There was a time not too long ago when short sales were pretty common place in the Brevard County, Florida area. Of the almost 2,700 single family detached homes for sale in Brevard County, Florida as of today less than 9% are short sales (less than 225).
The number short sales closing in Brevard County continue to fall. During October 2013 about 10% of all single family home sales were short sales. During October 2012 the number of short sales comprised about 24% of single family home sales.
While standard sales have not changed as much (about 59% both years), the number of foreclosure sales has risen from about 17% in 2012 to about 32% in October 2013.
The condo market reflects a similar change from October 2012 to 2013 with the percentage of REO sales going from 18% in 2012 to 34% in 2013.
Short sales are falling and foreclosure sales are increasing while standard sales remain about the same.
When someone asks "How is the Brevard County, Florida real estate market is doing?" I summarize it very simply.
- prices are increasing slowly,
- inventory is normal,
- average days on the market are falling, and
- competition among buyers is increasing.