Area 104 - State Road 50 (Cheney Hwy) to Kings Hwy
117 active listings priced from $88,900 to $819,000
16 properties are under contract ranging in price from $89,000 to $875,000
30 houses have closed in the past 6 months
Applying the Absorption Rate Formula would indicate taking 23.5 months to absorb the current inventory of homes in this particular area. However if I add in the homes under contract (without accounting for any new listings prior to these closings) the absorption period is reduced to 15.25 months. It is my belief that the market has stabilized and we are entering a period where the public begins to understand that a shift is in progress. We are coming out of a buyers' market which began August 2005. It was long and it was hard, but normalcy is returning to the area. What occured is natural in the real estate cycle, but I don't think we are headed for a major sellers' market anytime soon.
Gail MacMillan Broker-Realtor® Home Sweet Home Florida Realty At Home With Diversity (AHWD) Certified Residential Specialist (CRS) e-PRO Internet Certified (e-PRO) Graduate Realtor Institute (GRI) Relocation Specialist Titusville, Florida Cell: 321.544.6808
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117 active listings priced from $88,900 to $819,000
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