This article is part of "The Patrick AFB Online Relocation Package".
Home Values In Brevard County FL, "Florida's Space Coast":
Distressed properties (foreclosures / short sales) continue create downward pressure on home prices. From the peak prices in 2005 to the end of 2nd quarter of 2011 the median price for residential property has declined by about 54%*.
The second quarter showed a 22% increase in the median price for homes sold compared to the first quarter of this year. That increase was that sharpest increase in many years. Although on the surface this is a positive development, much of that increase can be attributed to the decrease in the number of distressed properties that were sold in the second quarter, compared to the first. 53% of the homes sold in the first quarter were distressed properties and only 45% of the homes sold in the second quarter were distressed.
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:
Demand has remained relatively stable for the past year or so, while the number of homes for sale has been coming down over the past few months. This is reflected in the absorption rate for the county. This is another positive sign, for the local housing market. It remains to be seen if these numbers are just a temporary situation or a sign of the market finally hitting bottom and beginning to stabilize.
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.
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
Certified Distressed Property Expert