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

This article is part of "The Patrick AFB Online Relocation Package".


UPDATED 1/1/10

Recent History For 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 2009 the median price for residential property has declined 49%*. Up until the beginning of 2009 the pace of the decline had been rather dramatic. But since the start of 2009 prices have been relatively stable. have we hit bottom? I feel that unless there is a dramatic increase in the number of distressed properties Brevard County has hit bottom. I don't see any measurable appreciation in prices anytime soon, but a least the "bleeding" has appeared to stop.

In other good news the number of residential properties that sold in Brevard County rose from 5407 in 2008 to 6638 in 2009. That's a 23% increase. I think that had a lot to do with the first time home buyer tax rebate that has been extended until April 30th 2010, but hopefully this is a continuing trend.

 
*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:  12.9
2007:  17.0
2008:  16.0
2009:  9.5

Looking at these numbers and trends, you can see that Brevard County is still in a "Buyers'" Market, but the inventory of homes is starting to come down and is starting to level out.

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.