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.