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Tuesday, October 01, 2013

Brevard County, Florida Real Estate: Are short sales becoming the exception in a market where they once ruled?

Are short sales becoming the exception in a market where they once ruled?  As of this morning there are 2,499 active single family home listings in Brevard County, Florida.  Of these, there are only 197 short sale listings (7.8% of single family listings). 

Looking over the unofficial early sales statistics in the Brevard MLS system for the month of September 2013 it looks that way.

Not one of the three major residential sales classifications (single family detached, condo, townhouse) had short sales that comprised more than 10% of the September 2013 sales (as of October 1, 2013 reported closings).

What about foreclosures?  Unofficially I have calculated the single family home foreclosures sales about 28% of all closings.  For townhouses the percentage of foreclosures was even higher - 36% while condo sales were about 25% of all September sales.

The good news is that within all three classifications more than 62% of all closings are fair market sales.

If you were thinking about buying a short sale in Brevard County, it behooves you to act soon or expect to settle for another choice.
 


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