Patrick AFB - Brevard County FL - Real Estate Market Report: UPDATED 4/1/10

By
Real Estate Agent with RE/MAX Elite

 

UPDATED 4/1/10

 

 

 

 

Recent History of Home Values In Brevard County FL, "Florida's Space Coast":

 

Brevard County like most of the country has not been immune to the decline in home prices. Distressed properties put a lot of downward pressure on home prices. From the peaks in 2005 to the end of first quarter of 2010 the median price for residential property has declined 52%*. After prices remained relatively stable throughout 2009, prices appeared to have taken a dip the past two quarters, although not as sharply as in the past few years. Is this a sign that we have not hit bottom yet? It may be. There are still many distressed properties on the market and that doesn’t seem to be slowing down. We’ll know in the next six months if these recent declines are a small blip or part of another trend of declining prices.

The number of residential properties sold in the first quarter of 2010 was 1383, that compares to 1429 from the first quarter of 2009, that is a decrease of 3.2%.


*Chart data from Brevard County MLS: Sold; Residential

 



ABSORPTION RATE
 is a calculated ratio that can show you the relationship between supply and demand.  It is calculated by the total number of homes for sale at the end of the month divided by the total number of homes sold. The ratio represents how many months it would take to sell all the homes on the market at the current pace.

The Average Residential Absorption Rates For Brevard County:

2004:  2.6
2005:  4.4
2006:  9.5
2007:  15.6
2008:  16.1
2009:  9.9
2010:  11.3


Looking at these numbers and trends, you can see that Brevard County is still in a "Buyers'" Market. The 2010 numbers account for only the first quarter a we’ll have to see if the increase over 2009 is a trend or just a short term event. The first quarter tends to be the slowest for home sales and there is no reason to believe this year is any different.




Right now may present a great buying opportunity for those looking to get into the market. With interests rates at historic lows, now just might be the time. There are many financing programs available to 
ALL military personnel moving into and around Brevard County

There are many homes on the market (but inventory has been shrinking) which allows, you as the buyer, to find the right home for you, at a good price.

If you are selling a home, and, it is priced correctly, IT WILL SELL. I have done this many times in this market. Pricing, strong marketing, and excellent condition of your home are the keys to accomplishing this.

 


What does all this mean?

Now is your opportunity!

  • Historically low interest rates and a $8000 Tax Credit for first time home buyers and a $6500 for non first time home buyers, until April 30th 2010.
  • If you are buying there are plenty of deals available and sellers are willing to negotiate.
  • If you are selling, don't listen to all the bad news. IT CAN BE DONE! You just need realistic expectations and an aggressive marketing plan.

 

 

 

 

Posted by

 

John S Murphy is a full-time REALTOR® with RE/MAX Elite in Melbourne, FL. He is also the creator of www.AmericanAirmanhomes.com, a website that specializes in PCS, DOD, and Civilian relocations to Patrick Air Force Base, FL. --- Doing a home search?  Visit his website and search the entire Brevard County MLS.


John S Murphy
John S Murphy
REALTOR®
e-PRO®
Certified Distressed Property Expert
(321) 626-0247

 www.AmericanAirmanHomes.com Logo

 

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