Real Estate Blog - How long will it take REAL ESTATE IN TITUSVILLE FL to sell

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How long will it take REAL ESTATE IN TITUSVILLE FL to sell - 6/4/09

Market Report Titusville FL 6/4/09 - With Absorption Rate

This is a short report which covers all of Titusville - MLS areas 102, 103 and 104 starting near
HWY 46 to Kings HWY on the south end.

I do specific reports on each of the MLS areas separately as the dynamics are different for each MLS area.

There are currently 677 active listings in Titusville
There are currently 145 properties under contract
There have been 260 closings in the past 6 months

Yes, there are fewer listings than the last report and more properties are under contract. Number of closings in the past 6 months has also improved.

ABSORPTION RATE

Simply stated it will take 15.62 months to absorb the inventory of properties for sale at the current levels. This is a vast improvement over the past 2-3 reports. We're not out of the woods but definitely moving in a good direction. This is excellent news.

The formula is simple: # of sales in 6 months divided by 6 = absorption rate.
# of listings divided by absorption rate = number of months to absorb.

There are 6909 single family residences currently listed in Brevard MLS compared to 9,049 in November's report. The inventory is finally decreasing and that's the best news we could have :-)

4,821 single family houses
1,655 condos
433 townhouses

Here are links to previous Market Reports for Titusville:
How long will it take REAL ESTATE IN TITUSVILLE FL to sell - 4/6/09
How Long Will It Take REAL ESTATE IN TITUSVILLE FL To Sell - 11/6/08
How long will it take REAL ESTATE IN TITUSVILLE FL to sell - 9/6/08
How long will it take REAL ESTATE IN TITUSVILLE FL to sell - 7/29/08

I can help you find your Home Sweet Home in Florida ~ CALL TODAY!

Home Sweet Home Florida Realty, Inc.
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Relocation Specialist
Titusville, Florida
Cell: 321.544.6808

www.HomeSweetHomeFlorida.com
www.Titusville-FL-Real-Estate.com

Posted by Gail MacMillan - CRS, e-PRO, GRI ~ Titusville FL Real Estate Brevard County on 06/04/2009 10:13 AM

Comments (9)

Titusville Market Report MLS Area 102 by Home Sweet Home Florida Realty in the ActiveRain Channel

titusville fl market report, absorption rates, titusville fl real estate, titusville fl homes for sale, gail macmillan, home sweet home florida realty

Originally posted at: My Titusville FL Real Estate Blog: How long will it take REAL ESTATE IN TITUSVILLE FL to sell - 6/4/09

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9 Comments on How long will it take REAL ESTATE IN TITUSVILLE FL to sell - 6/4/09

JUN

Gail - That's an encouraging report. Thanks for the insight. BTW - Where's your old photo :-)

Hi Gail,

Absorption rates are one of those real estate statistics that sellers can easily understand, especially when their house hasn't sold yet. Sigh!

Rich

Hi John...yes, the shift has already occurred, the buyers will know very soon too as the best houses get sold quickly and they wonder why!

Hi Rich...I love absorption rates; I really love where they are pointing right now. Thanks for weighing in, hang in the worst is over (unless Washington does something really STUPID)

Hi Gail

It appears that your absorption rate in moving in the right direction.

Good luck and success.

Lou Ludwig

Nice job Gail.

Clear, concise and well explained.

Anyone who is in your market can get the complete picture from this report.

JUN

Good morning Sunshine,

I now know why you were fretting over doing your market updates, mine pale in comparison.

Hi Lou....the signs are pretty unmistakable now, I think I see a light :-)

Thank you Craig...When it comes to numbers I let them speak for themselves.

Hi Don...it's not so much fretting as just getting it done. I still have 3 more to do for specific MLS areas as each one carries it's own dynamics and sales patterns. What can I say, the sum of the parts = the whole ;-)

Gail, thank you for sharing the formula. I am going to use it repeatedly!

Hi Caren....I've seen such complicated convolutions of this formula that I always include it in my report in an effort to create more transparency. Glad it works for you.

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