Brevard County July Stats

Hi Everyone!

It certainly appears that home sales are holding steady. Our inventory is at a new low with 6860 single family homes on the market. Currently there are only 2454 townhomes and condos on the market and 3445 lots for sale.

July Sales were:

Single Family Homes - 439 sales

Condos and Townhomes - 97 sales

Land - 36 sales

June Sales were:

Single Family Homes - 456 sales

Condos and Townhomes - 117 sales

Land - 41 sales

As you can see, sales remain steady and based on the number of people contacting us daily, it appears the market should remain steady in the near future. Prices seem to be stable and homes that are priced correctly are selling in quick fashion. We have had many listings selling within 30-45 days as long as they are willing to listen to us on our pricing to sell. We tell all sellers you can either be in the market or on the market. We are not interested in listings homes for the sake of listings homes. We will only list homes that are "in" the market! Last month only 439 homes were in the market.

The foreclosure market has definitely affected the resales of non foreclosures. With so many foreclosures (494) and short sales (1513) on the market, sellers are going to either not sell their homes or sell them competitively with these bank related properties.

Short sales remain a pain in the neck to deal with and time frames have not increased to get answers from the banks. Many times we are waiting 3 or more months for an answer and still less than 35% of these homes are actually going forward to closing. Our advice is still to stay clear of short sales. You are better off going after foreclosures or other resales. Of course if you have plenty of time to kill and are not in any hurry, short sales can be a good deal. Remember though, the listing price of a short sale is not necessarily the price the bank will take on the property. We still receive many banks countering our offers much higher than the asking price.

Interest rates are remaining stable also. It's just a matter of time until the rates start to go up, but for now, it still remains a great time to buy a home. As I have said many times, the only thing we know for sure right now are the prices and the interest rates. Even if prices stay the same or go down a little, interest rates have no where to go but up. Buy now and don't wait for the unknown. Keep in mind, we won't know that we are really at the bottom until the prices start going up again.

Hopefully you can see a snapshot of Brevard County Florida. If you have any questions or would like to see any properties, don't hesitate to contact us. Have a great night and good luck in your home search!

Mitch