2nd Quarter Stats!

Hi Everyone!

Well it's that time of the year again where I let you know the current stats going on in our Real Estate market in Brevard County. The market seems to be holding steady. It's not getting any worse and it's not getting much better. At the moment the interest rates are right around 6.875% which are a little down from over 7% last week.

Stats for the 2nd quarter of 2007 (April 1 - June 30) are as follows:

Single Family Homes

Currently on the Market - 7,727
Units Sold - 1,402

Condos and Townhomes

Currently on the Market - 3,183
Units Sold - 368

Lots and Land

Currently on the Market - 4,333
Lots Sold - 168

Average Single Family time on Market - 101 Days
Average Sales Price to Listing Price - 93%

The best deals to be had our in the condo market. As you can see by the stats they just are not selling. Two years ago it was unheard of to find an Oceanfront unit anywhere in the county for under $300k. Now there are close to 50 units in that price range. Of course some of them are small. My favorite is one of our listings at Ocean Club in Melbourne Beach. This is almost 1,300 sq. ft. with two master suites, both with great Ocean views. This condo is currently listed for $299,900. My guess is this will sell fairly quickly because of the bargain price. We also have another condo that just dropped its price to $199,900. This is a riverfront condo on the 7th floor and over 1,500 sq. ft. This 2 bedroom 2 bath condo is located in the center of Merritt Island across the street from the mall. Great location and great price. This unit 2 years ago would have sold for as high as $300k. Such a deal! If you would like more details about either of these properties don't hesitate to call or email us. Our phone number is (321) 259-9115.

With that said, single family homes are down in price over 20% from 2004 with lots of great deals out there. This is the best buyers market we have had in a long time. With over 10,000 single family dwellings on the market, there are a lot of motivated sellers out there. This is great news if you are a buyer.

I have heard from some buyers who are wanting to wait until the market is at the bottom. As you may or may not know, there is no way to tell that we are at the bottom. I can tell you this, housing prices appear to be holding pretty steady right now. Those who told me they wanted to wait are now faced with houses that were the same price a few months ago and the interest rates are up over 1%. So in the long run, they have already missed the lowest price based on both sales price and interest.

One last thing. If you haven't seen it yet, we are holding our first annual customer appreciation night at Space Coast Stadium in Viera this Saturday Night. We will be enjoying a baseball game with the Manatees and fireworks after the game. If you haven't reserved your ticket and would like to go, please contact us immediately so we can get you on the list. The game starts at 6pm.

As always, if there is anything I can do for you, don't hesitate to ask. We are always here for you.

Have a great week and a Happy 4th of July!

Mitch