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 - 11/6/08

This report covers all of Titusville - MLS areas 102, 103 and 104 starting near
HWY 46 to Kings HWY on the south end. Let's see how it compares to the last
report I researched on Sept 6th. As you can see from these numbers, there are
more REO's (bank owned) closing than short sales (pre-foreclosure).

There are currently 795 activelistings in Titusville
119 short sales - 61 REO's

There are currently 73 properties under contract
21 short sales - 18 REO's

There have been 377 closings this year
19 short sales - 62 REO's

There have been 230 closings in the past 6 months
11 short sales - 47 REO's

Simply stated it will take 20.74 months to absorb the inventory of properties
for sale at the current levels. This is virtually unchanged from the last report.

Links to previous reports for comparison:
How Long Will It Take "REAL ESTATE IN TITUSVILLE FL" To Sell??? Sept 6, 2008
HOW LONG WILL IT TAKE "REAL ESTATE IN TITUSVILLE FL" TO SELL??? July 29, 2008

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 8,820 single family residences currently listed in Brevard MLS

6,461 single family houses
1,841 condos
518 townhouses

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Posted by Gail MacMillan - CRS, e-PRO, GRI ~ Titusville FL Real Estate Brevard County on 11/06/2008 09:23 AM

Comments (6)

Titusville FL Market Report in the Regional (Localism) Channel

titusville fl market report, absorption rates, titusville fl real estate, titusville fl homes for sale, brevard county fl

Originally posted at: My Titusville FL Real Estate Blog: How Long Will It Take REAL ESTATE IN TITUSVILLE FL To Sell - 11/6/08

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6 Comments on How Long Will It Take REAL ESTATE IN TITUSVILLE FL To Sell - 11/6/08

NOV

2008

Gail,

The numbers do not lie....thanks for the update, I need to do one this week as well for my market.

NOV

2008

Hi Dan - Thanks for stopping by to see what's going on in Titusville. Not a terrific outlook, unfortunately. One of these days prices alone will pull the market up, we've not seen real estate priced like this since 2003, in some cases 2001.

NOV

2008

Things are taking longer to sell and there is more inventory everywhere here in Austin. In answer to your question about my open house on Sunday, we now have just under 100 homes between 1M and 3.9M in that area...

Hi Russell - We've been like this for 3 years with valuations dropping each and every month. Our absorption rate is near 24 months, not a pretty picture...but nothing to do but hang in and do our best until things improve. All in all it hasn't been a bad year and for that I'm grateful. Life's best to you :-)

NOV

2008

Thanks for the report. It looks like we are going to go back to the 2000 prices again. I just wonder how far below that level they will go or if things will stabilize then. It will be interesting to see how things are affected by the cape as the closing date gets closer.

Greg - for God's sake...this is Wordless Wednesday...get your butt over and post your favorite picture (at least for now) Nice to see you, now...you've got 5 hrs 30 mins to get your picture in...haha not even points for it (maybe)...just do it!!!

Sorry - didn't mean to ignore your Cape comment, I think I'm trying not to think about it. Just trying to stay positive and keep doing my job. Thanks for the comment, now did you post a picture ;-)

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