Pat’s Mid-Year Residential Report for North Brevard County

Everywhere I go, people are always asking me "Pat, How's the real estate market doing around here now?" I decided it's time for a real report vs. my humble opinion, but of course I will share some of that with you as well!These stats are gathered from the Brevard MLS system areas 101-210.. Private & builder non-mls sales.excluded.

In 2008: 1^st 6 months: 411 closings with average of 125 Days on Market :                                                        High $899.000.         Low $32,000.          Average: $150,000    Median: $135,000.

In 2009: 1^st 6 months: 533 closings with  average 119 Days on Market :                                                          High: $745,000.        Low:$10,500.            Average: $108,000    Median: $92,000.

So what everyone is saying IS partly right. It is taking longer to sell... the ones that closed and the final prices are even lower. To put this into perspective, I did the numbers by price range as well for the same 6 months.

Under $100K        $100K>       $150K>       200K>         300K>       $400K>        $500K>                                  2008:     109         142           80             56            14              3                 3                         2009:     260         155           56             38              9              1                 1

Inventory today is 902 residences priced from $9,900. to $2.5 million, average 193 DOM   Actually we have 5 Million $+ listings, all but 1 were on in 2008! Important in the 2009 numbers is that there were less than 50 closed sales prices at $150,000. or more, about a 50% drop! And those closed under $100,000 were more than doubled! (2.38X)

The following information is available to help you decide if this is a good time for you to buy, sell or hold. Here's what that could mean for you!                                                                                                                                  < If you are able to buy, especially if you qualify for the Tax Incentives, you really need to get serious about looking for the right home while the selection is good.                                                                < If you are considering selling vs leasing, weigh your options carefully. It may take longer than you are thinking for market recovery.                                                                                                            < If you are an Investor, even a first timer, the choices can be outstanding. Figure out your financing options before you make the offer. Cash talks, particularly in condos and lender owned properties. And   be prepared to be a bit more liberal with your new tenant prospects because their credit may be bruised.   < If you really want or have to sell now, for whatever reason, remember that curb appeal is still important, but pricing right is absolutely King! Be sure to use internet price points to your advantage when you enter the market. Be prepared to help the first time buyers with closing costs since they are prime buyers now.   < If you or a family member/friend is a Snowbird, empty nester, or retiring soon, now could be an excellent time to find the next nest before the best ones get picked over.                                             < Regardless of all of the above, there is an important fact I learned back in 1973 when I first started in real estate. "UNDER ALL IS THE LAND." Buying, selling or leasing, the one thing you cannot change is a property's location. That's in Gods hands. You are better off with a smaller place in a nicer area than the best place in a less desirable one. The only thing that "fixes" a poor location is dropped price and owner terms.