much as possible for their home because they will be left with a mortgage deficit to deal with before a closing can happen.

But the number of single family short sales in Brevard County is falling. 

As of today there are 287 active single family short sale listings in Brevard County out of a total of 2,345 active listings – less than 10% of the total.

In February 2013 there were 70 single family home short sales that actually closed which represented only 15% of all February single family home sales.

Foreclosures seem to be consistent at 26% of sales in February, 27% in January and 21% in December 2012. 

The key number is 59% buyers should focus on in March 2013.  This is the number of single family homes sold in February that were standard sales.  In January the percentage of standard sales stood at 51%.

In Brevard County the trend seems to be clear:  rising prices, fewer short sales, shrinking inventory move in ready inventory.

In other words - competition!

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