May 2009 Market Statistics Reports for Brevard Real Estate

According to the Melbourne Association of REALTORS here in Brevard County Florida,  Real Estate Statistics for May 2009 are as follows:

For single family residential units:

There were 531 new listings.

This is a decrease of 26.96% from May 2008 of 727 new listings.

Year to date in 2009 there have been 2952 new listings.

Year to date in 2008 there were 4118 new listings.

 

There were 298 sold listings.

This is a 1.32% decrease from May 2008 of 302 sold listings.

Year to date in 2009 there are 1409 listings sold.

Year to date in 2008 there were 1282 listings sold.

 

The average sale price in May 2009 was $169,939.

This is a 10.44% decrease from May 2008 of $189,750.

 

Average days on the market for May 2009 were 123 days.

This is a 9.82% increase from May 2008 of 112 days.

 

For all properties, including single family residential, condo and townhouse:

There were 781 new listings.

There were 373 sold listings.

Average sales price was $162,940.

Average days on the market = 137

 

Types of financing used:

103 conventional financing

148 cash

 88 FHA

 26 VA

  7 Owner financing

This article is authored by

Sandy Shores REALTOR®  , Melbourne FL Real Estate

Brevard County Real Estate & Investing

Foreclosure Filings are Down

 

Brevard County foreclosure filings were down for May 2009.  There were 770 filings last month. April had 851 and in March there were 963. To date 2009 has seen 4297 foreclosure filings.  In 2008 we had 9228 for the year. These numbers are for filings only.  They don’t indicate the total number of foreclosures.

Are the numbers down because more owners have been able to short sale their properties?  A short sale is when a bank or mortgage company agrees to take a lesser amount than the outstanding balance of the mortgage.  The property is sold because of a financial or economic hardship.  We are finding that many lenders are receptive to a short sale as it costs them considerably less than a property that goes into foreclosure. Some are even opting for a deed in lieu of foreclosure.

Foreclosure filing fees in Florida increased on June 1 from $295 up to $1,900. The amount is determined on the price of the home.

The Melbourne Association of REALTORS estimates that one quarter of home sales today are short sales.

NOTE:  It is recommended that a seller contact an attorney, legal counsel or an accountant prior to doing a short sale to determine how a short sale will effect their individual situation.

This article is authored by

Sandy Shores REALTOR®  , Melbourne FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.

Forbes Magazine Says Florida has Two of the Top 10 Small Towns

 

Forbes magazine has come out with their list of the top 10 small tpwns to live in the US.  These towns have less than 100.000 residents. The survey included towns that are favorable to running a business, that have educated employees, favorable salary levels, beautiful landmarks, and great cultural opportunities as well as favorable restaurants.

The list is as follows:

1.  Boulder, Colorado

2.  Doral, Florida

3.  Fairfax, Virginia

4.  Mountain View, California

5.  Cupertino, California

6.  Newton, Massachusetts

7.  Columbia, Maryland

8.  Rockville, Maryland

9   Coral Gables, Florida

10. Foster City, California

It’s interesting that 3 states had more than one town included in the list.

This article is authored by

Sandy Shores Realtor, Melbourne FL Real Estate

Brevard County Real Estate & Investing

First Quarter Reports Indicate that Sales are Up!

According to the Florida Association of Realtors single family home sales increased by 25% in the first quarter of 2009 compared to the same period in 2008. There were 31,412 existing home sales in Florida from January to March.  In 2008 the number was 25,071.  The figures have continued to rise over the past three quarters.

In Florida, our existing median sale price was $141,000 from January through March. This is a 30% decrease from the same time in 2008, where the figure was $202,300. The National Association of Realtors has reported that these prices may be a bit deceptive, in that short sales and foreclosures are pulling the figures down.

Interest rates averaged 5.06% for the first quarter of the year, according to Freddie Mac, compared to 5.88% in 2008.

I know that here in Brevard County we have been very busy with first time homebuyers, investors, out of town and international buyers.  They are taking advantage of the attractive prices on real estate.

 

This article is authored by

Sandy Shores Realtor, Melbourne FL Real Estate

Brevard County Real Estate & Investing

Palm Bay Florida Real Estate News