UPDATED 1/1/13
Home Values In Brevard County FL, "Florida's Space Coast":
Since the middle of 2011 home prices have stabilized and have begun an upward swing. A lot of that has to do with the decreased inventory of home for sale and increased demand.
The 4th quarter of 2012 showed an increase in the median price of 15% from the 4th quarter of 2011. Of all the residential sales in 2011, 45% of them were distressed properties (short sales or foreclosures). In 2012 only 40% of the residential sales were distressed properties and below 45% of the market for the first time since 2007.
The number of residential properties that sold in 2012 was 10% more than sold in 2011, and the average days on the market dropped by 26% from 120 days to 89 days.
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: 9.5
2007: 15.6
2008: 16.1
2009: 14.5
2010: 14.4
2011: 9.5
2012: 5.6
With demand increasing while the inventory has been decreasing, as well as the decreased percentage of distressed properties being sold, it has been a very positive development for the local real estate market. After years of declining values, it appears home values have hit bottom and are showing rising values once again.
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.
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